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NOTE 11 Long‑Term Debt
Long‑term debt as of March 31, 2025 and December 31, 2024 consisted of the following:
| | | March 31, 2025 |
| | | | | | | | | | | | | Period End | | | | | |
| | | Face | | | Carrying | | | | | Interest | | | Maturity | | |
| (dollars in thousands) | | Value | | | Value | | | Interest Rate | | Rate | | | Date | | Call Date |
| Subordinated notes payable | | $ | 50,000 | | | $ | 50,000 | | | Fixed | | | 3.50 | % | | 3/30/2031 | | 3/31/2026 |
| Junior subordinated debenture (Trust I) | | | 4,124 | | | | 3,639 | | | Three-month CME SOFR + 0.26% + 3.10% | | | 7.66 | % | | 6/26/2033 | | 6/26/2008 |
| Junior subordinated debenture (Trust II) | | | 6,186 | | | | 5,459 | | | Three-month CME SOFR + 0.26% + 1.80% | | | 6.36 | % | | 9/15/2036 | | 9/15/2011 |
| Total long-term debt | | $ | 60,310 | | | $ | 59,098 | | | | | | | | | | | |
| | | December 31, 2024 |
| | | | | | | | | | | | | Period End | | | | | |
| | | Face | | | Carrying | | | | | Interest | | | Maturity | | |
| (dollars in thousands) | | Value | | | Value | | | Interest Rate | | Rate | | | Date | | Call Date |
| Subordinated notes payable | | $ | 50,000 | | | $ | 50,000 | | | Fixed | | | 3.50 | % | | 3/30/2031 | | 3/31/2026 |
| Junior subordinated debenture (Trust I) | | | 4,124 | | | | 3,628 | | | Three-month CME SOFR + 0.26% + 3.10% | | | 7.69 | % | | 6/26/2033 | | 6/26/2008 |
| Junior subordinated debenture (Trust II) | | | 6,186 | | | | 5,441 | | | Three-month CME SOFR + 0.26% + 1.80% | | | 6.42 | % | | 9/15/2036 | | 9/15/2011 |
| Total long-term debt | | $ | 60,310 | | | $ | 59,069 | | | | | | | | | | | |
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