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SUBORDINATED NOTES | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
SUBORDINATED NOTES | SUBORDINATED NOTESThe Company has unsecured subordinated notes payable, which mature on December 30, 2028. At December 31, 2022 and 2021, subordinated notes payable outstanding totaled $32.0 million for both periods, which qualified for Tier 2 capital. The notes are recorded on the consolidated balance sheets net of remaining debt issuance costs totaling $474 thousand and $537 thousand at December 31, 2022 and 2021, 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 the LIBOR fallback rate, or any replacement reference rate, 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, 2022, 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 https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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