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Borrowings
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
Long-term debt consisted of the following:
September 30,
(dollars in thousands)20232022Issue DateStated Maturity DateEarliest Call DateInterest Rate
September 2030 Subordinated Debentures$25,000 $25,000 202020302025
5.375% through September 2025, 3-month SOFR + 5.265% thereafter
October 2030 Subordinated Debentures19,500 — 202020302025
4.75% through October 2025, 3-month SOFR + 4.58% thereafter
Total subordinated debentures44,500 25,000 
Severn Capital Trust I20,619 20,619 20042035
3-month SOFR + 2.00%
Tri-County Capital Trust I7,000 — 20042034
90-day SOFR + 2.60%
Tri-County Capital Trust II5,000 — 20052035
90-day SOFR + 1.70%
Total trust preferred securities32,619 20,619 
Less net discount and unamortized issuance costs(5,084)(2,547)
Total long-term debt$72,035 $43,072 
At September 30, 2023, subordinated notes consisted of $25.0 million of long-term debt issued by the Company in August 2020, and $19.5 million of long-term debt assumed as a result of the merger with TCFC. The recorded balance of subordinated debt issued in 2020 and the assumed subordinated debt from TCFC, net of unamortized issuance costs and fair value discounts, respectively, were $24.8 million and $18.2 million, respectively.
The Company also assumed trust preferred securities in the aggregate of $32.6 million as a result of the merger with TCFC in 2023 and the acquisition of Severn in 2021. Trust preferred securities consisted of $20.6 million issued to Severn Capital Trust I, $7.0 million issued by Tri-County Capital Trust I and $5.0 million issued by Tri-County Capital Trust II. The recorded balance of the debt acquired from Severn at September 30, 2023 was $18.5 million, net of the unamortized fair value adjustment of $2.1 million. At September 30, 2023, the junior subordinated debt securities of Tri-County Capital Trust I and Tri-County Capital Trust II had a recorded balance of $6.4 million and $4.2 million, which are presented as net of the unamortized fair value adjustment of $0.6 million and $0.8 million, respectively.
The Company may periodically borrow from a correspondent federal funds line of credit arrangement, under a secured reverse repurchase agreement, or from the FHLB to meet short-term liquidity needs. Short-term borrowings from the Federal Home Loan Bank (“FHLB”) at September 30, 2023 and December 31, 2022 were zero and $40.0 million, respectively. Further information on these obligations is provided in the Company’s 2022 Annual Report on Form 10-K.