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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of long-term debt | Long-term debt as of December 31, 2024 and 2023 is summarized as follows:
| 2024 |  | 2023
Federal Home Loan Bank advances | $ | — |  |  | $ | — |
Junior subordinated debentures | 113,916 |  |  | 112,978 |
Subordinated notes | 316,698 |  |  | 316,422 |
Total long-term debt | $ | 430,614 |  |  | $ | 429,400 |
Schedule of debentures | The following table provides the details of the debentures as of December 31, 2024:
| Principal Amount |  | Carrying Value |  | Spread (in bps) |  | Year of Maturity |  | Amount Included in Tier 1 Capital
PHC Statutory Trust I | $ | 20,619 |  |  | $ | 20,619 |  |  | 285 |  | 2033 |  | $ | 20,000 |
PHC Statutory Trust II | 31,959 |  |  | 31,959 |  |  | 187 |  | 2035 |  | 31,000 |
Capital Bancorp Capital Trust I | 12,372 |  |  | 12,372 |  |  | 150 |  | 2035 |  | 12,000 |
First M&F Statutory Trust I | 30,928 |  |  | 25,490 |  |  | 133 |  | 2036 |  | 24,563 |
Brand Trust I | 10,310 |  |  | 9,777 |  |  | 205 |  | 2035 |  | 9,466 |
Brand Trust II | 5,155 |  |  | 5,195 |  |  | 300 |  | 2037 |  | 5,040 |
Brand Trust III | 5,155 |  |  | 5,196 |  |  | 300 |  | 2038 |  | 5,041 |
Brand Trust IV | 3,093 |  |  | 3,308 |  |  | 375 |  | 2038 |  | 3,215 |
Total |  |  | $ | 113,916 |  |  |  |  |  |  | $ | 110,325 |
A summary of the Notes is as follows:
Issue Date | Initial principal |  | Fixed rate |  | Fixed to floating transition date |  | Benchmark rate |  | Spread (in bps) |  | Debt outstanding |  | Maturity
August 22, 2016 | $ | 40,000 |  |  | 5.50% |  | September 1, 2026 |  | 3-month CME Term SOFR |  | 407.1 |  | $ | 40,000 |  |  | September 1, 2031
September 3, 2020 | $ | 100,000 |  |  | 4.50% |  | September 15, 2030 |  | 3-month CME Term SOFR |  | 402.5 |  | $ | 100,000 |  |  | September 15, 2035
November 23, 2021 | $ | 200,000 |  |  | 3.00% |  | December 1, 2026 |  | 3-month CME Term SOFR |  | 191 |  | $ | 196,400 |  |  | December 1, 2031
Debt issuance costs and fair value adjustment |  |  |  |  |  | (19,702) |  |  |
Total subordinated debt |  |  |  |  |  | $ | 316,698 |  |  |
Schedule of aggregate stated maturities of long-term debt outstanding | The aggregate stated maturities of long-term debt outstanding at December 31, 2024, are summarized as follows:
| Federal Home Loan Bank advances |  | Junior subordinated debentures |  | Subordinated notes |  | Total
2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2026 | — |  |  | — |  |  | — |  |  | — |
2027 | — |  |  | — |  |  | — |  |  | — |
2028 | — |  |  | — |  |  | — |  |  | — |
2029 | — |  |  | — |  |  | — |  |  | — |
Thereafter | — |  |  | 113,916 |  |  | 316,698 |  |  | 430,614 |
Total | $ | — |  |  | $ | 113,916 |  |  | $ | 316,698 |  |  | $ | 430,614 |

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