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Long-term Debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-term Debt | NOTE 9 - LONG-TERM DEBT At December 31, 2019 and 2018, respectively, long-term debt was as follows:
(dollars in thousands) |  | 2019 |  |  | 2018 |
Principal |  | $ | 105,000 |  |  | $ | 105,000 |
Unamortized debt issuance costs |  | $ | 951 |  |  | $ | 1,292 |
In March 2016, the Company issued $50 million of 6.5% fixed to floating rate subordinated debentures, due March 31, 2026. The interest rate is fixed through March 31, 2021 and floats at 3 month LIBOR plus 516 basis points thereafter. The Company can redeem these subordinated debentures beginning March 31, 2021. The sub-debt is considered Tier-two capital at the Company. The Company allocated $35 million to the Bank as Tier-one capital. In November 2018, the Company issued $55 million of 6.18% fixed to floating rate subordinated debentures, due December 1, 2028. The interest rate is fixed through December 1, 2023 and floats at 3 month LIBOR plus 315 basis points thereafter. The Company can redeem these subordinated debentures beginning December 1, 2023. The sub-debt is considered Tier-two capital at the Company. The Company allocated $25 million to the Bank as Tier-one capital. The following table presents interest and amortization expense the Company incurred for the year ended December 31, 2019 and 2018:
|  | For the Year Ended December 31, |
(dollars in thousands) |  | 2019 |  |  | 2018 |
Interest Expense: |  |  |  |  |  |  |  |
Interest |  | $ | 6,649 |  |  | $ | 3,552 |
Amortization |  |  | 342 |  |  |  | 162 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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