XML 34 R23.htm IDEA: XBRL DOCUMENT

Long-Term Debt

12 Months Ended

Dec. 31, 2025

Note 11. Long-Term Debt

At December 31, 2025 and 2024, long-term debt was comprised of the following:



	December 31,
($ in thousands)	2025			2024
Subordinated notes payable, maturing June 2060	$	172,500		$	172,500
Other long-term debt		32,135			43,424
Less: unamortized debt issuance costs		(5,228	)		(5,380	)
Total long-term debt	$	199,407		$	210,544

The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at December 31, 2025:


($ in thousands)	Principal		Unamortized Debt Issuance Costs
Subordinated notes payable, maturing June 2060	$	172,500	$	5,228
Other long-term debt		32,135		—
Total	$	204,635	$	5,228

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 dates. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios.

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 2052, each is expected to be satisfied at the end of the seven-year compliance period for the related tax credit investments.