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Borrowings and Borrowings Availability (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables presents information regarding the Company’s outstanding borrowings at December 31, 2023 (dollars are in thousands):
Description |  | Due Date |  | Call Feature |  | Balance at December 31, 2023 |  | Interest Rate
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | $ | 203 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 31 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 151 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 151 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 315 |  |  | 0.50% fixed
FHLB Fixed Rate Credit |  | 1/16/2024 |  | None |  | 80,000 |  |  | 5.59% fixed
FHLB Fixed Rate Credit |  | 2/27/2024 |  | None |  | 100,000 |  |  | 5.61% fixed
FHLB Fixed Rate Credit |  | 3/20/2024 |  | None |  | 100,000 |  |  | 5.61% fixed
FRB Bank Term Funding Program |  | 12/20/2024 |  | None |  | 224,000 |  |  | 4.85% fixed
FRB Bank Term Funding Program |  | 12/27/2024 |  | None |  | 25,000 |  |  | 4.83% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 8.30% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.91%
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 8.40% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 7.78% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 7.66% at 12/31/23 adjustable rate 3 month CME Term SOFR +2.00%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 7.04% at 12/31/23 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities |  | 6/23/2036 |  | Quarterly by Company beginning 6/23/2011 |  | 8,248 |  |  | 7.47% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures |  | 11/30/2028 |  | Continuous by Company beginning 11/30/2023 |  | 10,000 |  |  | 9.09% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.69%
Subordinated Debentures |  | 11/15/2030 |  | Continuous by Company beginning 11/15/2025 |  | 18,000 |  |  | 4.38% fixed
Total borrowings / weighted average rate as of December 31, 2023 |  | 635,175 |  |  | 5.57%
Unamortized discount on acquired borrowings |  |  |  | (5,017) |  |  |
Total borrowings |  |  |  |  |  | $ | 630,158 |  |  |
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2022 (dollars are in thousands):
Description |  | Due date |  | Call Feature |  | Balance at December 31, 2022 |  | Interest Rate
FHLB Principal Reducing Credit |  | 7/24/2023 |  | None |  | $ | 32 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/22/2023 |  | None |  | 912 |  |  | 1.25% fixed
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | 214 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 38 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 158 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 159 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 329 |  |  | 0.50% fixed
FHLB Fixed Rate Credit |  | 1/9/2023 |  | None |  | 50,000 |  |  | 4.15% fixed
FHLB Fixed Rate Credit |  | 2/1/2023 |  | None |  | 80,000 |  |  | 4.25% fixed
FHLB Fixed Rate Credit |  | 2/9/2023 |  | None |  | 50,000 |  |  | 4.35% fixed
FHLB Daily Rate Credit |  | 8/23/2023 |  | None |  | 40,000 |  |  | 4.57% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 7.06% at 12/31/22 adjustable rate 3 month LIBOR +2.65%
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 7.16% at 12/31/22 adjustable rate 3 month LIBOR +2.75%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 6.90% at 12/31/22 adjustable rate 3 month LIBOR + 2.15%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 6.08% at 12/31/22 adjustable rate 3 month LIBOR + 2.00%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 6.16% at 12/31/22 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate as of December 31, 2022 |  | 290,918 |  |  | 4.82%
Unamortized discount on acquired borrowings |  | (3,411) |  |  |
Total borrowings |  |  |  |  |  | $ | 287,507 |  |  |
Schedule of Maturities of Long-Term Debt | At December 31, 2023, the contractual maturities of borrowings were as follows for the years ending:
($ in thousands) | FHLB Principal Reducing Credit |  | FHLB Fixed Rate Credit |  | FRB Bank Term Funding Program |  | Trust Preferred Securities |  | Subordinated Debentures |  | Total
2024 | $ | — |  |  | 280,000 |  |  | 249,000 |  |  | — |  |  | — |  |  | 529,000 |
2025 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2026 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2027 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2028 | 851 |  |  | — |  |  | — |  |  | — |  |  | 10,000 |  |  | 10,851 |
Thereafter | — |  |  | — |  |  | — |  |  | 77,324 |  |  | 18,000 |  |  | 95,324 |
Total | $ | 851 |  |  | 280,000 |  |  | 249,000 |  |  | 77,324 |  |  | 28,000 |  |  | 635,175 |
Unamortized discount on acquired borrowings |  |  |  |  |  |  | (5,017) |
Total borrowings |  |  |  |  |  |  |  |  | 630,158 |

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