v3.25.3
SUBORDINATED DEBT
9 Months Ended
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