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Subordinated Debentures

3 Months Ended

Mar. 31, 2024

Subordinated Debentures

Subordinated Debentures

Note 8: Subordinated Debentures

The following table presents a summary of the Company’s subordinated debentures as of March 31, 2024 and December 31, 2023:

Total Debt

Total Debt

Date

First

Maturity

Outstanding

Outstanding

Interest

Name

Established

Redemption Date

Date

March 31, 2024

December 31, 2023

Rate

Coupon Structure

(dollars in thousands)

2030 Notes

June 19, 2020

July 1, 2025

July 1, 2030

$

50,000

$

50,000

5.25

%

Fixed-to-Floating⁽¹⁾

2031 Notes

July 8, 2021

July 15, 2026

July 15, 2031

30,000

30,000

3.25

%

Fixed-to-Floating⁽²⁾

Subordinated Debentures

80,000

80,000

Debt Issuance Costs

(617)

(712)

Subordinated Debentures, Net of Issuance Costs

$

79,383

$

79,288

(1)	Migrates to three month term SOFR + 5.13% beginning July 1, 2025 until either the early redemption date or the maturity date.

(2)	Migrates to three month term SOFR + 2.52% beginning July 15, 2026 until either the early redemption date or the maturity date.