Borrowings

3 Months Ended

Mar. 31, 2023

Borrowings/Subordinated Debt [Abstract]

Borrowings

Note 9 - Borrowings

At March 31, 2023, subordinated debt consisted of $25.0 million of long-term debt issued by the Company in August 2020 and $20.6 million of long-term debt acquired in the acquisition of Severn in 2021.  The recorded balance of subordinated debt issued in 2020, net of unamortized issuance costs was $24.7 million at March 31, 2023 and December 31, 2022.  The recorded balance of the debt acquired from Severn was $18.4 million at March 31, 2023 and December 31, 2022, which is presented net of the unamortized fair value adjustment of $2.4 million at both period ends.  These obligations mature in 2030 and 2035, respectively. Further information on these obligations is provided in the Company’s 2022 Annual Report on Form 10-K.

At March 31, 2023 and December 31, 2022, the Company had short-term borrowings from the FHLB of $131.5 million and $40.0 million, respectively. The outstanding obligations at March 31, 2023 carried interest rates ranging from 4.57% to 5.07%.