UNSECURED BORROWINGS

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

UNSECURED BORROWINGS

NOTE 7 — unsecured BORROWINGS

Unsecured borrowings consist of 30-year junior subordinated notes issued in 2005 and 2006 and maturing in 2035 and 2036, for a total face amount of $100 million.  The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Balances net of deferred issuance costs, and related weighted average interest rates as of the indicated dates (calculated including issuance cost amortization and adjusted for effects of related Derivatives held as cash flow hedges) were as follows (dollars in thousands):

	March 31, 2021					December 31, 2020
	Borrowings Outstanding		Average Rate			Borrowings Outstanding		Average Rate
Junior subordinated notes maturing in:
October 2035 ($35,000 face amount)	$	34,441		7.87	%	$	34,431		7.87	%
December 2035 ($40,000 face amount)		39,445		7.63			39,435		7.64
September 2036 ($25,000 face amount)		24,633		7.67			24,627		7.68
	$	98,519		7.72		$	98,493		7.73