XML 46 R35.htm IDEA: XBRL DOCUMENT v3.25.1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT - (Tables)
3 Months Ended
Mar. 31, 2025
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)March 31, 2025December 31, 2024
Long-term debt:
Federal Home Loan Bank long-term advances$25,000 $50,000 
Subordinated debentures51,547 51,547 
Subordinated notes, net of unamortized debt issuance costs54,858 54,798 
Total$131,405 $156,345 
The following table presents the Company's subordinated notes outstanding as of the dates presented:

(dollars in thousands)
DescriptionMarch 31, 2025December 31, 2024Interest 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 TrustMarch 31, 2025December 31, 2024Interest 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 V20,619 20,619 
Three-month CME Term SOFR + tenor spread adjustment of 0.26% + 1.87%
Total$51,547 $51,547 
Schedule of Maturities of Long-Term Debt
At March 31, 2025, future principal payments on long-term debt based on redemption date or final maturity are as follows:

(dollars in thousands)
Year Ending December 31,
2025 (remainder)$— 
2026— 
2027— 
202825,000 
2029— 
203055,000 
Thereafter51,547 
Total$131,547