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Long-Term Debt | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | 5. Long Term Debt At September 30, 2021 and December 31, 2020, long-term debt was comprised of the following:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Subordinated notes payable, maturing June 2045 |  | $ |  | — |  |  | $ |  | 150,000 |
Subordinated notes payable, maturing June 2060 |  |  |  | 172,500 |  |  |  |  | 172,500 |
Other long-term debt |  |  |  | 81,385 |  |  |  |  | 66,062 |
Less: unamortized debt issuance costs |  |  |  | (5,874 | ) |  |  |  | (10,240 | )
Total long-term debt |  | $ |  | 248,011 |  |  | $ |  | 378,322 |
The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at September 30, 2021:
|  |  |  |  |  |  |  | Unamortized |
|  |  |  |  |  |  |  | Debt |
|  |  |  |  |  |  |  | Issuance |
(in thousands) |  |  | Principal |  |  |  | Costs |
Subordinated notes payable, maturing June 2060 |  | $ |  | 172,500 |  |  | $ |  | 5,874 |
Other long-term debt |  |  |  | 81,385 |  |  |  |  | — |
Total |  | $ |  | 253,885 |  |  | $ |  | 5,874 |
On June 15, 2021, the Company redeemed in full its 5.95% $150 million subordinated notes due 2045. The notes were redeemed at 100% of principal plus accrued and unpaid interest therein. Loss on extinguishment of debt included in other noninterest expense totaling $4.2 million represents the disposal of unamortized loan costs associated with the original issuance of the notes. On June 9, 2020, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $172.5 million with a stated maturity of June 15, 2060. The notes accrue interest at a fixed rate of 6.25% per annum, with quarterly interest payments that began September 15, 2020. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2025. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios. Substantially all of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2050, each is expected to be satisfied at the end of the seven-year compliance period for the related tax credit investments.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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