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SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of short-term borrowings | A summary of the Bank's short-term borrowings as of December 31, 2023, 2022 and 2021 is as follows:
| Year Ended December 31,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Amount outstanding at December 31, | $ | — |  |  | $ | 5,000 |  |  | $ | — |
Average amount outstanding during year | 23,322 |  |  | 37,211 |  |  | 607 |
Highest month-end balance during year | 100,000 |  |  | 140,000 |  |  | 6,500 |
Weighted-average interest rate on balances outstanding at December 31, | — | % |  | 4.60 | % |  | — | %
Weighted-average interest rate during year | 4.88 | % |  | 2.84 | % |  | 0.30 | %
Schedule of long-term debt, based on original maturity |
| December 31,
(Dollars in thousands) | 2023 |  | 2022
FHLB advances | $ | 50,000 |  |  | $ | — |
Subordinated debentures | 51,547 |  |  | 51,547 |
Subordinated notes, net of unamortized debt issuance costs of $445 and $688 | 54,555 |  |  | 54,312 |
Total | $ | 156,102 |  |  | $ | 105,859 |
As of December 31, 2023 and 2022, the Company had the following subordinated notes outstanding:
(Dollars in thousands) |  | December 31, 2023 and 2022
Name |  | Subordinated Notes |  | Interest Rate
October 2020 Private Placement |  | $ | 55,000 |  |  | 4.75% for the first five years. Resets quarterly thereafter to the then current three-month SOFR plus 456 basis points.
Schedule of future principal payments on long-term debt based on final maturity | At December 31, 2023, future principal payments on long-term debt based on redemption date or final maturity are as follows:
(Dollars in thousands) |
Year Ending December 31: |
2024 | $ | — |
2025 | 25,000 |
2026 | — |
2027 | — |
2028 | 25,000 |
Thereafter | 106,547 |
Total | $ | 156,547 |
Schedule of Subordinated Borrowing | As of December 31, 2023 and 2022, the Company had the following junior subordinated debentures outstanding:
(Dollars in thousands) |  | December 31, 2023 and 2022 |  | December 31, 2023 |  | December 31, 2022
Name of Trust |  | Subordinated Debentures |  | Interest Rate |  | Interest Rate
Trust IV |  | $ | 30,928 |  |  | Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 2.45% |  | Three month LIBOR + 2.45%
Trust V |  | 20,619 |  |  | Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 1.87% |  | Three month LIBOR + 1.87%
Total |  | $ | 51,547 |  |  |  |  |

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