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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Long-term Debt, Unclassified [Abstract] |
Schedule of long-term debt, based on original maturity | Long-term debt, which is based on original maturity, consisted of subordinated notes and debentures totaling $105.6 million and $105.4 million at December 31, 2021 and 2020, respectively. There were no long-term FHLB advances outstanding at December 31, 2021 and 2020.
| December 31,
(Dollars in thousands) | 2021 |  | 2020
Subordinated debentures | 51,547 |  |  | 51,547 |
Subordinated notes, net of issuance costs | $ | 54,069 |  |  | $ | 53,838 |
Total | $ | 105,616 |  |  | $ | 105,385 |
Schedule of future principal payments on long-term debt based on final maturity | At December 31, 2021, future principal payments on long-term debt based on redemption date or final maturity are as follows (dollars in thousands):
(Dollars in thousands) |
Year Ending December 31: |
2022 | $ | — |
2023 | — |
2024 | — |
2025 | — |
2026 | — |
Thereafter | 106,547 |
Total | $ | 106,547 |
Schedule of Subordinated Borrowing | As of December 31, 2021 and December 31, 2020, the Company had the following junior subordinated debentures outstanding:
(Dollars in thousands) | December 31, 2021
Name of Trust | Amount of Subordinated Debentures |  | Interest Rate
Trust IV | $ | 30,928 |  |  | Three month LIBOR + 2.45%
Trust V | 20,619 |  |  | Three month LIBOR + 1.87%
Total | $ | 51,547 |  |  |
(Dollars in thousands) | December 31, 2020
Name of Trust | Amount of Subordinated Debentures |  | Interest Rate
Trust IV | 30,928 |  |  | Three month LIBOR + 2.45%
Trust V | 20,619 |  |  | Three month LIBOR + 1.87%
Total | $ | 51,547 |  |  |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
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- Definition Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, 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 http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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