SUBSEQUENT EVENTS	3 Months Ended
Mar. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENT Subordinated Notes Issuance On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”). The Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027. The Company intends to use the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025. The repayment of the subordinated notes due 2027 is expected to result in a pre-tax write-off of debt issuance costs of approximately $750 thousand. For a further discussion of the subordinated debentures, please see Note 14 to the condensed consolidated financial statements.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2022

19. SUBSEQUENT EVENT

Subordinated Notes Issuance

On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”). The Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027.

The Company intends to use the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025. The repayment of the subordinated notes due 2027 is expected to result in a pre-tax write-off of debt issuance costs of approximately $750 thousand. For a further discussion of the subordinated debentures, please see Note 14 to the condensed consolidated financial statements.