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Junior Subordinated Debentures | 12 Months Ended
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Dec. 31, 2020
Junior Subordinated Debentures [Abstract] |
Junior Subordinated Debentures | Note 11 – Junior Subordinated Debentures On March 17, 2004, the Company issued $6.0 million of Floating Rate Junior Subordinated Debentures (the “Debentures”) in a private placement to a trust that was capitalized to purchase subordinated debt and preferred stock of multiple community banks. Interest on the Debentures is payable quarterly at a rate per annum equal to the 3‑Month LIBOR plus 2.54%. The interest rate is determined as of each March 17, June 17, September 17, and December 17, and was 2.77% at December 31, 2020. On October 16, 2014, the Company made payments of $900 thousand of principal on Debentures, executed a Supplemental Indenture for the Debentures that extended the maturity of the Debentures to March 17, 2024, and modified the payment terms of the remaining $5.1 million principal amount thereof. The modified terms of the Debentures require quarterly payments of interest only through March 2019 at the original rate of 3‑Month LIBOR plus 2.54%. Starting in June 2019, the Company began making quarterly payments of equal amounts of principal, plus interest, and will continue until the Debentures are fully amortized on March 17, 2024. At December 31, 2020, the Company had repaid a total of $1.8 million of the scheduled principal. The Debentures may be called for redemption at any time by the Company. Scheduled principal repayments of junior subordinated debentures over the next four years are as follows:
|  | Amount |
|  | (In thousands) |
2021 |  | $ | 1,020 |
2022 |  |  | 1,020 |
2023 |  |  | 1,020 |
2024 |  |  | 255 |
|  | $ | 3,315 |

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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