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Long-term debt

12 Months Ended

Dec. 31, 2024

Long-term debt

Long-term debt

13. Long-term debt:

Long-term debt, consisting of advances from the FHLB, at December 31, 2024 and 2023 is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Interest Rate	​		​	​		​	​
(Dollars in thousands, except percents)		Fixed	​	​	​	December 31, 2024	​	​	December 31, 2023
March 2025	​	4.37	%	​	$	10,000	​	$	10,000	​
December 2025	​	4.40	​	​	​	9,567	​	​	​	​
December 2025	​	4.36	​	​	​	20,000	​	​	​	​
March 2026	​	4.78	​	​	​	4,292	​	​	​	​
March 2026	​	4.20	​	​	​	15,000	​	​	15,000	​
May 2026	​	4.08	​	​	​	5,000	​	​	​	​
June 2027	​	4.16	​	​	​	5,224	​	​	​	​
August 2027	​	4.40	​	​	​	6,461	​	​	​	​
October 2027	​	5.29	​	​	​	3,941	​	​	​	​
October 2027	​	5.18	​	​	​	5,475	​	​	​	​
March 2028	​	4.45	​	​	​	14,188	​	​	​	​
Total FHLB long-term debt	​	​	​	​	​	99,148	​	​	25,000	​
Less net fair value discount	​	​	​	​	​	(511)	​	​	​	​
Total long-term debt	​	​	​	​	$	98,637	​	$	25,000	​

​

Maturities of long-term debt, by contractual maturity, in years subsequent to December 31, 2024 are as follows:

​

​	​	​	​	​
(Dollars in thousands)	​	​	​	​
2025	​	$	39,567	​
2026	​		24,292	​
2027	​	​	21,101	​
2028	​		14,188	​
Total FHLB long-term debt	​	​	99,148	​
Less net fair value discount	​	​	(511)	​
Total long-term debt	​	$	98,637	​

​

The Company assumed long-term borrowings in the aggregate of $87.4 million as a result of the merger with FNCB.  At December 31, 2024, long-term debt consisted of $25.0 million of FHLB advances issued in 2023 and $74.1 million of the remaining long-term debt assumed as a result of the merger.  At December 31, 2024, the recorded balance of long-term debt assumed from FNCB, net of fair value discounts, was $73.6 million.

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- References

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- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

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