Long Term Borrowings and Subordinated Debt (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024			2023			2022
Long-term borrowings	$	50,896		$	39,277		$	14,741
Weighted average interest rate	3.75		%	4.52		%	2.61		%
Interest expense	$	1,964		$	1,332		$	411

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, 2024 and thereafter are as follows:

(dollars in thousands)	Balance		Average Rate
2025	$	81	5.98	%
2026	50,087		3.71	%
2027	93		6.02	%
2028	94		6.05	%
2029	28		6.08	%
Thereafter	513		5.88	%
Total	$	50,896	3.75	%

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:

	2024				2023				2022
(dollars in thousands)	Balance		Interest Expense		Balance		Interest Expense		Balance		Interest Expense
Junior subordinated debt	$	25,000	$	1,796	$	25,000	$	1,738	$	25,000	$	850
Junior subordinated debt—trust preferred securities	24,418		2,180		24,358		2,372		29,453		1,545
Total	$	49,418	$	3,976	$	49,358	$	4,110	$	54,453	$	2,395

Schedule of Junior Subordinated Debt Securities

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

(dollars in thousands)	2005 Trust Preferred Securities	2006 Junior Subordinated Debt	2008 Trust Preferred Securities
Junior Subordinated Debt	$—	$25,000	$—
Trust Preferred Securities	$4,124	—	$20,619
Stated Maturity Date	5/23/2035	12/15/2036	3/15/2038
Optional redemption date at par	Any time after 5/23/2010	Any time after 9/15/2011	Any time after 3/15/2013
Regulatory Capital	Tier 1	Tier 2	Tier 1
Interest Rate	3 Month CME Term SOFR plus 203 bps	3 month CME Term SOFR plus 186 bps	3 month CME Term SOFR plus 376 bps
Interest Rate at December 31, 2024	6.55%	6.22%	8.12%