Borrowings and Borrowings Availability (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following tables presents information regarding the Company’s outstanding borrowings at December 31, 2023 (dollars are in thousands):

Description	Due Date	Call Feature	Balance at December 31, 2023		Interest Rate
FHLB Principal Reducing Credit	6/26/2028	None	$	203	0.25% fixed
FHLB Principal Reducing Credit	7/17/2028	None	31		0.00% fixed
FHLB Principal Reducing Credit	8/18/2028	None	151		1.00% fixed
FHLB Principal Reducing Credit	8/22/2028	None	151		1.00% fixed
FHLB Principal Reducing Credit	12/20/2028	None	315		0.50% fixed
FHLB Fixed Rate Credit	1/16/2024	None	80,000		5.59% fixed
FHLB Fixed Rate Credit	2/27/2024	None	100,000		5.61% fixed
FHLB Fixed Rate Credit	3/20/2024	None	100,000		5.61% fixed
FRB Bank Term Funding Program	12/20/2024	None	224,000		4.85% fixed
FRB Bank Term Funding Program	12/27/2024	None	25,000		4.83% fixed
Trust Preferred Securities	1/23/2034	Quarterly by Company beginning 1/23/2009	10,310		8.30% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.91%
Trust Preferred Securities	1/23/2034	Quarterly by Company beginning 1/23/2009	10,310		8.40% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities	9/20/2034	Quarterly by Company beginning 9/20/2009	12,372		7.78% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities	1/7/2035	Quarterly by Company beginning 1/7/2010	10,310		7.66% at 12/31/23 adjustable rate 3 month CME Term SOFR +2.00%
Trust Preferred Securities	6/15/2036	Quarterly by Company beginning 6/15/2011	25,774		7.04% at 12/31/23 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities	6/23/2036	Quarterly by Company beginning 6/23/2011	8,248		7.47% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures	11/30/2028	Continuous by Company beginning 11/30/2023	10,000		9.09% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.69%
Subordinated Debentures	11/15/2030	Continuous by Company beginning 11/15/2025	18,000		4.38% fixed
Total borrowings / weighted average rate as of December 31, 2023			635,175		5.57%
Unamortized discount on acquired borrowings			(5,017)
Total borrowings			$	630,158

The following table presents information regarding the Company’s outstanding borrowings at December 31, 2022 (dollars are in thousands):

Description	Due date	Call Feature	Balance at December 31, 2022		Interest Rate
FHLB Principal Reducing Credit	7/24/2023	None	$	32	1.00% fixed
FHLB Principal Reducing Credit	12/22/2023	None	912		1.25% fixed
FHLB Principal Reducing Credit	6/26/2028	None	214		0.25% fixed
FHLB Principal Reducing Credit	7/17/2028	None	38		0.00% fixed
FHLB Principal Reducing Credit	8/18/2028	None	158		1.00% fixed
FHLB Principal Reducing Credit	8/22/2028	None	159		1.00% fixed
FHLB Principal Reducing Credit	12/20/2028	None	329		0.50% fixed
FHLB Fixed Rate Credit	1/9/2023	None	50,000		4.15% fixed
FHLB Fixed Rate Credit	2/1/2023	None	80,000		4.25% fixed
FHLB Fixed Rate Credit	2/9/2023	None	50,000		4.35% fixed
FHLB Daily Rate Credit	8/23/2023	None	40,000		4.57% fixed
Trust Preferred Securities	1/23/2034	Quarterly by Company beginning 1/23/2009	10,310		7.06% at 12/31/22 adjustable rate 3 month LIBOR +2.65%
Trust Preferred Securities	1/23/2034	Quarterly by Company beginning 1/23/2009	10,310		7.16% at 12/31/22 adjustable rate 3 month LIBOR +2.75%
Trust Preferred Securities	9/20/2034	Quarterly by Company beginning 9/20/2009	12,372		6.90% at 12/31/22 adjustable rate 3 month LIBOR + 2.15%
Trust Preferred Securities	1/7/2035	Quarterly by Company beginning 1/7/2010	10,310		6.08% at 12/31/22 adjustable rate 3 month LIBOR + 2.00%
Trust Preferred Securities	6/15/2036	Quarterly by Company beginning 6/15/2011	25,774		6.16% at 12/31/22 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate as of December 31, 2022			290,918		4.82%
Unamortized discount on acquired borrowings			(3,411)
Total borrowings			$	287,507

Schedule of Maturities of Long-Term Debt

At December 31, 2023, the contractual maturities of borrowings were as follows for the years ending:

($ in thousands)	FHLB Principal Reducing Credit		FHLB Fixed Rate Credit	FRB Bank Term Funding Program	Trust Preferred Securities	Subordinated Debentures	Total
2024	$	—	280,000	249,000	—	—	529,000
2025	—		—	—	—	—	—
2026	—		—	—	—	—	—
2027	—		—	—	—	—	—
2028	851		—	—	—	10,000	10,851
Thereafter	—		—	—	77,324	18,000	95,324
Total	$	851	280,000	249,000	77,324	28,000	635,175
Unamortized discount on acquired borrowings							(5,017)
Total borrowings							630,158