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Junior Subordinated Interest Deferrable Debentures | 9 Months Ended
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Sep. 30, 2011
Junior Subordinated Interest Deferrable Debentures |
Junior Subordinated Interest Deferrable Debentures |
Note 8 — Junior Subordinated Interest Deferrable Debentures The Company has formed eight statutory business trusts under the laws of the State of Delaware, for the purpose of issuing trust preferred securities. The eight statutory business trusts formed by the Company (the “Trusts”) have each issued Capital and Common Securities and invested the proceeds thereof in an equivalent amount of junior subordinated debentures (the “Debentures”) issued by the Company. As of September 30, 2011 and December 31, 2010, the principal amount of debentures outstanding totaled $190,726,000 and $201,117,000, respectively. As a result of the participation in the TARP Capital Purchase Program, the Company may not, without the consent of the Treasury Department, redeem any of the Debentures until the earlier to occur of December 23, 2011, or the date on which the Company has redeemed all of the Series A Preferred Stock issued under the Capital Purchase Program or the date on which the Treasury has transferred all of the Series A Preferred Stock to third parties not affiliated with the Treasury. On March 14, 2011, upon the request of the Company, the Treasury consented to the repurchase by the Company of the $10.4 million in trust preferred securities of Trust I, as well as related costs for a total payment of approximately $11 million, provided that the aggregate amount of the Company’s (i) semi-annual cash dividend, (ii) common stock repurchases and (iii) trust preferred securities redemptions for a given semi-annual period may not exceed the originally permitted semi-annual cash dividend aggregate amount of $.33 per share. One half of the Trust I securities were redeemed on June 8, 2011 and the remaining one half of the Trust I securities were redeemed on July 1, 2011. The Debentures are subordinated and junior in right of payment to all present and future senior indebtedness (as defined in the respective indentures) of the Company, and are pari passu with one another. The interest rate payable on, and the payment terms of the Debentures are the same as the distribution rate and payment terms of the respective issues of Capital and Common Securities issued by the Trusts. The Company has fully and unconditionally guaranteed the obligations of each of the Trusts with respect to the Capital and Common Securities. The Company has the right, unless an Event of Default (as defined in the Indentures) has occurred and is continuing, to defer payment of interest on the Debentures for up to ten consecutive semi-annual periods on Trust I and for up to twenty consecutive quarterly periods on Trusts VI, VII, VIII, IX, X, XI and XII. If interest payments on any of the Debentures are deferred, distributions on both the Capital and Common Securities related to that Debenture would also be deferred. The redemption prior to maturity of any of the Debentures may require the prior approval of the Federal Reserve and/or other regulatory bodies. For financial reporting purposes, the Trusts are treated as investments of the Company and not consolidated in the consolidated financial statements. Although the Capital Securities issued by each of the Trusts are not included as a component of shareholders’ equity on the consolidated statement of condition, the Capital Securities are treated as capital for regulatory purposes. Specifically, under applicable regulatory guidelines, the Capital Securities issued by the Trusts qualify as Tier 1 capital up to a maximum of 25% of Tier 1 capital on an aggregate basis. Any amount that exceeds the 25% threshold would qualify as Tier 2 capital. At September 30, 2011 and December 31, 2010, the total $190,726,000 and $201,117,000 of the Capital Securities outstanding qualified as Tier 1 capital. The following table illustrates key information about each of the Capital and Common Securities and their interest rate at September 30, 2011:
|  | Junior Subordinated Deferrable Interest Debentures |  | Repricing Frequency |  | Interest Rate |  | Interest Rate Index |  | Maturity Date |  | Optional Redemption Date |
|  | (In Thousands) |  |  |  |  |  |  |  |  |  |  |
Trust VI |  | $ | 25,774 |  | Quarterly |  | 3.74 | % | LIBOR + 3.45 |  | November 2032 |  | February 2012 |
Trust VII |  | 10,310 |  | Quarterly |  | 3.50 | % | LIBOR + 3.25 |  | April 2033 |  | January 2012 |
Trust VIII |  | 25,774 |  | Quarterly |  | 3.30 | % | LIBOR + 3.05 |  | October 2033 |  | January 2012 |
Trust IX |  | 41,238 |  | Fixed |  | 7.10 | %(1) | Fixed |  | October 2036 |  | January 2012 |
Trust X |  | 34,021 |  | Fixed |  | 6.66 | %(1) | Fixed |  | February 2037 |  | February 2012 |
Trust XI |  | 32,990 |  | Fixed |  | 6.82 | %(1) | Fixed |  | July 2037 |  | July 2012 |
Trust XII |  | 20,619 |  | Fixed |  | 6.85 | %(1) | Fixed |  | September 2037 |  | September 2012 |
|  | $ | 190,726 |  |  |  |  |  |  |  |  |  |  |
(1) Trust IX, X, XI and XII accrue interest at a fixed rate for the first five years, then floating at LIBOR +1.62%, 1.65%, 1.62% and 1.45% thereafter, respectively.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-BRD -Chapter 4 -Paragraph 80 -Subparagraph Exhibit 4-8, 9 -IssueDate 2006-05-01 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-BRD -Chapter 4 -Paragraph 08 -IssueDate 2006-05-01 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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