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LONG-TERM DEBT (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | The following table presents our long-term debt as of the dates indicated:
|  |  |  |  |  | September 30, 2023 |  | December 31, 2022
($ in thousands) |  | Interest Rate |  | Maturity Date |  | Par Value |  | Unamortized Debt Issuance Cost and Discount |  | Par Value |  | Unamortized Debt Issuance Cost and Discount
Senior notes(1) |  | 5.25% |  | 4/15/2025 |  | $ | 174,000 |  |  | $ | (520) |  |  | $ | 175,000 |  |  | $ | (722) |
Subordinated notes(2) |  | 4.375% |  | 10/30/2030 |  | 85,000 |  |  | (1,728) |  |  | 85,000 |  |  | (1,899) |
PMB Statutory Trust III, junior subordinated debentures |  | SOFR + 3.40% |  | 9/26/2032 |  | 7,217 |  |  | — |  |  | 7,217 |  |  | — |
PMB Capital Trust III, junior subordinated debentures |  | SOFR + 2.00% |  | 10/8/2034 |  | 10,310 |  |  | — |  |  | 10,310 |  |  | — |
Total long-term debt, net |  |  |  |  |  | $ | 276,527 |  |  | $ | (2,248) |  |  | $ | 277,527 |  |  | $ | (2,621) |
(1) The Senior notes bear interest at a fixed rate of 5.25% per annum, payable semi-annually in arrears. (2) The Subordinated notes bear interest at an initial fixed rate of 4.375% per annum, payable semi-annually in arrears. From and including October 30, 2025 to, but excluding, the maturity date or the date of earlier redemption, the Subordinated Notes bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be 3-Month Term SOFR, plus a spread of 419.5 basis points, payable quarterly in arrears.

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