v3.25.2
SUBORDINATED DEBT (Tables)
12 Months Ended
Dec. 31, 2024
Subordinated Borrowings [Abstract]  
Schedule of Summary of Company's Subordinated Debt
The following table summarizes the Company’s subordinated debt at December 31, 2024 and December 31, 2023:
Subordinated debt
Fixed to Float
(dollars in thousands)Issued September 2019Issued September 2019Total
At December 31, 2024
Outstanding amount$50,750 $27,250 $78,000 
Carrying amount50,750 26,999 77,749 
Current rate7.94 %5.50 %
At December 31, 2023
Outstanding amount$66,750 $27,250 $94,000 
Carrying amount66,573 26,973 93,546 
Current rate5.00 %5.50 %
Maturity date9/30/20299/30/2034
Optional redemption date9/30/20249/30/2029
Fixed to variable conversion date9/30/20249/30/2029
Variable rate
3-month SOFR plus 3.61%
3-month SOFR plus 4.05%
Interest payment termsSemiannually through 9/30/2024; Quarterly for all subsequent periodsSemiannually through 9/30/2029; Quarterly for all subsequent periods