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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.