v3.26.3
Borrowings
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company has access to various sources of funds that allow for management of interest rate exposure and liquidity. The following table summarizes the Company's outstanding borrowings and weighted average interest rates as of September 30, 2026 and December 31, 2025:
Outstanding BalanceWeighted Average Interest Rate
September 30,December 31,September 30,December 31,
2026 2025 2026 2025 
Securities sold under agreements to repurchase
    and federal funds purchased 		$27,484 $99,865 3.18 %4.01 %
Subordinated debt, net207,722 83,670 5.94 %5.01 %
Other borrowings30,184 29,229 0.06 %0.07 %
            Total$265,390 $212,764 
Securities sold under agreements to repurchase and federal funds purchased
Securities sold under agreements to repurchase are financing arrangements that mature daily. Securities sold under agreements to repurchase totaled $7,484 and $9,865 as of September 30, 2026 and December 31, 2025, respectively. The weighted average interest rate of the Company's securities sold under agreements to repurchase was 0.20% as of both September 30, 2026 and December 31, 2025. The fair value of securities pledged to secure repurchase agreements may decline. The Company manages this risk by having a policy to pledge securities valued at 100% of the outstanding balance of repurchase agreements.
The Bank maintains lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to fourteen days. The aggregate total borrowing capacity under these lines amounted to $405,000 as of both September 30, 2026 and December 31, 2025. Borrowings against these lines, which are classified as federal funds purchased, totaled $20,000 and $90,000 with a weighted average rate of 4.30% and 4.43% as of September 30, 2026 and December 31, 2025, respectively.
Information concerning securities sold under agreements to repurchase and federal funds purchased as of or for the nine months ended September 30, 2026 and as of or for the year ended December 31, 2025 is summarized as follows:
September 30, 2026December 31, 2025
Balance at period-end$27,484 $99,865 
Average daily balance during the period10,895 11,950 
Average interest rate during the period0.66 %0.79 %
Maximum month-end balance during the period$95,498 $107,486 
Weighted average interest rate at period-end3.18 %4.01 %
Federal Home Loan Bank Advances
As a member of the FHLB, the Company may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, the Company maintains a line of credit that as of September 30, 2026 and December 31, 2025 had total borrowing capacity of $2,308,281 and $2,214,796, respectively. As of September 30, 2026 and December 31, 2025, the Company had qualifying loans pledged as collateral securing these lines amounting to $3,896,210 and $3,817,876, respectively. There were no FHLB advances outstanding as of September 30, 2026 or December 31, 2025.
Information concerning FHLB advances as of or for the nine months ended September 30, 2026 and as of or for the year ended December 31, 2025 is shown within the table below.
September 30, 2026December 31, 2025
Balance at period-end$— $— 
Average daily balance during the period3,663 9,589 
Average interest rate during the period3.87 %4.36 %
Maximum month-end balance during the period$125,000 $100,000 
Weighted average interest rate at period-end— %— %
Subordinated Debt
During the year ended December 31, 2025, the Company redeemed $30,930 of junior subordinated debentures and $100,000 of 10-year fixed-to-floating rate subordinated notes at the principal amount plus accrued interest, in accordance with the terms of the notes.
On July 1, 2025, the Company assumed three separate fixed-to-floating rate subordinated notes in connection with its merger with Southern States with a principal balance totaling $92,500.
During September 2026, the Company issued $125,000 aggregate principal amount of 6.625% fixed-to-floating rate subordinated notes.
Further details regarding the Company’s subordinated debt as of September 30, 2026 are provided below.
Name Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
October 2036 Subordinated Debt(1)
202610/01/203610/01/2031$125,000 6.625%
Semiannual fixed(2)
February 2032 Subordinated Debt(1)(3)
202202/07/203203/30/202747,500 3.50%
Quarterly fixed(2)
October 2032 Subordinated Debt(1)(3)
202210/26/2032
12/30/2027
40,000 7.00%
Quarterly fixed(2)
December 2031 Subordinated Debt(1)(3)
202112/22/2031
12/31/2026
5,000 3.50%
Quarterly fixed(2)
           Unamortized debt issuance costs and unamortized fair value marks(9,778)
     Total subordinated debt, net$207,722 
(1) The Company classifies the subordinated debt, net of applicable unamortized debt issuance costs and fair value marks on acquired debt, as Tier 2
    capital, subject to a 20% annual phaseout during the final five years before maturity.
(2) Beginning on each respective call date, the coupon rate converts to 3M SOFR plus a spread of 205 basis points, 205 basis points, 306 basis
   points and 242 basis points for the October 2036, February 2032, October 2032 and December 2031 subordinated issues, respectively, through the
   end of the term of each debenture.
(3) These notes were acquired in the Southern States merger on July 1, 2025.
Other Borrowings
As of September 30, 2026 and December 31, 2025, other borrowings included a finance lease liability amounting to $1,050 and $1,127, respectively. Additionally, as of September 30, 2026 and December 31, 2025, the Company recorded $29,134 and $28,102, respectively, of optional repurchase commitments of government guaranteed GNMA loans that meet certain defined delinquency rates under their contractual terms that were eligible for optional repurchase and recorded in both loans held for sale and other borrowings. See Note 6, “Leases” and Note 12, “Fair value of financial instruments” for additional information regarding the Company's finance lease and guaranteed GNMA loans eligible for repurchase, respectively.
Other borrowings may periodically include borrowings from the Federal Reserve's Discount Window or other borrowing programs available to the Company as an additional source of short-term liquidity. As of September 30, 2026 and December 31, 2025, there were no such other borrowings outstanding.
Further information concerning borrowings from the Federal Reserve's Discount Window or other borrowings as of or for the nine months ended September 30, 2026 and as of or for the year ended December 31, 2025 is shown within the table below.
September 30, 2026December 31, 2025
Balance at period-end$— $— 
Average daily balance during the period5,128 2,329 
Average interest rate during the period3.75 %4.06 %
Maximum month-end balance during the period$100,000 $— 
Weighted average interest rate at period-end— %— %
Under the Company’s Borrower‑in‑Custody arrangement, the Company is permitted to pledge qualifying loans as collateral while retaining possession of the loan documentation. As of September 30, 2026 and December 31, 2025, the Company had pledged loan collateral totaling $2,695,429 and $2,879,586, respectively, to the Federal Reserve under the Borrower-in-Custody program, resulting in total borrowing capacity of $2,070,119 and $2,268,599, respectively.