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Trust Preferred Securities | 9 Months Ended
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Sep. 30, 2024
Trust Preferred Securities [Abstract] |
TRUST PREFERRED SECURITIES | NOTE 11 – TRUST PREFERRED SECURITIES On September 15, 2005, RST II, a wholly owned subsidiary of the Company, closed a pooled private offering of 10,000 Capital Securities with a liquidation amount of $1,000 per security. The proceeds of the offering were loaned to the Company in exchange for junior subordinated debentures with terms similar to the Capital Securities. Distributions on the Capital Securities are payable quarterly at a variable rate that is currently based upon the 3-month CME Term SOFR as adjusted by the relevant spread adjustment plus 1.80 percent and are included in interest expense in the consolidated financial statements. These securities may be included in Tier 1 capital and may be prepaid at any time without penalty (with certain limitations applicable) under current regulatory guidelines and interpretations. The balance of the Capital Securities as of both September 30, 2024, and December 31, 2023, was $10.3 million, with a maturity date of September 15, 2035.

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