BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2025

Borrowings [Abstract]

Short-Term Borrowings

Total short-term borrowings consisted of the following as of the periods ended (dollars in thousands):


			June 30,			December 31,
		2025			2024
Securities sold under agreements to repurchase		$	127,351		$	56,275
FHLB Advances			—			60,000
Total short-term borrowings		$	127,351		$	116,275

Average outstanding balance during the period		$	236,865		$	445,339
Average interest rate during the period			3.80	%		5.22	%
Average interest rate at end of period			3.86	%		3.34	%

Long-Term Borrowings

Long-term Borrowings

In connection with the Sandy Spring acquisition, the Company assumed subordinated debt with a principal balance of $358.0 million during the second quarter of 2025. Refer to the table below for contractual rates and maturity terms. Total long-term borrowings consisted of the following as of June 30, 2025 (dollars in thousands):

Spread to

Principal

3-Month SOFR

Rate ⁽³⁾

Maturity

Investment ⁽⁴⁾

Trust Preferred Capital Securities ⁽⁶⁾

Trust Preferred Capital Note – Statutory Trust I

$

22,500

2.75

% ⁽¹⁾

7.30

%

6/17/2034

$

696

Trust Preferred Capital Note – Statutory Trust II

36,000

1.40

% ⁽¹⁾

5.95

%

6/15/2036

1,114

VFG Limited Liability Trust I Indenture

20,000

2.73

% ⁽¹⁾

7.28

%

3/18/2034

619

FNB Statutory Trust II Indenture

12,000

3.10

% ⁽¹⁾

7.65

%

6/26/2033

372

Gateway Capital Statutory Trust I

8,000

3.10

% ⁽¹⁾

7.65

%

9/17/2033

248

Gateway Capital Statutory Trust II

7,000

2.65

% ⁽¹⁾

7.20

%

6/17/2034

217

Gateway Capital Statutory Trust III

15,000

1.50

% ⁽¹⁾

6.05

%

5/30/2036

464

Gateway Capital Statutory Trust IV

25,000

1.55

% ⁽¹⁾

6.10

%

7/30/2037

774

MFC Capital Trust II

5,000

2.85

% ⁽¹⁾

7.40

%

1/23/2034

155

AMNB Statutory Trust I ⁽⁵⁾

20,000

1.35

% ⁽¹⁾

5.90

%

6/30/2036

619

MidCarolina Trust I ⁽⁵⁾

5,000

3.45

% ⁽²⁾

7.74

%

11/7/2032

155

MidCarolina Trust II ⁽⁵⁾

3,500

2.95

% ⁽²⁾

7.24

%

1/7/2034

109

Total Trust Preferred Capital Securities

$

179,000

$

5,542

Subordinated Debt ⁽⁶⁾

2031 Subordinated Debt ⁽⁷⁾

$

250,000

—

%

2.88

%

12/15/2031

2032 Subordinated Debt⁽⁸⁾

190,000

—

%

3.88

%

3/30/2032

2029 Subordinated Debt ⁽⁹⁾

168,000

2.62

% ⁽¹⁾

7.17

%

11/15/2029

Total Subordinated Debt

$

608,000

Fair Value Discount ⁽¹⁰⁾

(27,126)

Investment in Trust Preferred Capital Securities

5,542

Total Long-term Borrowings

$

765,416

⁽¹⁾ Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of June 30, 2025. Calculated using non-rounded numbers.

⁽⁴⁾ Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Acquired in the American National acquisition and adjusted to fair value at the time of acquisition.

⁽⁶⁾ Trust Preferred Capital Securities and Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁷⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁸⁾ Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On March 30, 2027, the interest rate changes to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 196.5 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after March 30, 2027.

⁽⁹⁾ Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On November 15, 2024, the interest rate changed to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 262 bps and a 26 bps spread adjustment through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after November 15, 2024.

⁽¹⁰⁾ Remaining discounts of $13.5 million and $13.6 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Total long-term borrowings consisted of the following as of December 31, 2024 (dollars in thousands):


					Spread to
		Principal			3-Month SOFR			Rate ⁽³⁾		Maturity		Investment ⁽⁴⁾
Trust Preferred Capital Securities ⁽⁶⁾
Trust Preferred Capital Note – Statutory Trust I		$	22,500		2.75	% ⁽¹⁾		7.32	%	6/17/2034		$	696
Trust Preferred Capital Note – Statutory Trust II			36,000		1.40	% ⁽¹⁾		5.97	%	6/15/2036			1,114
VFG Limited Liability Trust I Indenture			20,000		2.73	% ⁽¹⁾		7.30	%	3/18/2034			619
FNB Statutory Trust II Indenture			12,000		3.10	% ⁽¹⁾		7.67	%	6/26/2033			372
Gateway Capital Statutory Trust I			8,000		3.10	% ⁽¹⁾		7.67	%	9/17/2033			248
Gateway Capital Statutory Trust II			7,000		2.65	% ⁽¹⁾		7.22	%	6/17/2034			217
Gateway Capital Statutory Trust III			15,000		1.50	% ⁽¹⁾		6.07	%	5/30/2036			464
Gateway Capital Statutory Trust IV			25,000		1.55	% ⁽¹⁾		6.12	%	7/30/2037			774
MFC Capital Trust II			5,000		2.85	% ⁽¹⁾		7.42	%	1/23/2034			155
AMNB Statutory Trust I ⁽⁵⁾			20,000		1.35	% ⁽¹⁾		5.92	%	6/30/2036			619
MidCarolina Trust I ⁽⁵⁾			5,000		3.45	% ⁽²⁾		7.76	%	11/7/2032			155
MidCarolina Trust II ⁽⁵⁾			3,500		2.95	% ⁽²⁾		7.26	%	1/7/2034			109
Total Trust Preferred Capital Securities		$	179,000									$	5,542
Subordinated Debt ⁽⁶⁾
2031 Subordinated Debt			250,000		—	%		2.875	%	12/15/2031
Total Subordinated Debt ⁽⁷⁾		$	250,000
Fair Value Discount ⁽⁸⁾			(16,239)
Investment in Trust Preferred Capital Securities			5,542
Total Long-term Borrowings		$	418,303

⁽¹⁾ Three-Month Chicago Mercantile Exchange SOFR + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of December 31, 2024. Calculated using non-rounded numbers.

⁽⁴⁾ Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Acquired in the American National acquisition and adjusted to fair value at the time of acquisition.

⁽⁶⁾ Trust Preferred Capital Securities and Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁷⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁸⁾ Remaining discounts of $14.0 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Contractual Maturities of Long-Term Debt

As of June 30, 2025, the scheduled maturities of long-term debt are as follows for the years ending (dollars in thousands):

Trust

Preferred

Total

Capital

Subordinated

Fair Value

Long-term

Notes

Debt

Discount ⁽¹⁾

Borrowings

For the remaining six months of 2025

$

—

$

—

$

(6,444)

(6,444)

2026

—

—

(5,165)

(5,165)

2027

—

—

(2,485)

(2,485)

2028

—

—

(2,309)

(2,309)

2029

—

168,000

(2,198)

165,802

Thereafter

184,542

440,000

(8,525)

616,017

Total long-term borrowings

$

184,542

$

608,000

$

(27,126)

$

765,416

⁽¹⁾ Includes discount on Trust Preferred Capital Securities and Subordinated Debt.