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LONG-TERM DEBT (Tables)

12 Months Ended

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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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.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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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.

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