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Borrowings and Borrowings Availability (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables presents information regarding the Company’s outstanding borrowings at December 31, 2024 ($ are in thousands):
Description |  | Due Date |  | Call Feature |  | Balance |  | Interest Rate
FHLB Principal Reducing Credit |  | 6/26/2028 to 12/20/2028 |  | None |  | $ | 802 |  |  | 0.00% to 1.00% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 7.50% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.91%
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 7.61% at 12/31/24 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 6.77% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 6.92% at 12/31/24 adjustable rate 3 month CME Term SOFR +2.00%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 6.01% at 12/31/24 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities |  | 6/23/2036 |  | Quarterly by Company beginning 6/23/2011 |  | 8,248 |  |  | 6.45% at 12/31/24 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures |  | 11/15/2030 |  | Continuous by Company beginning 11/15/2025 |  | 18,000 |  |  | 4.38% fixed at 12/31/24 until 11/15/25, then adjustable rate 3 month CME Term SOFR + 4.16%
Total borrowings / weighted average rate as of December 31, 2024 |  | 96,126 |  |  | 6.22%
Unamortized discount on acquired borrowings |  |  |  | (4,250) |  |  |
Total borrowings |  |  |  |  |  | $ | 91,876 |  |  |
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2023 (dollars are in thousands):
Description |  | Due date |  | Call Feature |  | Balance |  | Interest Rate
FHLB Principal Reducing Credit |  | 6/26/2028 to 12/20/2028 |  | None |  | $ | 851 |  |  | 0.00% to 1.00% 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 at 12/31/23 until 11/15/25, then adjustable rate 3 month CME Term SOFR + 4.16%
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 |  |  |
Schedule of Maturities of Long-Term Debt | At December 31, 2024, the contractual maturities of borrowings were as follows for the years ending:
($ in thousands) |  | FHLB Principal Reducing Credit |  |  |  |  |  | Trust Preferred Securities | Subordinated Debentures | Total
2025 |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2026 |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
2027 |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
2028 |  | 802 |  |  |  |  |  |  | — |  |  | — |  |  | 802 |
2029 |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
Thereafter |  | — |  |  |  |  |  |  | 77,324 |  |  | 18,000 |  |  | 95,324 |
Total |  | $ | 802 |  |  |  |  |  |  | $ | 77,324 |  |  | $ | 18,000 |  |  | 96,126 |
Unamortized discount on acquired borrowings |  |  |  |  |  |  | (4,250) |
Total borrowings |  |  |  |  |  |  |  |  | $ | 91,876 |

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