v3.25.3

SUBORDINATED DEBT | 9 Months Ended
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Sep. 30, 2025
SUBORDINATED DEBT. |
SUBORDINATED DEBT | NOTE 11: SUBORDINATED DEBT At September 30, 2025 and December 31, 2024, FFI had two issuances of subordinated notes outstanding with an aggregate carrying value of $173.5 million. At September 30, 2025 and December 31, 2024, FFI was in compliance with all covenants under its subordinated debt agreements. The following table summarizes the outstanding subordinated notes as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Current | ​ | ​ | Current | ​ | ​ | Carrying Value
​ | ​ | Stated | ​ | Interest | ​ | ​ | Principal | ​ | ​ | September 30, | ​ | ​ | December 31,
(dollars in thousands) | ​ | Maturity | ​ | Rate | ​ | ​ | Balance | ​ | 2025 | ​ | 2024
Subordinated notes |  |  |  |  | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |
Subordinated notes due 2032, 3.50% per annum until February 1, 2027, 3-month SOFR + 2.04% thereafter. | ​ | February 1, 2032 |  | 3.50 | % | ​ | $ | 150,000 |  | $ | 148,479 | ​ | $ | 148,298
Subordinated notes due 2030, 6.0% per annum until June 30, 2025, 3-month SOFR + 5.90% thereafter. | ​ | June 30, 2030 |  | 10.19 | % | ​ |  | 24,165 |  | ​ | 25,027 | ​ | ​ | 25,161
Total | ​ | ​ |  | ​ | ​ | ​ | $ | 174,165 |  | $ | 173,506 | ​ | $ | 173,459
​

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- 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
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