Subordinated Debentures (Tables)

6 Months Ended

Jun. 30, 2025

Subordinated Debentures

Schedule of subordinated debentures

The following table presents a summary of the Company’s subordinated debentures as of June 30, 2025 and December 31, 2024:

Total Debt

Total Debt

Date

First

Maturity

Outstanding

Outstanding

Interest

Name

Established

Redemption Date

Date

June 30, 2025

December 31, 2024

Rate

Coupon Structure

(dollars in thousands)

2030 Notes

June 19, 2020

July 1, 2025

July 1, 2030

$

—

$

50,000

5.25

%

Fixed-to-Floating⁽¹⁾

2031 Notes

July 8, 2021

July 15, 2026

July 15, 2031

30,000

30,000

3.25

%

Fixed-to-Floating⁽²⁾

2035 Notes

June 24, 2025

June 30, 2030

June 30, 2035

80,000

—

7.625

%

Fixed-to-Floating⁽³⁾

Subordinated Debentures

110,000

80,000

Debt Issuance Costs

(1,311)

(330)

Subordinated Debentures, Net of Issuance Costs

$

108,689

$

79,670

(1)	Notes fully redeemed.

(2)	Migrates to three month term SOFR + 2.52% beginning July 15, 2026 until either the maturity date or earlier redemption date.

(3)	Migrates to three month term SOFR + 3.88% beginning June 30, 2030 until either the maturity date or earlier redemption date.