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Borrowings
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
Long-term debt consisted of the following:
($ in thousands)September 30, 2024December 31, 2023Issue DateStated Maturity DateEarliest Call DateInterest Rate
FHLB Advances$50,000 — 202420254.786%
Total long-term advances50,000 — 
September 2030 Subordinated Debentures25,000 $25,000 202020302025
5.375% through September 2025, 3-month SOFR + 5.265% thereafter
October 2030 Subordinated Debentures19,500 19,500 202020302025
4.75% through October 2025, 3-month SOFR + 4.58% thereafter
Total subordinated debentures44,500 44,500 
Severn Capital Trust I20,619 20,619 20042035
3-month SOFR + 2.00%
Tri-County Capital Trust I7,217 7,217 20042034
90-day SOFR + 2.60%
Tri-County Capital Trust II5,155 5,155 20052035
90-day SOFR + 1.70%
Total trust preferred securities32,991 32,991 
Less net discount and unamortized issuance costs(4,035)(4,822)
Total long-term debt$123,456 $72,669 
At September 30, 2024, subordinated notes consisted of $25.0 million of long-term debt issued by the Company in August 2020, and $19.5 million of long-term debt assumed as a result of the merger with TCFC. The recorded balance of subordinated debt issued in 2020 and the assumed subordinated debt from TCFC, net of unamortized issuance costs and fair value discounts, respectively, were $24.9 million and $18.8 million, respectively.
The Company also assumed TRUPS in the aggregate of $33.0 million as a result of the merger with TCFC in the third quarter of 2023 and the acquisition of Severn in the fourth quarter of 2022. Trust preferred securities consisted of $20.6 million issued to Severn Capital Trust I, $7.2 million issued by Tri-County Capital Trust I and $5.2 million issued by Tri-County Capital Trust II. The recorded balance of the debt acquired from Severn at September 30, 2024 was $18.7 million, net of the unamortized fair value adjustment of $1.9 million. At September 30, 2024, the junior subordinated debt securities of Tri-County Capital Trust I and Tri-County Capital Trust II had a recorded balance of $6.6 million and $4.4 million, which are presented as net of the unamortized fair value adjustment of $583 thousand and $748 thousand, respectively.
The Company may periodically borrow from a correspondent federal funds line of credit arrangement, under a secured reverse repurchase agreement, or from the Federal Home Loan Bank (“FHLB”) to meet short-term liquidity needs. There were $50.0 million outstanding long-term borrowings from the FHLB at September 30, 2024 and zero at December 31, 2023. The Company did not have any short-term borrowings from the FHLB at September 30, 2024 and December 31, 2023. Further information on these obligations is provided in the Company’s 2023 Annual Report.