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BORROWINGS (Tables) | 3 Months Ended
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Mar. 31, 2024
Borrowings [Abstract] |
Short-Term Borrowings | Total short-term borrowings consist of the following as of the periods ended (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | March 31, | ​ | ​ | December 31, | ​
​ | ​ | 2024 | ​ | 2023 |
Securities sold under agreements to repurchase | ​ | $ | 66,405 | ​ | $ | 110,833 | ​
Federal Funds Purchased | ​ | ​ | — | ​ | ​ | 90,000 | ​
FHLB Advances | ​ |  | 600,000 | ​ |  | 720,000 | ​
Total short-term borrowings | ​ | $ | 666,405 | ​ | $ | 920,833 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 614,681 | ​ | $ | 573,553 | ​
Average interest rate during the period | ​ |  | 5.34 | % |  | 4.73 | %
Average interest rate at end of period | ​ |  | 5.33 | % |  | 5.15 | %
Long-Term Borrowings | Total long-term borrowings consist of the following as of March 31, 2024 (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 | % | 8.31 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note – Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % | 6.96 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % | 8.29 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % | 8.66 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % | 8.66 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % | 8.21 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % | 7.06 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % | 7.11 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % | 8.41 | % | 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) | ​ | ​ | (13,840) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 391,319 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Three-Month CME SOFR + 0.262%. (2) Rate as of March 31, 2024. 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 $11.4 million and $2.4 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. ​ ​ 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) Three-Month CME SOFR + 0.262%. (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 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.
Contractual Maturities of Long-Term Debt | As of March 31, 2024, 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 nine months of 2024 | ​ | $ | — | ​ | $ | — | ​ | $ | (893) | ​ | $ | (893)
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 | ​ | $ | (13,840) | ​ | $ | 391,319
(1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt.

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