LONG-TERM DEBT

9 Months Ended

Sep. 30, 2023

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.