v3.25.2
SUBORDINATED DEBT
 3 Months Ended
Mar. 31, 2025
Subordinated Borrowings [Abstract]  
SUBORDINATED DEBT SUBORDINATED DEBT
The following table summarizes the Company’s subordinated debt at March 31, 2025 and December 31, 2024:
Subordinated debt
Fixed to Float
(dollars in thousands)Issued September 2019Issued September 2019Total
At March 31, 2025
Outstanding amount$50,750 $27,250 $78,000 
Carrying amount50,750 27,004 77,754 
Current rate7.91 %5.50 %
At December 31, 2024
Outstanding amount$50,750 $27,250 $78,000 
Carrying amount50,750 26,999 77,749 
Current rate7.94 %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
The value of subordinated debentures have been reduced by the debt issuance costs, which are being amortized on a straight line basis through the earlier of the redemption option or maturity date. All of the subordinated debentures above may be included in Tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations.