Subordinated Debentures (Tables)

9 Months Ended

Sep. 30, 2022

Subordinated Debentures

Schedule of subordinated debentures

The following table presents a summary of the Company’s subordinated debentures as of September 30, 2022:

					Total Debt		Total Debt
	Date	First	Maturity		Outstanding		Outstanding	Interest
Name	Established	Redemption Date	Date		September 30, 2022		December 31, 2021	Rate		Coupon Structure
(dollars in thousands)
2027 Notes	July 12, 2017	July 15, 2022	July 15, 2027	$	13,750	$	13,750	6.62	%	Fixed-to-Floating (1)
2030 Notes	June 19, 2020	July 1, 2025	July 1, 2030		50,000		50,000	5.25	%	Fixed-to-Floating (2)
2031 Notes	July 8, 2021	July 15, 2026	July 15, 2031		30,000		30,000	3.25	%	Fixed-to-Floating (3)
Subordinated Debentures					93,750		93,750
Debt Issuance Costs					(1,191)		(1,511)
Subordinated Debentures, Net of Issuance Costs				$	92,559	$	92,239

(1) Three month LIBOR (as determined on July 15, 2022) + 3.88% beginning July 15, 2022 until either the early redemption date or the maturity date.

(2) Migrates to three month term SOFR + 5.13% beginning July 1, 2025 until either the early redemption date or the maturity date.

(3) Migrates to three month term SOFR + 2.52% beginning July 15, 2026 until either the early redemption date or the maturity date.