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Note 9 - Long-term Debt | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Long-Term Debt [Text Block] | NOTE 9 - LONG-TERM DEBT In November 2018, we 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, we 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. The table below presents the long-term debt and unamortized debt issuance costs as of the dates indicated:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | (dollars in thousands) |
Principal |  | $ | 120,000 |  |  | $ | 120,000 |
Unamortized debt issuance costs |  |  | (471 | ) |  |  | (853 | )
Long-term debt, net of issuance costs |  | $ | 119,529 |  |  | $ | 119,147 |
The following table presents interest and amortization expense on the subordinated notes for the year indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Interest Expense: |  | (dollars in thousands) |
Interest |  | $ | 4,800 |  |  | $ | 7,916 |  |  | $ | 8,199 |
Amortization |  |  | 382 |  |  |  | 562 |  |  |  | 578 |
We were in compliance with all covenants under the long-term debt as of December 31, 2024.

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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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