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Subordinated Notes
 12 Months Ended
Dec. 31, 2020
Subordinated Debt [Abstract]  
Subordinated Notes Subordinated Notes
 
On December 13, 2017, BMBC completed the issuance of $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027 (the "2027 Notes") in an underwritten public offering. On August 6, 2015, BMBC completed the issuance of $30.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2025 (the "2025 Notes") in a private placement transaction to institutional accredited investors. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.

The following tables detail the subordinated notes, including debt issuance costs, as of December 31, 2020 and 2019:
 December 31, 2020December 31, 2019
(dollars in thousands)Balance
Rate(1)(2)
Balance
Rate(1)(2)
Subordinated notes – due 2027$69,133 4.25 %$69,009 4.25 %
Subordinated notes – due 202529,750 3.29 %29,696 4.75 %
Total subordinated notes$98,883 $98,705 

(1) The 2027 Notes bear interest at an annual fixed rate of 4.25% from the date of issuance until and including December 14, 2022, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 2.050% until December 15, 2027, or any early redemption date.

(2) The 2025 Notes were bearing interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 3.068% until August 15, 2025, or any early redemption date.