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v3.25.1

BORROWINGS (Tables) | 3 Months Ended
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Mar. 31, 2025
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, | ​
​ | ​ | 2025 | ​ | 2024 |
Securities sold under agreements to repurchase | ​ | $ | 57,018 | ​ | $ | 56,275 | ​
FHLB Advances | ​ |  | — | ​ |  | 60,000 | ​
Total short-term borrowings | ​ | $ | 57,018 | ​ | $ | 116,275 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 101,753 | ​ | $ | 445,339 | ​
Average interest rate during the period | ​ |  | 3.62 | % |  | 5.22 | %
Average interest rate at end of period | ​ |  | 2.87 | % |  | 3.34 | %
Long-Term Borrowings | Long-term Borrowings ​ Total long-term borrowings consist of the following as of March 31, 2025 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | ​ | 3-Month SOFR | ​ | Rate (3) | ​ | Maturity | ​ | Investment (4)
Trust Preferred Capital Securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note – Statutory Trust I | ​ | $ | 22,500 | ​ | ​ | 2.75 | % (1) | ​ | 7.30 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note – Statutory Trust II | ​ |  | 36,000 |  | ​ | 1.40 | % (1) | ​ | 5.95 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | ​ | 2.73 | % (1) | ​ | 7.28 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | ​ | 3.10 | % (1) | ​ | 7.65 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | ​ | 3.10 | % (1) | ​ | 7.65 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | ​ | 2.65 | % (1) | ​ | 7.20 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | ​ | 1.50 | % (1) | ​ | 6.05 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | ​ | 1.55 | % (1) | ​ | 6.10 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | ​ | 2.85 | % (1) | ​ | 7.40 | % | 1/23/2034 | ​ |  | 155
AMNB Statutory Trust I | ​ | ​ | 20,000 | ​ | ​ | 1.35 | % (1) | ​ | 5.90 | % | 6/30/2036 | ​ | ​ | 619
MidCarolina Trust I | ​ | ​ | 5,000 | ​ | ​ | 3.45 | % (2) | ​ | 7.74 | % | 11/7/2032 | ​ | ​ | 155
MidCarolina Trust II | ​ | ​ | 3,500 | ​ | ​ | 2.95 | % (2) | ​ | 7.24 | % | 1/7/2034 | ​ | ​ | 109
Total Trust Preferred Capital Securities | ​ | $ | 179,000 |  | ​ |  |  | ​ |  |  |  | ​ | $ | 5,542
Subordinated Debt (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2031 Subordinated Debt | ​ | ​ | 250,000 | ​ | ​ | — | % | ​ | 2.875 | % | 12/15/2031 | ​ | ​ | ​
Total Subordinated Debt (6) | ​ | $ | 250,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Discount (7) | ​ | ​ | (15,875) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 5,542 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 418,667 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262%. (2) Three-Month Chicago Mercantile Exchange SOFR. (3) Rate as of March 31, 2025. Calculated using non-rounded numbers. ​ (4) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets. ​ (5) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (6) 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. ​ (7) Remaining discounts of $13.8 million and $2.1 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. ​ ​ Total long-term borrowings consist of the following as of December 31, 2024 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | 3-Month SOFR | ​ | Rate (3) | ​ | Maturity | ​ | Investment (4)
Trust Preferred Capital Securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note – Statutory Trust I | ​ | $ | 22,500 | ​ | 2.75 | % (1) | ​ | 7.32 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note – Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % (1) | ​ | 5.97 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % (1) | ​ | 7.30 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % (1) | ​ | 7.67 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % (1) | ​ | 7.67 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % (1) | ​ | 7.22 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % (1) | ​ | 6.07 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % (1) | ​ | 6.12 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % (1) | ​ | 7.42 | % | 1/23/2034 | ​ |  | 155
AMNB Statutory Trust I | ​ | ​ | 20,000 | ​ | 1.35 | % (1) | ​ | 5.92 | % | 6/30/2036 | ​ | ​ | 619
MidCarolina Trust I | ​ | ​ | 5,000 | ​ | 3.45 | % (2) | ​ | 7.76 | % | 11/7/2032 | ​ | ​ | 155
MidCarolina Trust II | ​ | ​ | 3,500 | ​ | 2.95 | % (2) | ​ | 7.26 | % | 1/7/2034 | ​ | ​ | 109
Total Trust Preferred Capital Securities | ​ | $ | 179,000 |  |  |  | ​ |  |  |  | ​ | $ | 5,542
Subordinated Debt (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2031 Subordinated Debt | ​ | ​ | 250,000 | ​ | — | % | ​ | 2.875 | % | 12/15/2031 | ​ | ​ | ​
Total Subordinated Debt (6) | ​ | $ | 250,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Discount (7) | ​ | ​ | (16,239) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 5,542 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 418,303 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Three-Month Chicago Mercantile Exchange SOFR + 0.262%. (2) Three-Month Chicago Mercantile Exchange SOFR. (3) Rate as of December 31, 2024. Calculated using non-rounded numbers. (4) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets. (5) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (6) 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. ​ (7) Remaining discounts of $14.0 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
Contractual Maturities of Long-Term Debt | As of March 31, 2025, 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 2025 | ​ | $ | — | ​ | $ | — | ​ | $ | (1,116) | ​ |  | (1,116)
2026 | ​ |  | — | ​ |  | — | ​ |  | (1,510) | ​ |  | (1,510)
2027 | ​ |  | — | ​ |  | — | ​ |  | (1,541) | ​ |  | (1,541)
2028 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,575) | ​ |  | (1,575)
2029 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,606) | ​ | ​ | (1,606)
Thereafter | ​ |  | 184,542 | ​ |  | 250,000 | ​ |  | (8,527) | ​ |  | 426,015
Total long-term borrowings | ​ | $ | 184,542 | ​ | $ | 250,000 | ​ | $ | (15,875) | ​ | $ | 418,667
(1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt.

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