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Note 10 - Subordinated Debentures | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Debt Disclosure [Text Block] |
(10) | Subordinated Debentures
As a result of its acquisition of Commonwealth Bancshares, Inc. on March 7, 2022, Bancorp became the 100% successor owner of the following unconsolidated trust subsidiaries: Commonwealth Statutory Trust III, Commonwealth Statutory Trust IV and Commonwealth Statutory Trust V. The sole assets of the trust subsidiaries represent the proceeds of offerings loaned in exchange for subordinated debentures with similar terms to the TPS. The TPS are treated as part of Tier I Capital. The subordinated notes and related interest expense are included in Bancorp’s consolidated financial statements. The subordinated notes are currently redeemable at Bancorp’s option on a quarterly basis. Bancorp chose not to redeem the subordinated notes on October 1, 2024 and carried the notes at the costs noted below at September 30, 2024:
(dollars in thousands) |  | Face Value |  |  | Carrying Value |  | Origination Date |  | Maturity Date |  | Interest Rate
Commonwealth Statutory Trust III |  | $ | 3,093 |  |  | $ | 3,093 |  | 12/19/2003 |  | 1/7/2034 |  | SOFR + 2.85%
Commonwealth Statutory Trust IV |  |  | 12,372 |  |  |  | 12,372 |  | 12/15/2005 |  | 12/30/2035 |  | SOFR + 1.35%
Commonwealth Statutory Trust V |  |  | 11,341 |  |  |  | 11,341 |  | 6/28/2007 |  | 9/15/2037 |  | SOFR + 1.40%
Total |  | $ | 26,806 |  |  | $ | 26,806 |  |  |  |  |  |
As part of the purchase accounting adjustments associated with the CB acquisition, the carrying values of the subordinated notes were adjusted to fair value at acquisition date. The related discounts on the subordinated notes have been amortized and recognized as a component of interest expense in Bancorp’s consolidated financial statements. The discounts became fully amortized during the first quarter of 2024.

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