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

12 Months Ended

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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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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