The following table presents additional information about our contractual obligations as of December 31, 2011, which  by their terms had contractual maturity and termination dates subsequent to December 31, 2011: (1) Deposits with no stated maturity (demand, NOW, money market, and savings deposits) are presented in the "1 year or less" column Management believes that the Company and the Bank have adequate sources of liquidity to meet all known contractual  obligations and unfunded commitments, including loan commitments and reasonable borrower, depositor, and creditor  requirements over the next 12 months.  At December 31, 2011, the Bank had outstanding standby letters of credit of $8.2 million and unfunded loan  commitments outstanding of $45.9 million. Because these commitments generally have fixed expiration dates and many will  expire without being drawn upon, the total commitment level does not necessarily represent future cash requirements. If  needed to fund these outstanding commitments, the Bank has the ability to liquidate federal funds sold or securities available- for-sale, or on a short-term basis to borrow and purchase federal funds from other financial institutions. The Company also makes various customary representations and warranties to the purchasers, including government  agencies and government sponsored utilities such as Fannie Mae, of mortgage loans that the Company originates and sells in  the secondary market. These representations and warranties may include, among other things:  At December 31, 2011, the Company had no commitments to fund affordable housing investments.  Off-Balance Sheet Arrangements A breach of these presentations and warranties with respect to a particular mortgage loan or mortgage loans could  result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (make  whole requests) if such failure cannot be cured by the Company within the specified period following discovery. During  2011, 2010 and 2009, no loans were repurchased and no reimbursements for investor losses were made by the Company. At  December 31, 2011, no reserves have been deemed necessary for potential repurchase claims.  Management believes that the Company’s foreclosure process related to mortgage loans continues to operate  effectively, and reflects the Company’s interest in these loans and their status appropriately. Foreclosures are approved by  Senior Vice Presidents and Division Managers in concert with collection personnel. All documents and activities related to  the foreclosure process are completed by the Company’s outside attorneys.  page 20 • ownership of the loan;  • validity of the lien securing the loan;  • the absence of delinquent taxes or liens against the property;  • the process used to select the loan for inclusion in a transaction;  • the loan’s compliance with any applicable loan criteria established by the buyer, including underwriting standards;  • delivery of all required documents to the trust; and  • the loan’s compliance with applicable federal, state and local laws.  Payments due by period 1 year  1 to 3 3 to 5 More than (Dollars in thousands) Total or less years years 5 years Contractual obligations: Deposit maturities (1) $ 619,552 496,031 85,717 27,373 10,431 Long-term debt 85,313 18 35,036 18,036 32,223 Operating lease obligations 496 252 207 37 — Total $ $705,361 $496,301 $120,960 $45,446 $42,654