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SUBORDINATED DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Subordinated Borrowings [Abstract]

Schedule of Summary of Company's Subordinated Debt

The following table summarizes the Company’s subordinated debt at September 30, 2024 and December 31, 2023:

			Subordinated debt
			Fixed to Float
(dollars in thousands)			Issued September 2019						Issued September 2019												Total
At September 30, 2024
Outstanding amount			$	55,750					$	27,250											$	83,000
Carrying amount			55,750						26,994												82,744
Current rate			8.20		%				5.50		%
At December 31, 2023
Outstanding amount			$	66,750					$	27,250											$	94,000
Carrying amount			66,573						26,973												93,546
Current rate			5.00		%				5.50		%
Maturity date			9/30/2029						9/30/2034
Optional redemption date			9/30/2024						9/30/2029
Fixed to variable conversion date			9/30/2024						9/30/2029
Variable rate			3-month SOFR plus 3.61%						3-month SOFR plus 4.05%
Interest payment terms			Semiannually through 9/30/2024; Quarterly for all subsequent periods						Semiannually through 9/30/2029; Quarterly for all subsequent periods

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- Definition

Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, 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

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- References

No definition available.

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