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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT 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. During the three months ended September 30, 2023, there were no repurchases of senior notes. During the nine months ended September 30, 2023, we repurchased senior notes with an outstanding balance of $1.0 million at a discount and recognized an $80 thousand gain. There were no repurchases of senior notes during the three and nine months ended September 30, 2022. At September 30, 2023, we were in compliance with all covenants under our long-term debt agreements.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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