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Note 9 - Long-term Debt | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Long-Term Debt [Text Block] | NOTE 9 - LONG-TERM DEBT In November 2018, the Company issued $55.0 million of 6.18% fixed-to-floating rate subordinated notes, with a December 1, 2028 maturity date (the “2028 Subordinated Notes”). The interest rate was fixed through December 1, 2023 and was scheduled to float at three-month CME Term SOFR plus applicable tenor spread adjustment of 26 basis points plus 315 basis points thereafter. On December 1, 2023, the Company redeemed the 2028 Subordinated Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. In March 2021, the Company issued $120.0 million of 4.00% fixed-to-floating rate subordinated notes, with an April 1, 2031 maturity date (the “2031 Subordinated Notes”). The interest rate is fixed through April 1, 2026 and is scheduled to float at three-month SOFR plus 329 basis points thereafter. The Company can redeem the 2031 Subordinated Notes beginning April 1, 2026. The 2031 Subordinated Notes are considered Tier 2 capital at the Company. Long-term debt and unamortized debt issuance costs were as follows as of the dates indicated:
|  | At December 31, 2023 |  |  | At December 31, 2022 |
(dollars in thousands) |  | Principal |  |  | Unamortized debt issuance costs |  |  | Principal |  |  | Unamortized debt issuance costs |
2028 Subordinated Notes |  | $ | — |  |  | $ | — |  |  | $ | 55,000 |  |  | $ | 180 |
2031 Subordinated Notes |  |  | 120,000 |  |  |  | 853 |  |  |  | 120,000 |  |  |  | 1,235 |
Total |  | $ | 120,000 |  |  | $ | 853 |  |  | $ | 175,000 |  |  | $ | 1,415 |
The following table presents interest and amortization expense the Company incurred for the years ended December 31, 2023 and 2022:
|  | For the Year Ended December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Interest Expense: |  |  |  |  |  |  |  |
Interest |  | $ | 7,916 |  |  | $ | 8,199 |
Amortization |  |  | 562 |  |  |  | 578 |

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