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Long-Term Debt | 9 Months Ended
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Sep. 30, 2019
Long-Term Debt. |
Long-Term Debt | NOTE 10 Long‑Term Debt Long‑term debt as of September 30, 2019 and December 31, 2018 consisted of the following:
|  | September 30, 2019
|  |  |  |  |  |  |  |  |  | Period End |  |  |  |
|  | Face |  | Carrying |  |  |  | Interest |  | Maturity |  |
(dollars in thousands) |  | Value |  | Value |  | Interest Rate |  | Rate |  | Date |  | Call Date
Subordinated notes payable |  | $ | 50,000 |  | $ | 49,609 |  | Fixed |  | 5.75 | % | 12/30/2025 |  | 12/30/2020
Junior subordinated debenture (Trust I) |  |  | 4,000 |  |  | 3,390 |  | Three-month LIBOR + 3.10% |  | 5.21 | % | 6/26/2033 |  | 6/26/2008
Junior subordinated debenture (Trust II) |  |  | 6,000 |  |  | 5,086 |  | Three-month LIBOR + 1.80% |  | 3.92 | % | 9/15/2036 |  | 9/15/2011
Finance lease liability |  |  | 2,700 |  |  | 690 |  | Fixed |  | 7.81 | % | 10/31/2022 |  | N/A
Total long-term debt |  | $ | 62,700 |  | $ | 58,775 |  |  |  |  |  |  |  |
|  | December 31, 2018
|  |  |  |  |  |  |  |  |  | Period End |  |  |  |
|  | Face |  | Carrying |  |  |  | Interest |  | Maturity |  |
(dollars in thousands) |  | Value |  | Value |  | Interest Rate |  | Rate |  | Date |  | Call Date
Subordinated notes payable |  | $ | 50,000 |  | $ | 49,562 |  | Fixed |  | 5.75 | % | 12/30/2025 |  | 12/30/2020
Junior subordinated debenture (Trust I) |  |  | 4,000 |  |  | 3,357 |  | Three-month LIBOR + 3.10% |  | 5.92 | % | 6/26/2033 |  | 6/26/2008
Junior subordinated debenture (Trust II) |  |  | 6,000 |  |  | 5,035 |  | Three-month LIBOR + 1.80% |  | 4.59 | % | 9/15/2036 |  | 9/15/2011
Obligations under capital lease |  |  | 2,700 |  |  | 870 |  | Fixed |  | 7.81 | % | 10/31/2022 |  | N/A
Total long-term debt |  | $ | 62,700 |  | $ | 58,824 |  |  |  |  |  |  |  |
The Company had a $150 thousand letter of credit with the Federal Home Loan Bank as of September 30, 2019 and December 31, 2018. Bank of North Dakota letters of credit are collateralized by loans pledged to the Bank of North Dakota in the amount of $244.8 million and $260.6 million as of September 30, 2019 and December 31, 2018, respectively. There were no outstanding letters of credit with the Bank of North Dakota as of September 30, 2019 and December 31, 2018, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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