Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Note 10. Long-Term Debt

At December 31, 2023 and 2022, long-term debt was comprised of the following:

	December 31,
($ in thousands)	2023			2022
Subordinated notes payable, maturing June 2060	$	172,500		$	172,500
Other long-term debt		69,349			75,261
Less: unamortized debt issuance costs		(5,532	)		(5,684	)
Total long-term debt	$	236,317		$	242,077

The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at December 31, 2023:

			Unamortized
			Debt
			Issuance
($ in thousands)	Principal		Costs
Subordinated notes payable, maturing June 2060	$	172,500	$	5,532
Other long-term debt		69,349		—
Total	$	241,849	$	5,532

On June 9, 2020, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $172.5 million, with a stated maturity of June 15, 2060. The notes accrue interest at a fixed rate of 6.25% per annum, with quarterly interest payments that began September 15, 2020. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2025. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios.

All of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2052, each is expected to be satisfied at the end of the seven-year compliance period for the related tax credit investments.