Line of Credit and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Components of debt

Debt consisted of the following as of December 31:

($ in thousands)	2021		2020
Notes payable	$	52,784	$	57,078
Less: line-of-credit and current maturities of long-term debt	(4,475)		(4,295)
Less: deferred loan costs	(154)		(196)
Long-term debt, less current portion	$	48,155	$	52,587

Summary of outstanding indebtedness and respective principal maturities

The following table summarizes debt maturities, outstanding indebtedness, and respective principal maturities as of December 31,

($ in thousands)	Stated Rate	Effective Rate	Maturity	2022		2023		2024		2025		2026		Thereafter		Total
Term Loan1	L+1.70%	4.16%	6/5/2029	$	4,221	$	4,429	$	4,624	$	4,825	$	5,038	$	27,700	$	50,837
$35 million RLOC	See below2	See below2	10/5/2024	—		—		—		—		—		—		—
Promissory note	4.25%	4.25%	9/1/2028	254		265		277		289		302		560		1,947
Total long-term debt				$	4,475	$	4,694	$	4,901	$	5,114	$	5,340	$	28,260	$	52,784
1The interest on the Term Loan is fixed by an interest rate swap agreement. Please see Footnote 10 for further discussion.
2At the Company’s option, the interest rate on this line of credit can float at 1.50% over a selected LIBOR rate or can be fixed at 1.50% above LIBOR for a fixed rate term.