XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.22.4

Subordinated Debt | 12 Months Ended
--- | ---
Dec. 31, 2022
Subordinated Borrowings [Abstract] |
Subordinated Debt | Subordinated Debt At December 31, 2022 and 2021, the Company’s subordinated debt was as follows:
| Aggregate Principal Amount December 31, 2022 |  | Aggregate Principal Amount December 31, 2021
| (dollars in thousands)
Total liability, at par | $ | 45,000 |  |  | $ | 25,000 |
Less: unamortized debt issuance costs | (1,001) |  |  | (712) |
Total liability, at carrying value | $ | 43,999 |  |  | $ | 24,288 |
On August 18, 2021, the Company entered into a $25.0 million subordinated note purchase agreement. The note matures on September 1, 2031, is fixed for five years at 3.375%, and thereafter is variable at a floating rate, calculated quarterly, based on the 3-month SOFR +2.76%. On November 1, 2022, the Company entered into a $20.0 million subordinated note purchase agreement. The note matures on November 1, 2032, is fixed for five years at 7.000%, and thereafter is variable at a floating rate, calculated quarterly, based on the 3-month SOFR +2.90%. Subordinated debt interest expense of $1.2 million and $711,000 was recognized during 2022 and 2021, respectively, and accrued interest payable on these notes totaled $535,000 and $286,000 at December 31, 2022 and 2021, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SubordinatedBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
Name: | us-gaap_SubordinatedBorrowingsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration