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SUBORDINATED NOTES | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
SUBORDINATED NOTES | SUBORDINATED NOTESThe Company has unsecured subordinated notes payable, which mature on December 30, 2028. At December 31, 2021 and 2020, subordinated notes payable outstanding totaled $32.0 million and $31.9 million, respectively, which qualified for Tier 2 capital. The notes are recorded on the consolidated balance sheets net of remaining debt issuance costs totaling $537 thousand and $597 thousand at December 31, 2021 and 2020, respectively, which are amortized over a 10-year period on an effective yield basis. The subordinated notes have a fixed interest rate of 6.0% through December 30, 2023, which then converts to a variable rate, equivalent to three-month LIBOR, or any replacement reference rate, period plus 3.16% through maturity. The Company may, at its option, redeem the notes, in whole or in part, on any interest payment date on or after December 30, 2023, and at any time upon the occurrence of certain events. As of December 31, 2021, the Company was in compliance with the covenants contained in the subordinated notes payable agreement.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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