v3.26.3
Borrowings
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings –
The Company had outstanding advances from the Federal Home Loan Bank (“FHLB”) of $334.2 million and $431.2 million as of September 30, 2026, and December 31, 2025, respectively, consisting of:
(Dollars in thousands)September 30, 2026December 31, 2025
4.65% advance due January 2026
$— $25,000 
3.62% advance due January 2026 (a)
— 120,000 
4.00% advance due March 2026
— 25,000 
4.56% advance due July 2026
— 25,000 
3.91% advance due July 2026
— 25,000 
4.05% advance due October 2026
32,500 — 
4.11% advance due October 2026
32,500 — 
4.12% advance due October 2026
32,500 — 
4.14% advance due October 2026
32,500 — 
0.89% advance due November 2026 (b)
2,043 11,200 
4.84% advance due December 2026
25,000 25,000 
0.71% advance due August 2027 (b) (c)
267 — 
0.70% advance due August 2027 (b) (c)
134 — 
0.68% advance due August 2027 (b) (c)
134 — 
4.78% advance due September 2027
25,000 25,000 
4.73% advance due March 2028
25,000 25,000 
4.69% advance due September 2028
25,000 25,000 
4.13% advance due October 2028 (d)
25,000 25,000 
0.94% advance due August 2030 (b) (c)
806 — 
0.92% advance due August 2030 (b) (c)
403 — 
0.90% advance due August 2030 (b) (c)
402 — 
3.92% advance due October 2030 (d)
25,000 25,000 
3.72% advance due October 2033 (d)
25,000 25,000 
3.57% advance due October 2033 (d)
25,000 25,000 
Total FHLB advances$334,189 $431,200 
(a)Short term overnight advance.
(b)Principal paid monthly.
(c)Acquired during the Progressive acquisition.
(d)Loan has put options beginning in October 2024.
The Company had an additional $1.6 billion remaining on the FHLB line availability at September 30, 2026.
On January 1, 2026, in connection with the Progressive acquisition, the Company assumed Progressive Bancorp, Inc.'s junior subordinated debentures issued to Progressive Statutory Trust I and Progressive Statutory Trust II, each of which is a non-consolidated statutory trust. The assumed obligations totaled approximately $5.2 million in aggregate junior subordinated debentures, consisting of $1.2 million related to Progressive Statutory Trust I and $4.0 million related to Progressive Statutory Trust II, and were associated with an aggregated $5.0 million of trust preferred securities outstanding. The junior subordinated debentures related to Progressive Statutory Trust I mature on July 31, 2031, and bear interest at a floating rate equal to a benchmark rate plus 3.58%, payable quarterly (including the tenor spread adjustment). The junior subordinated debentures related to Progressive Statutory Trust II mature on December
15, 2037, and bear interest at a floating rate equal to a benchmark rate plus 1.45%, payable quarterly (including the tenor spread adjustment). The applicable indentures permit the Company to defer interest payments for up to 20 consecutive quarterly periods without an event of default. The Company has guaranteed, on a subordinated basis, distributions and other payments due on the related trust preferred securities, subject to the applicable guarantee agreements and indentures. Principal and interest payments on the junior subordinated debentures are in a superior position to the liquidation rights of holders of common stock.
As part of the acquisition of these debentures, the Company had a fair value adjustment of $555,000, with $521,000 remaining at September 30, 2026.
On April 2, 2026, the Company completed an $85.0 million private placement of subordinated notes with a 6.50% fixed-to-floating rate due in 2036. The subordinated notes were issued to certain qualified institutional and accredited investors. The notes bear interest at an annual rate of 6.50% until March 30, 2031, and then will reset quarterly to a benchmark rate plus 300 basis points. The proceeds from the sale of these subordinated notes were utilized to redeem $66.9 million in outstanding subordinated notes, to provide additional capital support to b1BANK, to support growth, to better position the Company to take advantage of strategic opportunities that may arise from time to time, to repay other existing borrowings, and for other general corporate purposes. As part of the redemption, the Company recognized a $545,000 gain.
On June 29, 2026, the Company consummated the acquisition of APC. Under the terms of the acquisition, the Company issued $4.3 million of subordinated notes with a 6.50% fixed-to-floating rate due in 2036. The notes bear interest at an annual rate of 6.50% until June 30, 2031, and then will reset quarterly to a benchmark plus 300 basis points.