XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.25.3

Subordinated Debentures | 9 Months Ended
--- | ---
Sep. 30, 2025
Subordinated Debentures |
Subordinated Debentures | Note 9: Subordinated Debentures On June 24, 2025, the Company issued $80.0 million of Fixed-to-Floating Rate Subordinated Notes due June 30, 2035. The Notes bear a fixed interest rate of 7.625% from June 24, 2025 to but excluding June 30, 2030, with interest during this period payable semi-annually in arrears. From June 30, 2030 to the stated maturity date or earlier redemption date, the interest rate converts to a variable rate equal to the then current three-month term SOFR, plus 388 basis points, which is payable quarterly. The Company used the net proceeds it received from the sale of the Notes to redeem $50 million of outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 and for general corporate purposes. The transaction resulted in debt issuance costs of approximately $1.3 million that is being amortized over 10 years. ​ The following table presents a summary of the Company’s subordinated debentures as of September 30, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total Debt | ​ | ​ | Total Debt | ​ | ​ | ​ | ​ | ​
​ | ​ | Date | ​ | ​ | First | ​ | ​ | Maturity | ​ | Outstanding | ​ | ​ | Outstanding | ​ | Interest | ​ | ​ | ​
Name | ​ | Established | ​ | ​ | Redemption Date | ​ | ​ | Date | ​ | September 30, 2025 | ​ | ​ | December 31, 2024 | ​ | Rate | ​ | ​ | Coupon Structure
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2030 Notes | ​ | June 19, 2020 | ​ | ​ | July 1, 2025 | ​ | ​ | July 1, 2030 | $ | — | ​ | $ | 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)
2035 Notes | ​ | June 24, 2025 | ​ | ​ | June 30, 2030 | ​ | ​ | June 30, 2035 | ​ | 80,000 | ​ | ​ | — | ​ | 7.625 | % | ​ | Fixed-to-Floating (3)
Subordinated Debentures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 110,000 | ​ | ​ | 80,000 | ​ | ​ | ​ | ​ | ​
Debt Issuance Costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,412) | ​ | ​ | (330) | ​ | ​ | ​ | ​ | ​
Subordinated Debentures, Net of Issuance Costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 108,588 | ​ | $ | 79,670 | ​ | ​ | ​ | ​ | ​
(1) | Notes fully redeemed as of June 30, 2025.
(2) | Migrates to three month term SOFR + 2.52% beginning July 15, 2026 until either the maturity date or earlier redemption date.
(3) | Migrates to three month term SOFR + 3.88% beginning June 30, 2030 until either the maturity date or earlier redemption date.

X
- References No definition available. + Details
Name: | us-gaap_SubordinatedBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 + Details
Name: | us-gaap_SubordinatedBorrowingsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration