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SHORT-TERM BORROWINGS AND LONG-TERM DEBT - (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Subordinated Borrowing

The following table present's the Company's junior subordinated debentures outstanding, which are recorded in long-term debt on the Company's consolidated balance sheets as of the dates presented:

(dollars in thousands)
Name of Trust						September 30, 2023						Interest Rate						December 31, 2022						Interest Rate
Trust IV						$	30,928					Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 2.45%						$	30,928					Three-month LIBOR + 2.45%
Trust V						20,619						Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 1.87%						20,619						Three-month LIBOR + 1.87%
Total						$	51,547											$	51,547

Schedule of Long-term Debt Instruments

The following table presents the Company's subordinated notes outstanding as of the dates presented:

(dollars in thousands)

Description

September 30, 2023

December 31, 2022

Interest Rate

October 2020 Private Placement

$

55,000

$

55,000

4.75% for the first five years. Resets quarterly thereafter to the then current three-month SOFR plus 456 basis points.

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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 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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