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SUBORDINATED DEBT | 6 Months Ended
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Jun. 30, 2025
Subordinated Borrowings [Abstract] |
SUBORDINATED DEBT | SUBORDINATED DEBT The following table summarizes the Company’s subordinated debt at June 30, 2025 and December 31, 2024:
| Subordinated debt
| Fixed to Float |  |  |  |
(dollars in thousands) | Issued September 2019 |  | Issued September 2019 |  |  |  | Total
At June 30, 2025 |  |  |  |  |  |  |
Outstanding amount | $ | 50,750 |  |  | $ | 27,004 |  |  |  |  | $ | 77,754 |
Carrying amount | 50,750 |  |  | 27,009 |  |  |  |  | 77,759 |
Current rate | 7.91 | % |  | 5.50 | % |  |  |  |
At December 31, 2024 |  |  |  |  |  |  |
Outstanding amount | $ | 50,750 |  |  | $ | 27,250 |  |  |  |  | $ | 78,000 |
Carrying amount | 50,750 |  |  | 26,999 |  |  |  |  | 77,749 |
Current rate | 7.94 | % |  | 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 |  |  |  |
The value of subordinated debentures have been reduced by the debt issuance costs, which are being amortized on a straight line basis through the earlier of the redemption option or maturity date. All of the subordinated debentures above may be included in Tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. On August 27, 2025, the Company notified holders that the Company will redeem on September 30, 2025 all of the outstanding Fixed-to-Floating Rate Subordinated Notes due September 30, 2029, having an aggregate current principal amount of $50.8 million. The aggregate redemption price will be 100% of the aggregate principal amount of the subordinated notes, plus accrued and unpaid interest. The interest rate on the subordinated notes is currently 7.91%, equating to approximately $4.0 million of annual interest expense.

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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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