
(dollars in thousands)	December 31, 2025		December 31, 2024

Subordinated notes, at face value	$	—	$	40,000
Unamortized issuance costs	—		(447)
Subordinated notes, at carrying value	$	—	$	39,553

On September 3, 2020, the Company issued $40.0 million of fixed-to-floating rate subordinated notes with a maturity date of September 15, 2030. The subordinated notes, which were unsecured obligations of the Company, had a fixed interest rate of 4.50% for the first five years after issuance and thereafter had interest at a floating rate equal to three-month SOFR, as determined on the Floating Interest Determination Date, plus 4.37%. Interest was payable semi-annually during the five year fixed rate period and quarterly during the subsequent five year floating rate period. The subordinated notes had a redemption in whole or in part on any interest payment date on or after September 15, 2025.

On September 15, 2025, the Company redeemed all $40.0 million of the fixed-to-floating rate subordinated notes issued on September 3, 2020 at a redemption price equal to 100% of the aggregate principal amount of the notes, plus accrued and unpaid interest. As a result of the transaction, the company recognized a $0.4 million loss on extinguishment of debt, which was included in noninterest expense. The loss represents the acceleration of the unamortized issuance costs.