NOTE 10 Long‑Term Debt

Long‑term debt as of September 30, 2019 and December 31, 2018 consisted of the following:


	September 30, 2019
						Period End
	Face		Carrying			Interest		Maturity
(dollars in thousands)	Value		Value		Interest Rate	Rate		Date	Call Date
Subordinated notes payable	$	50,000	$	49,609	Fixed	5.75	%	12/30/2025	12/30/2020
Junior subordinated debenture (Trust I)		4,000		3,390	Three-month LIBOR + 3.10%	5.21	%	6/26/2033	6/26/2008
Junior subordinated debenture (Trust II)		6,000		5,086	Three-month LIBOR + 1.80%	3.92	%	9/15/2036	9/15/2011
Finance lease liability		2,700		690	Fixed	7.81	%	10/31/2022	N/A
Total long-term debt	$	62,700	$	58,775


	December 31, 2018
						Period End
	Face		Carrying			Interest		Maturity
(dollars in thousands)	Value		Value		Interest Rate	Rate		Date	Call Date
Subordinated notes payable	$	50,000	$	49,562	Fixed	5.75	%	12/30/2025	12/30/2020
Junior subordinated debenture (Trust I)		4,000		3,357	Three-month LIBOR + 3.10%	5.92	%	6/26/2033	6/26/2008
Junior subordinated debenture (Trust II)		6,000		5,035	Three-month LIBOR + 1.80%	4.59	%	9/15/2036	9/15/2011
Obligations under capital lease		2,700		870	Fixed	7.81	%	10/31/2022	N/A
Total long-term debt	$	62,700	$	58,824

The Company had a $150 thousand letter of credit with the Federal Home Loan Bank as of September 30, 2019 and December 31, 2018. Bank of North Dakota letters of credit are collateralized by loans pledged to the Bank of North Dakota in the amount of $244.8 million and $260.6 million as of September 30, 2019 and December 31, 2018, respectively. There were no outstanding letters of credit with the Bank of North Dakota as of September 30, 2019 and December 31, 2018, respectively.