Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

The following tables present information regarding the Company’s outstanding borrowings at September 30, 2024 ($ in thousands):

Description	Due date	Call Feature	Balance at September 30, 2024		Interest Rate
FHLB Principal Reducing Credit	6/26/2028 to 12/20/2028	None	$	814	0.00% to 1.00% fixed
Trust Preferred Securities	1/23/2034	Quarterly by Company beginning 1/23/2009	10,310		8.17% at 9/30/24 adjustable rate 3 month CME Term SOFR+ 2.91%
Trust Preferred Securities	1/23/2034	Quarterly by Company beginning 1/23/2009	10,310		8.27% at 9/30/24 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities	9/20/2034	Quarterly by Company beginning 9/20/2009	12,372		7.23% at 9/30/24 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities	1/7/2035	Quarterly by Company beginning 1/7/2010	10,310		7.56% at 9/30/24 adjustable rate 3 month CME Term SOFR + 2.00%
Trust Preferred Securities	6/15/2036	Quarterly by Company beginning 6/15/2011	25,774		6.60% at 9/30/24 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities	6/23/2036	Quarterly by the Company beginning 6/23/2011	8,248		6.86% at 9/30/24 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures	11/15/2030	Continuous by Company beginning 11/15/2025	18,000		4.38% fixed
Total borrowings / weighted average rate as of September 30, 2024			96,138		6.69%
Unamortized discount on acquired borrowings			(4,444)
Total borrowings			$	91,694

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

Description	Due date	Call Feature	Balance at December 31, 2023		Interest Rate
FHLB Principal Reducing Credit	6/26/2028 to 12/20/2028	None	$	851	0.00% to 1.00% 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