Other Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Other Borrowings

OTHER BORROWINGS

In June 2021, the Company issued $6,000 of Subordinated Debentures (the “Debentures”) that mature June 30, 2031 and are redeemable after 5 years. The Debentures carry interest at a fixed rate of 4.50% per annum for the initial five years of term and carry interest at a floating rate for the final 5 years of term. Under the debt agreements, the floating rates are based on a SOFR benchmark plus 3.78% per annum. These Debentures were issued to redeem a $6,000 Subordinated Debenture which was issued in December 2018 and which carried interest at a rate of 6.875% per annum.The balance of Subordinated Debentures outstanding at the Company, net of offering costs, amounted to $5,985 and $5,948 at December 31, 2021 and December 31, 2020, respectively.

In March 2020, the Company renegotiated the terms of its outstanding senior debt and combined its line of credit and term note into one amortizing note with quarterly principal and interest payments with interest at Prime (3.25% at December 31, 2021). The new note matures on March 10, 2029 and the balance of the note was $3,299 and $3,754 at December 31, 2021 and December 31, 2020, respectively. The note is secured by 100% of the stock of the Bank and requires the Company to comply with certain loan covenants during the term of the note. As of December 31, 2021, the Company was in compliance with all debt covenants.

In April 2020, the Company entered into the PPPLF. The advances accrued interest at 0.35% per annum and matured at various dates equal to the maturity date of the PPP loan collateral pledged to secure the advance which ranged from April 15, 2022 to August 27, 2025 as of December 31, 2021. On the maturity date of each advance, the Company shall repay the advance plus accrued interest. The balances outstanding on this facility were $69,654 and $881,262 at December 31, 2021 and December 31, 2020, respectively. In the first quarter of 2022, the Company repaid the remaining balance of the advance.