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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables present information regarding the Company’s outstanding borrowings at March 31, 2025:
($ in thousands) |  |  |  |  |  |  |  |
Description |  | Due date |  | Call Feature |  | Balance |  | Interest Rate
FHLB Principal Reducing Credit |  | 6/26/2028 to 12/20/2028 |  | None |  | $ | 790 |  |  | 0.00% to 1.00% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company |  | 10,310 |  |  | 7.20% at 3/31/25 adjustable rate 3 month CME Term SOFR+ 2.91%
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company |  | 10,310 |  |  | 7.30% at 3/31/25 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company |  | 12,372 |  |  | 6.72% at 3/31/25 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company |  | 10,310 |  |  | 6.56% at 3/31/25 adjustable rate 3 month CME Term SOFR + 2.00%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company |  | 25,774 |  |  | 5.95% at 3/31/25 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities |  | 6/23/2036 |  | Quarterly by Company |  | 8,248 |  |  | 6.41% at 3/31/25 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 3/31/25 until 11/15/25, then adjustable rate 3 month CME Term SOFR + 4.16%
Total borrowings / weighted average rate as of March 31, 2025 |  | 96,114 |  |  | 6.09%
Unamortized discount on acquired borrowings |  |  |  | (4,059) |  |  |
Total borrowings |  |  |  |  |  | $ | 92,055 |  |  |
The following tables present information regarding the Company’s outstanding borrowings at December 31, 2024:
($ 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 |  | 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 |  | 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 |  | 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 |  | 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 |  | 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 |  | 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 |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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