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BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2023
Borrowings [Abstract] |
Short-Term Borrowings | Total short-term borrowings consist of the following as of December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 |
Securities sold under agreements to repurchase | ​ | $ | 110,833 | ​ | $ | 142,837 | ​
Federal Funds Purchased | ​ | ​ | 90,000 | ​ | ​ | 160,000 | ​
FHLB Advances | ​ |  | 720,000 | ​ |  | 1,016,000 | ​
Total short-term borrowings | ​ | $ | 920,833 | ​ | $ | 1,318,837 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 573,553 | ​ | $ | 302,060 | ​
Average interest rate during the period | ​ |  | 4.73 | % |  | 1.79 | %
Average interest rate at end of period | ​ |  | 5.15 | % |  | 3.89 | %
Long-Term Borrowings | ​ Total long-term borrowings consist of the following as of December 31, 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 | % | 8.34 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note - Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % | 6.99 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % | 8.32 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % | 8.69 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % | 8.69 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % | 8.24 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % | 7.09 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % | 7.14 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % | 8.44 | % | 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) | ​ | ​ | (14,134) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 391,025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) As part of the adoption of ASC 848, the index changed from the 3-month LIBOR to the 3-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 this Form 10-K. (2) Rate as of December 31, 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 $11.7 million and $2.5 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 | ​ | Rate (1) | ​ | Maturity | ​ | Investment (2)
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 (3)(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) Rate as of December 31, 2022. Calculated using non-rounded numbers. (2) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (3) The remaining issuance discount as of December 31, 2022 is $2.8 million. (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 $12.5 million and $2.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
Contractual Maturities of Long-Term Debt | As of December 31, 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
2024 | ​ | $ | — | ​ | $ | — | ​ | $ | (1,187) | ​ | $ | (1,187)
2025 | ​ |  | — | ​ |  | — | ​ |  | (1,211) | ​ |  | (1,211)
2026 | ​ |  | — | ​ |  | — | ​ |  | (1,236) | ​ |  | (1,236)
2027 | ​ |  | — | ​ |  | — | ​ |  | (1,263) | ​ |  | (1,263)
2028 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,293) | ​ |  | (1,293)
Thereafter | ​ |  | 155,159 | ​ |  | 250,000 | ​ |  | (7,944) | ​ |  | 397,215
Total long-term borrowings | ​ | $ | 155,159 | ​ | $ | 250,000 | ​ | $ | (14,134) | ​ | $ | 391,025
​ (1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt.

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