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Subordinated Notes and Junior Subordinated Debentures | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Subordinated Notes and Junior Subordinated Debentures | Note 13—Subordinated Notes and Junior Subordinated Debentures In 2020, the Company issued $75.0 million in fixed-to-floating subordinated notes that mature on July 1, 2030. The subordinated notes bear a fixed interest rate of 6.00% until July 1, 2025 and a floating interest rate equal to a benchmark rate, which is expected to be the three-month SOFR, plus 588 basis points thereafter until maturity. The transaction resulted in debt issuance costs of approximately $1.7 million that will be amortized over 10 years. As of March 31, 2022, the net liability outstanding of the subordinated notes was $73.6 million. The Company may, at its option, redeem the notes, in whole or in part, on a semi-annual basis beginning on July 1, 2025, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. At March 31, 2022 and December 31, 2021, the Company’s junior subordinated debentures by issuance were as follows:
Name of Trust |  | Aggregate Principal Amount March 31, 2022 |  |  | Aggregate Principal Amount December 31, 2021 |  |  | Stated Maturity |  | Contractual Rate at March 31, 2022 |  |  | Interest Rate Spread
Metropolitan Statutory Trust 1 |  | $ | 35,000 |  |  | $ | 35,000 |  |  | March 17, 2034 |  |  | 3.71 | % |  | Three-month LIBOR + 2.79%
First Evanston Bancorp Trust I |  |  | 10,000 |  |  |  | 10,000 |  |  | March 15, 2035 |  |  | 2.61 | % |  | Three-month LIBOR + 1.78%
Total liability, at par |  |  | 45,000 |  |  |  | 45,000 |  |  |  |  |  |  |  |
Discount |  |  | (7,989 | ) |  |  | (8,094 | ) |  |  |  |  |  |  |
Total liability, at carrying value |  | $ | 37,011 |  |  | $ | 36,906 |  |  |  |  |  |  |  |
In 2004, the Company’s predecessor, Metropolitan Bank Group, Inc., issued $35.0 million floating rate junior subordinated debentures to Metropolitan Statutory Trust 1, which was formed for the issuance of trust preferred securities. The debentures bear interest at three-month LIBOR plus 2.79% (3.71% and 3.01% at March 31, 2022 and December 31, 2021, respectively). Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2009. Accrued interest payable was $56,000 and $45,000 as of March 31, 2022 and December 31, 2021, respectively. As part of the First Evanston acquisition, the Company assumed the obligations to First Evanston Bancorp Trust I of $10.0 million in principal amount, which was formed for the issuance of trust preferred securities. Beginning on March 15, 2010, the interest rate reset to the three-month LIBOR plus 1.78% (2.61% and 1.98% at March 31, 2022 and December 31, 2021, respectively), which is in effect until the debentures mature in 2035. Interest is paid on a quarterly basis. The Company has the right to redeem the debentures, in whole or in part, on any interest payment date on or after March 2010. The Company has the option to defer interest payments on the debentures from time to time for a period not to exceed five consecutive years. Accrued interest payable was $12,000 and $9,000 as of March 31, 2022 and December 31, 2021, respectively. The Trusts are not consolidated with the Company. Accordingly, the Company reports the subordinated debentures held by the Trusts as liabilities. The Company owns all of the common securities of each trust. The junior subordinated debentures qualify, and are treated as, Tier 1 regulatory capital of the Company subject to regulatory limitations. The trust preferred securities issued by each trust rank equally with the common securities in right of payment, except that if an event of default under the indenture governing the notes has occurred and is continuing, the preferred securities will rank senior to the common securities in right of payment.

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- Definition Subordinated notes and junior subordinated debt owed to unconsolidated subsidiary trust. + References No definition available. + Details
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