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v3.24.3

Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt consisted of the following:
($ in thousands) |  | September 30, 2024 |  | December 31, 2023 |  | Issue Date |  | Stated Maturity Date |  | Earliest Call Date |  | Interest Rate
FHLB Advances |  | $ | 50,000 |  |  | — |  |  | 2024 |  | 2025 |  |  |  | 4.786%
Total long-term advances |  | 50,000 |  |  | — |  |  |  |  |  |  |  |  |
September 2030 Subordinated Debentures |  | 25,000 |  |  | $ | 25,000 |  |  | 2020 |  | 2030 |  | 2025 |  | 5.375% through September 2025, 3-month SOFR + 5.265% thereafter
October 2030 Subordinated Debentures |  | 19,500 |  |  | 19,500 |  |  | 2020 |  | 2030 |  | 2025 |  | 4.75% through October 2025, 3-month SOFR + 4.58% thereafter
Total subordinated debentures |  | 44,500 |  |  | 44,500 |  |  |  |  |  |  |  |  |
Severn Capital Trust I |  | 20,619 |  |  | 20,619 |  |  | 2004 |  | 2035 |  |  |  | 3-month SOFR + 2.00%
Tri-County Capital Trust I |  | 7,217 |  |  | 7,217 |  |  | 2004 |  | 2034 |  |  |  | 90-day SOFR + 2.60%
Tri-County Capital Trust II |  | 5,155 |  |  | 5,155 |  |  | 2005 |  | 2035 |  |  |  | 90-day SOFR + 1.70%
Total trust preferred securities |  | 32,991 |  |  | 32,991 |  |  |  |  |  |  |  |  |
Less net discount and unamortized issuance costs |  | (4,035) |  |  | (4,822) |  |  |  |  |  |  |  |  |
Total long-term debt |  | $ | 123,456 |  |  | $ | 72,669 |  |  |  |  |  |  |  |  |

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