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Subordinated Debt and Other Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2025
Subordinated Debt and Other Borrowing Arrangements [Abstract] |
Subordinated Debt and Other Borrowing Arrangements | NOTE 7 – SUBORDINATED DEBT AND OTHER BORROWING ARRANGEMENTS On December 20, 2019, the Company issued $22.0 million in ten-year, fixed-to-floating rate subordinated notes to certain qualified institutional buyers and institutional accredited investors. The subordinated notes have a maturity date of December 30, 2029 and bear interest at the rate of 5.0% per annum, payable semiannually for the first five years of the term, and then quarterly at a variable rate based on the then current 3-month Secured Overnight Financing Rate plus 359.5 basis points. The notes are redeemable after five years subject to certain conditions. The indebtedness evidenced by the subordinated notes, including principal and interest, is unsecured and subordinate and junior to general and secured creditors and depositors. On the balance sheet the subordinated notes are carried net of debt issuance costs, and these were fully amortized as of December 31, 2024. The interest rate paid on the subordinated notes as of September 30, 2025 was 7.57%. The Company had unsecured Federal Funds lines of credit with its correspondent banks totaling $200.0 million at September 30, 2025 and $175.0 million at December 31, 2024. There were no borrowings outstanding as of September 30, 2025. At December 31, 2024, $115.0 million of borrowings were outstanding. The interest rate paid on the borrowings outstanding was 4.40%-4.65% as of December 31, 2024. The Company has a short-term borrowing arrangement with the Federal Reserve Bank through the Discount Window. The Company currently has a detailed lien on certain loans to secure borrowings. The borrowing capacity under the agreement varies depending on the amount of loans pledged and totaled $839.4 million and $786.5 million as of September 30, 2025 and December 31, 2024, respectively. There were no borrowings outstanding under the agreement at September 30, 2025 or December 31, 2024. As a member of the Federal Home Loan Bank of San Francisco, the Bank is eligible to use the FHLB’s facilities for short- and long-term borrowing. Borrowing capacity requires stock ownership in the FHLB and is based on pledged assets or a lien against certain loan categories. As of September 30, 2025, there were no borrowings outstanding from the FHLB. FHLB borrowings totaled $70.0 million with a floating rate of 4.78% as of December 31, 2024 with open maturity dates. The remaining borrowing capacity at September 30, 2025 and December 31, 2024, was $500.2 million and $391.2 million, respectively, under a detailed lien on loans.

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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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