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SHORT-TERM BORROWINGS AND LONG-TERM DEBT - (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following table presents long-term debt, which is based on original maturity and consists of advances under the arrangement with Federal Home Loan Bank of Des Moines, junior subordinated debentures and subordinated notes as of the dates presented:
(dollars in thousands) |  | September 30, 2024 |  | December 31, 2023
Long-term debt: |  |  |  |
Federal Home Loan Bank long-term advances |  | $ | 50,000 |  |  | $ | 50,000 |
Subordinated debentures |  | 51,547 |  |  | 51,547 |
Subordinated notes, net of unamortized debt issuance costs |  | 54,737 |  |  | 54,555 |
Total |  | $ | 156,284 |  |  | $ | 156,102 |
The following table presents the Company's subordinated notes outstanding as of the dates presented:
(dollars in thousands) |  |  |  |  |  |
Description |  | September 30, 2024 |  | December 31, 2023 |  | 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.
Schedule of Subordinated Borrowing | The following table presents 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, 2024 |  |  |  | December 31, 2023 |  | Interest Rate
CPB Capital Trust IV |  | $ | 30,928 |  |  |  |  | $ | 30,928 |  |  | Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 2.45%
CPB Statutory Trust V |  | 20,619 |  |  |  |  | 20,619 |  |  | Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 1.87%
Total |  | $ | 51,547 |  |  |  |  | $ | 51,547 |  |  |

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