SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On October 30, 2020, we completed the issuance and sale of $85.0 million aggregate principal amount of 4.375% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”), at a public offering price equal to 100% of the aggregate principal amount of the Notes. The Notes will mature on October 30, 2030. From and including the issue date to, but excluding, October 30, 2025 or the date of earlier redemption, the Notes will bear interest at an initial fixed rate of 4.375% per annum, payable semi-annually in arrears. From and including October 30, 2025 to, but excluding, the maturity date or the date of earlier redemption, the Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term Secured Overnight Financing Rate (SOFR) (as defined in the Indenture), plus a spread. The Notes are subordinated in right of payment to the payment of the Company’s existing and future Senior Debt and structurally subordinated to all of the Company’s subsidiaries’ existing and future indebtedness and other obligations. The Company may, at its option, redeem the Notes in whole or in part on October 30, 2025 and on any interest payment date thereafter.

We have evaluated events from the date of the consolidated financial statements on September 30, 2020 through the issuance of these consolidated financial statements included in this Quarterly Report on Form 10-Q.