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Borrowings | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Borrowings | Borrowings The following table summarizes certain information of the Company’s long-term debt as of March 31, 2026 and December 31, 2025.
($ in thousands) |  | March 31, 2026 |  | December 31, 2025 |  | Issue Date |  | Stated Maturity Date |  | Earliest Call Date |  | Interest Rate
Subordinated Debentures due November 2035 |  | 60,000 |  |  | 60,000 |  |  | 2025 |  | 2035 |  | 2030 |  | 6.25% through November 2030, 3-month SOFR + 2.88% thereafter
Total subordinated debentures |  | 60,000 |  |  | 60,000 |  |  |  |  |  |  |  |  |
Severn Capital Trust I |  | 20,619 |  |  | 20,619 |  |  | 2004 |  | 2035 |  |  |  | 3-month SOFR + 2.26%
Tri-County Capital Trust I |  | 7,217 |  |  | 7,217 |  |  | 2004 |  | 2034 |  |  |  | 3-month SOFR + 2.86%
Tri-County Capital Trust II |  | 5,155 |  |  | 5,155 |  |  | 2005 |  | 2035 |  |  |  | 3-month SOFR + 1.96%
Total trust preferred securities |  | 32,991 |  |  | 32,991 |  |  |  |  |  |  |  |  |
Less: net discount and unamortized issuance costs |  | (3,962) |  |  | (3,930) |  |  |  |  |  |  |  |  |
Total long-term debt |  | $ | 89,029 |  |  | $ | 89,061 |  |  |  |  |  |  |  |  |
At March 31, 2026, subordinated debentures consisted of $60.0 million of long-term debt issued by the Company in November 2025. As of March 31, 2026, the recorded balance of subordinated debt issued by the Company, net of unamortized issuance costs and fair value discounts, was $58.8 million. The Company has the option to redeem the subordinated notes in part or whole as of November 15, 2030. As of March 31, 2026, 100% of the subordinated debt was considered Tier 2 capital under current regulatory guidelines. The Company assumed trust preferred securities in the aggregate of $33.0 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 by Severn Capital Trust I, $7.2 million issued by Tri-County Capital Trust I and $5.2 million issued by Tri-County Capital Trust II. The recorded balance of the junior subordinated debt securities of Severn Capital Trust I at March 31, 2026 was $19.0 million, net of the unamortized fair value adjustment of $1.6 million. At March 31, 2026, the junior subordinated debt securities of Tri-County Capital Trust I and Tri-County Capital Trust II had a recorded balance of $6.7 million and $4.5 million, respectively, which are presented net of the unamortized fair value adjustments of $489 thousand and $644 thousand, respectively. As of March 31, 2026, the entire amount of trust preferred securities debt is considered Tier 2 capital under current regulatory guidelines. The Company may periodically borrow from a correspondent federal funds line of credit arrangement, under a secured reverse repurchase agreement, or from the Federal Home Loan Bank (“FHLB”) to meet short-term liquidity needs. The Company had no outstanding borrowings from the FHLB at March 31, 2026 and December 31, 2025. The Company did not have any correspondent federal fund lines at March 31, 2026 and December 31, 2025. Further information on these obligations is provided in the Company’s 2025 Annual Report.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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