XML 37 R21.htm IDEA: XBRL DOCUMENT v3.25.0.1

Subordinated Notes

12 Months Ended

Dec. 31, 2024

SUBORDINATED NOTES

SUBORDINATED NOTES

Note 12:      Subordinated Notes

On June 10, 2020, the Company completed the public offering and sale of $75.0 million of its subordinated notes. The notes are due June 15, 2030, and have a fixed interest rate of 5.50% until June 15, 2025, at which time the rate becomes floating at a rate expected to be equal to three-month term Secured Overnight Financing Rate (SOFR) plus 5.325%. The Company may call the notes at par beginning on June 15, 2025, and on any scheduled interest payment date thereafter. The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $73.5 million. Total debt issuance costs of approximately $1.5 million were deferred and are being amortized over the expected life of the notes, which is five years.

Amortization of the debt issuance costs during each of the years ended December 31, 2024 and 2023, totaled $297,000 and is included in interest expense on subordinated notes in the consolidated statements of income, resulting in an imputed interest rate of 5.90 % and 5.92%, respectively.

At December 31, 2024 and 2023, subordinated notes are summarized as follows:

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(In Thousands)
​	​	​	​	​	​	​
Subordinated notes	​	$	75,000	​	$	75,000
Less: unamortized debt issuance costs	​		124	​		421
​	​	$	74,876	​	$	74,579

​

X

- References

No definition available.

+ Details

Name:	us-gaap_SubordinatedBorrowingsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478878/942-470-45-1

+ Details

Name:	us-gaap_SubordinatedBorrowingsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration