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Borrowings
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following tables present information regarding the Company’s outstanding borrowings at June 30, 2024 and December 31, 2023 (dollars in thousands):
DescriptionDue dateCall FeatureBalance at June 30, 2024Interest Rate
FHLB Principal Reducing Credit
6/26/2028 to 12/20/2028
None$826 
0.00% to 1.00% fixed
Trust Preferred Securities1/23/2034Quarterly by Company
beginning 1/23/2009		10,310 
8.24% at 6/30/24 adjustable rate 3 month CME Term SOFR+ 2.91%
Trust Preferred Securities1/23/2034Quarterly by Company
beginning 1/23/2009		10,310 
 8.34% at 6/30/24 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities9/20/2034Quarterly by Company
beginning 9/20/2009		12,372 
7.76% at 6/30/24 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities1/7/2035Quarterly by Company
beginning 1/7/2010		10,310 
7.59% at 6/30/24 adjustable rate 3 month CME Term SOFR + 2.00%
Trust Preferred Securities6/15/2036Quarterly by Company
beginning 6/15/2011		25,774 
6.99% at 6/30/24 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities6/23/2036Quarterly by the Company beginning 6/23/20118,248 
7.46% at 6/30/24 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures11/15/2030Continuous by Company beginning 11/15/202518,000 
4.38% fixed
Total borrowings / weighted average rate as of June 30, 2024
96,150 6.93%
Unamortized discount on acquired borrowings(4,637)
Total borrowings$91,513 

During the first and second quarters of 2024, the Company redeemed borrowings under the FRB Bank Term Funding Program totaling $18.0 million and $231.0 million, respectively. Also during the second quarter, the Company redeemed $10.0 million of subordinated debentures.
DescriptionDue dateCall FeatureBalance at December 31, 2023Interest Rate
FHLB Principal Reducing Credit6/26/2028None$203 
0.25% fixed
FHLB Principal Reducing Credit7/17/2028None31 
0.00% fixed
FHLB Principal Reducing Credit8/18/2028None151 
1.00% fixed
FHLB Principal Reducing Credit8/22/2028None151 
1.00% fixed
FHLB Principal Reducing Credit12/20/2028None315 
0.50% fixed
FHLB Fixed Rate Credit1/16/2024None80,000 
5.59% fixed
FHLB Fixed Rate Credit2/27/2024None100,000 
5.61% fixed
FHLB Fixed Rate Credit3/20/2024None100,000 
5.61% fixed
FRB Bank Term Funding Program12/20/2024None224,000 
4.85% fixed
FRB Bank Term Funding Program12/27/2024None25,000 
4.83% fixed
Trust Preferred Securities1/23/2034Quarterly 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 Securities1/23/2034Quarterly 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 Securities9/20/2034Quarterly 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 Securities1/7/2035Quarterly 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 Securities6/15/2036Quarterly 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 Securities6/23/2036Quarterly by Company beginning 6/23/20118,248 
7.47% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures11/30/2028Continuous by Company beginning 11/30/202310,000 
9.09% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.69%
Subordinated Debentures11/15/2030Continuous by Company beginning 11/15/202518,000 
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