XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.23.3

BORROWINGS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Borrowings [Abstract] |
Short-Term Borrowings | Total short-term borrowings consist of the following as of September 30, 2023 and December 31, 2022 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31, |
​ | ​ | 2023 | ​ | 2022 |
Securities sold under agreements to repurchase | ​ | $ | 134,936 | ​ | $ | 142,837 | ​
Federal Funds Purchased | ​ | ​ | — | ​ | ​ | 160,000 | ​
FHLB Advances | ​ |  | 495,000 | ​ |  | 1,016,000 | ​
Total short-term borrowings | ​ | $ | 629,936 | ​ | $ | 1,318,837 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 633,896 | ​ | $ | 302,060 | ​
Average interest rate during the period | ​ |  | 4.66 | % |  | 1.79 | %
Average interest rate at end of period | ​ |  | 5.12 | % |  | 3.89 | %
Long-Term Borrowings | Total long-term borrowings consist of the following as of September 30, 2023 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | 3-Month SOFR (1) | ​ | Rate (2) | ​ | Maturity | ​ | Investment (3)
Trust Preferred Capital Securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note - Statutory Trust I | ​ | $ | 22,500 |  | 2.75 | % | 8.41 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note - Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % | 7.06 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % | 8.39 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % | 8.76 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % | 8.76 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % | 8.31 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % | 7.16 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % | 7.21 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % | 8.51 | % | 1/23/2034 | ​ |  | 155
Total Trust Preferred Capital Securities | ​ | $ | 150,500 |  |  |  |  |  |  | ​ | $ | 4,659
Subordinated Debt (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2031 Subordinated Debt | ​ | ​ | 250,000 | ​ | — | % | 2.875 | % | 12/15/2031 | ​ | ​ | ​
Total Subordinated Debt (5) | ​ | $ | 250,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Discount (6) | ​ | ​ | (14,426) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 390,733 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) As part of the adoption of ASC 848, the index changed from Three-Month LIBOR to Three-Month CME SOFR + 0.262% in the third quarter of 2023. For more information on ASC 848, refer to Note 1 “Summary of Significant Accounting Policies” in Part 1, Item 1 of this Quarterly Report. (2) Rate as of September 30, 2023. Calculated using non-rounded numbers. ​ (3) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets. ​ ​ (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) 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. ​ (6) Remaining discounts of $11.9 million and $2.6 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. ​ ​ Total long-term borrowings consist of the following as of December 31, 2022 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | 3-Month LIBOR (1) | ​ | Rate (2) | ​ | Maturity | ​ | Investment (3)
Trust Preferred Capital Securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note - Statutory Trust I | ​ | $ | 22,500 |  | 2.75 | % | 7.52 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note - Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % | 6.17 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % | 7.50 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % | 7.87 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % | 7.87 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % | 7.42 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % | 6.27 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % | 6.32 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % | 7.62 | % | 1/23/2034 | ​ |  | 155
Total Trust Preferred Capital Securities | ​ | $ | 150,500 |  |  |  |  |  |  | ​ | $ | 4,659
Subordinated Debt (4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2031 Subordinated Debt | ​ | ​ | 250,000 | ​ | — | % | 2.875 | % | 12/15/2031 | ​ | ​ | ​
Total Subordinated Debt (5) | ​ | $ | 250,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Discount (6) | ​ | ​ | (15,296) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 389,863 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1)The index rate changed from Three-Month LIBOR to Three-Month CME SOFR +0.262% in the third quarter of 2023 due to LIBOR cessation. (2)Rate as of December 31, 2022. Calculated using non-rounded numbers. ​ (3) Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets. ​ (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) 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. ​ (6) Remaining discounts of $12.5 million and $2.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
Contractual Maturities of Long-Term Debt | As of September 30, 2023, the contractual 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 three months of 2023 | ​ | $ | — | ​ | $ | — | ​ | $ | (292) | ​ | $ | (292)
2024 | ​ |  | — | ​ |  | — | ​ |  | (1,187) | ​ |  | (1,187)
2025 | ​ |  | — | ​ |  | — | ​ |  | (1,211) | ​ |  | (1,211)
2026 | ​ |  | — | ​ |  | — | ​ |  | (1,236) | ​ |  | (1,236)
2027 | ​ |  | — | ​ |  | — | ​ |  | (1,263) | ​ |  | (1,263)
Thereafter | ​ |  | 155,159 | ​ |  | 250,000 | ​ |  | (9,237) | ​ |  | 395,922
Total long-term borrowings | ​ | $ | 155,159 | ​ | $ | 250,000 | ​ | $ | (14,426) | ​ | $ | 390,733
​ (1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration