Long-Term Borrowings and Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Borrowings, Interest Expense and Weighted Average Interest Rate

The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:

(dollars in thousand)	2023			2022			2021
Long-term borrowings	$	39,277		$	14,741		$	22,430
Weighted average interest rate	4.52		%	2.61		%	1.94		%
Interest expense	$	1,332		$	411		$	458

Schedule of Annual Maturities and Average Interest Rate of Long-Term Debt

Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2023 and thereafter are as follows:

(dollars in thousands)	Balance		Average Rate
2024	$	38,381	4.49	%
2025	81		5.98	%
2026	86		6.00	%
2027	93		6.02	%
2028	94		6.05	%
Thereafter	542		5.89	%
Total	$	39,277	4.52	%

Schedule of Junior Subordinated Debt Securities and Interest Expense

The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31:

	2023				2022				2021
(dollars in thousands)	Balance		Interest Expense		Balance		Interest Expense		Balance		Interest Expense
Junior subordinated debt	$	25,000	$	1,738	$	25,000	$	850	$	25,000	$	756
Junior subordinated debt—trust preferred securities	24,358		2,372		29,453		1,545		29,393		1,087
Total	$	49,358	$	4,110	$	54,453	$	2,395	$	54,393	$	1,843

Schedule of Junior Subordinated Debt Securities

The following table summarizes the key terms of our junior subordinated debt securities:

(dollars in thousands)	2006 Junior Subordinated Debt
Junior Subordinated Debt	$25,000
Trust Preferred Securities	—
Stated Maturity Date	12/15/2036
Optional redemption date at par	Any time after 9/15/2011
Regulatory Capital	Tier 2
Interest Rate	3 month CME Term SOFR plus 186 bps
Interest Rate at December 31, 2023	7.25%