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NOTE 11 Long‑Term Debt
Long‑term debt as of June 30, 2026 and December 31, 2025 consisted of the following:
| | | June 30, 2026 |
| | | | | | | | | | | | | 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 for first 5 years, then repriced at the FHLB rate + 3.00% | | | 6.75 | % | | 3/30/2036 | | 3/30/2031 |
| Junior subordinated debenture (Trust I) | | | 4,124 | | | | 3,696 | | | Three-month CME SOFR + 0.26% + 3.10% | | | 7.11 | % | | 6/26/2033 | | 6/26/2008 |
| Junior subordinated debenture (Trust II) | | | 6,186 | | | | 5,543 | | | Three-month CME SOFR + 0.26% + 1.80% | | | 5.73 | % | | 9/15/2036 | | 9/15/2011 |
| Total long-term debt | | $ | 60,310 | | | $ | 59,239 | | | | | | | | | | | |
| | | December 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 | | | | 3,673 | | | Three-month CME SOFR + 0.26% + 3.10% | | | 7.05 | % | | 6/26/2033 | | 6/26/2008 |
| Junior subordinated debenture (Trust II) | | | 6,186 | | | | 5,509 | | | Three-month CME SOFR + 0.26% + 1.80% | | | 5.78 | % | | 9/15/2036 | | 9/15/2011 |
| Total long-term debt | | $ | 60,310 | | | $ | 59,182 | | | | | | | | | | | |
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