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SHORT-TERM BORROWINGS AND LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2012
SHORT-TERM BORROWINGS AND LONG-TERM DEBT |
SHORT-TERM BORROWINGS AND LONG-TERM DEBT |
10. SHORT-TERM BORROWINGS AND LONG-TERM DEBT At September 30, 2012, our bank maintained a $25.4 million line of credit with the Federal Reserve discount window, of which there were no advances outstanding. As of September 30, 2012, certain commercial and commercial real estate loans totaling $43.8 million have been pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans. In September 2011, the bank was upgraded from the Federal Reserve’s secondary credit facility to the primary credit facility, and regained its eligibility for the Borrower-in-Custody program. As of September 30, 2012, the bank continues to have access to the primary credit facility and remains eligible for the Borrower-in-Custody program. The bank is a member of and maintained an $869.1 million line of credit with the Federal Home Loan Bank of Seattle (the “FHLB”) as of September 30, 2012. Long-term borrowings under this arrangement totaled $36,000 at September 30, 2012, compared to $50.0 million at December 31, 2011. There were no short-term borrowings under this arrangement at September 30, 2012 and December 31, 2011. At September 30, 2012 the bank’s pledged assets to the FHLB included investment securities with a fair value of $144.9 million and certain real estate loans totaling $1.10 billion. On August 20, 2009, we began deferring regularly scheduled interest payments on our outstanding junior subordinated debentures relating to our trust preferred securities. The terms of the junior subordinated debentures and the trust documents allow us to defer payments of interest for up to 20 consecutive quarterly periods without default or penalty. During the deferral period, which currently stands at 13 consecutive quarters, the respective trusts have suspended the declaration and payment of dividends on the trust preferred securities. Also during the deferral period, we may not, among other things and with limited exceptions, pay cash dividends on or repurchase our common stock or make any payment on outstanding debt obligations that rank equally with or junior to the junior subordinated debentures. During the deferral period, we will continue to accrue, and reflect in our consolidated financial statements, the deferred interest payments on our junior subordinated debentures. Accrued interest on our outstanding junior subordinated debentures relating to our trust preferred securities was $11.2 million and $8.5 million at September 30, 2012 and December 31, 2011, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -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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