Borrowings

6 Months Ended

Jun. 30, 2023

Borrowings/Subordinated Debt [Abstract]

Borrowings

Note 9 - Borrowings

At June 30, 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 June 30, 2023 and December 31, 2022.  The recorded balance of the debt acquired from Severn was $18.5 million at June 30, 2023 and $18.4 million at December 31, 2022, which is presented net of the unamortized fair value adjustment of $2.1 million at June 30, 2023 and $2.2 at December 31, 2022.  These obligations mature in 2030 and 2035, respectively. Further information on these obligations is provided in the 2022 Annual Report.

At June 30, 2023 and December 31, 2022, the Company had short-term borrowings from the FHLB of $276.0 million and $40.0 million, respectively. The outstanding obligations at June 30, 2023 carried interest rates ranging from 5.07% to 5.32%.