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PREFERRED STOCK | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
PREFERRED STOCK | 13. PREFERRED STOCK In March 2026, the Company issued 30,000 shares of Series B Non-Cumulative Perpetual Convertible Preferred Stock (the “Series B Preferred Stock”) to an institutional investor raising $30.0 million in capital. The Company has the ability to issue, at its sole discretion, up to 20,000 additional shares to that same investor for $20.0 million through December 31, 2027. The Series B Preferred Stock is convertible into common stock at the option of the holder on any date following the five-year anniversary of the original issue date, subject to applicable terms and conditions. Conversion occurs at a fixed rate of 26.3157 shares of common stock for each share of Series B Preferred Stock held. The Series B Preferred Stock carries a dividend rate of 6.00 percent per annum, is non-callable for the first five years, but may be redeemed on any date thereafter. These securities qualify as Tier 1 Capital for purposes of calculating regulatory capital ratios.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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