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SUBORDINATED DEFERRABLE INTEREST DEBENTURES | 12 Months Ended
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Dec. 31, 2024
Broker-Dealer [Abstract] |
SUBORDINATED DEFERRABLE INTEREST DEBENTURES | SUBORDINATED DEFERRABLE INTEREST DEBENTURES Through formation and various acquisitions, the Company has assumed subordinated deferrable interest debenture obligations related to trusts that issued trust preferred securities. Under applicable accounting standards, the assets and liabilities of such trusts, as well as the related income and expenses, are excluded from the Company’s consolidated financial statements. However, the subordinated deferrable interest debentures issued by the Company and purchased by the trusts remain on the consolidated balance sheets. The Company's investment in the common stock of the trusts is included in other assets and totaled $4.7 million at December 31, 2024 and 2023. In addition, the related interest expense continues to be included in the consolidated statements of income. For regulatory capital purposes, the trust preferred securities qualify as a component of Tier 2 Capital. At any interest payment date, the Company may redeem the debentures at par and thereby cause a redemption of the trust preferred securities in whole or in part. The following table summarizes the terms of the Company's outstanding subordinated deferrable interest debentures as of December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  | December 31, 2024
(dollars in thousands) Name of Trust |  | Issuance Date |  | Rate(1) |  | Rate at December 31, 2024 |  | Maturity Date |  | Issuance Amount |  | Unaccreted Purchase Discount |  | Carrying Value
Prosperity Bank Statutory Trust II |  | March 2003 |  | 3-month SOFR plus 3.15% |  | 7.74% |  | March 26, 2033 |  | $ | 4,640 |  |  | $ | 653 |  |  | $ | 3,987 |
Fidelity Southern Statutory Trust I |  | June 2003 |  | 3-month SOFR plus 3.10% |  | 7.69% |  | June 26, 2033 |  | 15,464 |  |  | 835 |  |  | 14,629 |
Coastal Bankshares Statutory Trust I |  | August 2003 |  | 3-month SOFR plus 3.15% |  | 8.07% |  | October 7, 2033 |  | 5,155 |  |  | 677 |  |  | 4,478 |
Jacksonville Statutory Trust I |  | June 2004 |  | 3-month SOFR plus 2.63% |  | 7.24% |  | June 17, 2034 |  | 4,124 |  |  | 570 |  |  | 3,554 |
Prosperity Banking Capital Trust I |  | June 2004 |  | 3-month SOFR plus 2.57% |  | 7.16% |  | June 30, 2034 |  | 5,155 |  |  | 973 |  |  | 4,182 |
Merchants & Southern Statutory Trust I |  | March 2005 |  | 3-month SOFR plus 1.90% |  | 6.51% |  | March 17, 2035 |  | 3,093 |  |  | 647 |  |  | 2,446 |
Fidelity Southern Statutory Trust II |  | March 2005 |  | 3-month SOFR plus 1.89% |  | 6.50% |  | March 17, 2035 |  | 10,310 |  |  | 1,472 |  |  | 8,838 |
Atlantic BancGroup, Inc. Statutory Trust I |  | September 2005 |  | 3-month SOFR plus 1.50% |  | 6.12% |  | September 15, 2035 |  | 3,093 |  |  | 828 |  |  | 2,265 |
Coastal Bankshares Statutory Trust II |  | December 2005 |  | 3-month SOFR plus 1.60% |  | 6.22% |  | December 15, 2035 |  | 10,310 |  |  | 2,509 |  |  | 7,801 |
Cherokee Statutory Trust I |  | November 2005 |  | 3-month SOFR plus 1.50% |  | 6.12% |  | December 15, 2035 |  | 3,093 |  |  | 502 |  |  | 2,591 |
Prosperity Bank Statutory Trust III |  | January 2006 |  | 3-month SOFR plus 1.60% |  | 6.22% |  | March 15, 2036 |  | 10,310 |  |  | 2,804 |  |  | 7,506 |
Merchants & Southern Statutory Trust II |  | March 2006 |  | 3-month SOFR plus 1.50% |  | 6.12% |  | June 15, 2036 |  | 3,093 |  |  | 771 |  |  | 2,322 |
Jacksonville Statutory Trust II |  | December 2006 |  | 3-month SOFR plus 1.73% |  | 6.35% |  | December 15, 2036 |  | 3,093 |  |  | 699 |  |  | 2,394 |
Ameris Statutory Trust I |  | December 2006 |  | 3-month SOFR plus 1.63% |  | 6.25% |  | December 15, 2036 |  | 37,114 |  |  | — |  |  | 37,114 |
Fidelity Southern Statutory Trust III |  | August 2007 |  | 3-month SOFR plus 1.40% |  | 6.02% |  | September 15, 2037 |  | 20,619 |  |  | 4,218 |  |  | 16,401 |
Prosperity Bank Statutory Trust IV |  | September 2007 |  | 3-month SOFR plus 1.54% |  | 6.16% |  | December 15, 2037 |  | 7,940 |  |  | 3,155 |  |  | 4,785 |
Jacksonville Bancorp, Inc. Statutory Trust III |  | June 2008 |  | 3-month SOFR plus 3.75% |  | 8.37% |  | September 15, 2038 |  | 7,784 |  |  | 768 |  |  | 7,016 |
Total |  |  |  |  |  |  |  |  |  | $ | 154,390 |  |  | $ | 22,081 |  |  | $ | 132,309 |
(1) Rate transitioned to 3-month term SOFR plus a comparable tenor spread adjustment beginning after July 1, 2023 as 3-month LIBOR ceased to be published effective July 1, 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 + Details
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