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Long Term Borrowings and Subordinated Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
LONG TERM BORROWINGS AND SUBORDINATED DEBT | LONG TERM BORROWINGS AND SUBORDINATED DEBT Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances and finance leases. Our long-term borrowings were $50.9 million as of December 31, 2024 and $39.3 million as of December 31, 2023. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. Total loans pledged as collateral at the FHLB were $2.8 billion at December 31, 2024. We were eligible to borrow up to an additional $1.7 billion based on qualifying collateral and up to a maximum borrowing capacity of $2.0 billion at December 31, 2024. The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:
(dollars in thousand) | 2024 |  | 2023 |  | 2022
Long-term borrowings | $ | 50,896 |  |  | $ | 39,277 |  |  | $ | 14,741 |
Weighted average interest rate | 3.75 | % |  | 4.52 | % |  | 2.61 | %
Interest expense | $ | 1,964 |  |  | $ | 1,332 |  |  | $ | 411 |
Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2024 and thereafter are as follows:
(dollars in thousands) | Balance |  | Average Rate
2025 | $ | 81 |  |  | 5.98 | %
2026 | 50,087 |  |  | 3.71 | %
2027 | 93 |  |  | 6.02 | %
2028 | 94 |  |  | 6.05 | %
2029 | 28 |  |  | 6.08 | %
Thereafter | 513 |  |  | 5.88 | %
Total | $ | 50,896 |  |  | 3.75 | %
Junior Subordinated Debt Securities The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31:
| 2024 |  | 2023 |  | 2022
(dollars in thousands) | Balance |  | Interest Expense |  | Balance |  | Interest Expense |  | Balance |  | Interest Expense
Junior subordinated debt | $ | 25,000 |  |  | $ | 1,796 |  |  | $ | 25,000 |  |  | $ | 1,738 |  |  | $ | 25,000 |  |  | $ | 850 |
Junior subordinated debt—trust preferred securities | 24,418 |  |  | 2,180 |  |  | 24,358 |  |  | 2,372 |  |  | 29,453 |  |  | 1,545 |
Total | $ | 49,418 |  |  | $ | 3,976 |  |  | $ | 49,358 |  |  | $ | 4,110 |  |  | $ | 54,453 |  |  | $ | 2,395 |
The following table summarizes the key terms of our junior subordinated debt securities:
(dollars in thousands) |  |  | 2005 Trust Preferred Securities |  | 2006 Junior Subordinated Debt |  | 2008 Trust Preferred Securities
Junior Subordinated Debt |  |  | $— |  | $25,000 |  | $—
Trust Preferred Securities |  |  | $4,124 |  | — |  | $20,619
Stated Maturity Date |  |  | 5/23/2035 |  | 12/15/2036 |  | 3/15/2038
Optional redemption date at par |  |  | Any time after 5/23/2010 |  | Any time after 9/15/2011 |  | Any time after 3/15/2013
Regulatory Capital |  |  | Tier 1 |  | Tier 2 |  | Tier 1
Interest Rate |  |  | 3 Month CME Term SOFR plus 203 bps |  | 3 month CME Term SOFR plus 186 bps |  | 3 month CME Term SOFR plus 376 bps
Interest Rate at December 31, 2024 |  |  | 6.55% |  | 6.22% |  | 8.12%
We own 100 percent of the common equity of STBA Capital Trust I and DNB Capital Trust II, or the Trusts. The Trusts were formed to issue mandatorily redeemable capital securities to third-party investors. The proceeds from the sale of the securities and the issuance of the common equity by the Trusts were invested in junior subordinated debt securities issued by us. The third-party investors are considered the primary beneficiaries of the Trusts; therefore, the Trusts qualify as VIEs, but are not consolidated into our financial statements. The Trusts pay dividends on the securities at the same rate as the interest paid by us on the junior subordinated debt held by the Trusts. DNB Capital Trust II was acquired with the DNB merger.

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