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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS’ EQUITY Forward Sale Agreements On October 21, 2024, in connection with the execution of the Sandy Spring merger agreement, the Company entered into an initial forward sale agreement with Morgan Stanley & Co. LLC (the “Forward Purchaser”) relating to an aggregate of 9,859,155 shares of the Company’s common stock. On October 21, 2024, the Company priced the public offering of shares of the Company’s common stock in connection with such forward sale agreement and entered into an underwriting agreement with Morgan Stanley & Co. LLC, as representative for the underwriters named therein, the Forward Purchaser and Morgan Stanley & Co. LLC as forward seller (the “Forward Seller”), relating to the registered public offering and sale of 9,859,155 shares of the Company’s common stock at a public offering price of $35.50 per share (before underwriting discounts and commissions). The underwriters were granted a 30-day option to purchase up to an additional 1,478,873 shares of the Company’s common stock. On October 21, 2024, the underwriters exercised in full their option to purchase the additional 1,478,873 shares of the Company’s common stock pursuant to the underwriting agreement and, in connection therewith, the Company entered into an additional forward sale agreement with the Forward Purchaser relating to 1,478,873 shares of the Company’s common stock, on terms substantially similar to those contained in the initial forward sale agreement (such additional forward sale agreement together with the initial forward sale agreement, the “Forward Sale Agreements”). On April 1, 2025, the Company physically settled in full the Forward Sale Agreements by delivering 11,338,028 shares of the Company’s common stock to the Forward Purchaser. The Company received net proceeds from such sale of shares of the Company’s common stock and full physical settlement of the Forward Sale Agreements, before expenses, of approximately $385.0 million. ​ Share Repurchase Programs ​ The Company’s share repurchase program activity is dependent on management’s determination of its capital deployment needs, subject to market, economic, and regulatory conditions. Authorized repurchase programs allow the Company to repurchase its common stock through either open market transactions or privately negotiated transactions. During the quarters ended June 30, 2025 and 2024, there were no active share repurchase programs. Series A Preferred Stock ​ On June 9, 2020, the Company issued and sold 6,900,000 depositary shares, each representing a 1/400th ownership interest in a share of its Series A preferred stock, with a liquidation preference of $10,000 per share of Series A preferred stock (equivalent to $25 per depositary share), including 900,000 depositary shares pursuant to the exercise in full by the underwriters of their option to purchase additional depositary shares. ​ Accumulated Other Comprehensive Income (Loss) ​ The change in AOCI for the three and six months ended June 30, 2025 is summarized as follows, net of tax (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unrealized Gains |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | (Losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrealized | ​ | for AFS | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
​ | ​ | Gains (Losses) | ​ | Securities | ​ | Change in Fair | ​ | Gains | ​ | ​ | ​
​ | ​ | on AFS | ​ | Transferred to | ​ | Value of Cash | ​ | (Losses) on | ​ | ​ | ​
​ | ​ | Securities | ​ | HTM | ​ | Flow Hedge | ​ | BOLI | ​ | Total
AOCI (loss) – March 31, 2025 | ​ | $ | (301,307) | ​ | $ | — | ​ | $ | (32,742) | ​ | $ | 334 | ​ | $ | (333,715)
Other comprehensive (loss) income: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Other comprehensive income before reclassification | ​ |  | 6,946 | ​ | ​ | — | ​ | ​ | 6,202 | ​ | ​ | — | ​ |  | 13,148
Amounts reclassified from AOCI into earnings | ​ |  | (12) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (207) | ​ |  | (219)
Net current period other comprehensive income (loss) | ​ |  | 6,934 | ​ |  | — | ​ |  | 6,202 | ​ |  | (207) | ​ |  | 12,929
AOCI (loss) – June 30, 2025 | ​ | $ | (294,373) | ​ | $ | — | ​ | $ | (26,540) | ​ | $ | 127 | ​ | $ | (320,786)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unrealized Gains |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | (Losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrealized | ​ | for AFS | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
​ | ​ | Gains (Losses) | ​ | Securities | ​ | Change in Fair | ​ | Gains | ​ | ​ | ​
​ | ​ | on AFS | ​ | Transferred to | ​ | Value of Cash | ​ | (Losses) on | ​ | ​ | ​
​ | ​ | Securities | ​ | HTM | ​ | Flow Hedge | ​ | BOLI | ​ | Total
AOCI (loss) – December 31, 2024 | ​ | $ | (317,142) | ​ | $ | — | ​ | $ | (43,078) | ​ | $ | 534 | ​ | $ | (359,686)
Other comprehensive (loss) income: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Other comprehensive income (loss) before reclassification | ​ |  | 22,702 | ​ | ​ | — | ​ | ​ | 16,538 | ​ | ​ | (10) | ​ |  | 39,230
Amounts reclassified from AOCI into earnings | ​ |  | 67 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (397) | ​ |  | (330)
Net current period other comprehensive income (loss) | ​ |  | 22,769 | ​ |  | — | ​ |  | 16,538 | ​ |  | (407) | ​ |  | 38,900
AOCI (loss) – June 30, 2025 | ​ | $ | (294,373) | ​ | $ | — | ​ | $ | (26,540) | ​ | $ | 127 | ​ | $ | (320,786)
​ ​ The change in AOCI for the three and six months ended June 30, 2024 is summarized as follows, net of tax (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unrealized Gain |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | (Losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrealized | ​ | for AFS | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
​ | ​ | Gains (Losses) | ​ | Securities | ​ | Change in Fair | ​ | Gains | ​ | ​ | ​
​ | ​ | on AFS | ​ | Transferred to | ​ | Value of Cash | ​ | (Losses) | ​ | ​ | ​
​ | ​ | Securities | ​ | HTM | ​ | Flow Hedge | ​ | on BOLI | ​ | Total
AOCI (loss) – March 31, 2024 | ​ | $ | (323,035) | ​ | $ | 4 | ​ | $ | (52,418) | ​ | $ | 1,151 | ​ | $ | (374,298)
Other comprehensive (loss) income: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss before reclassification | ​ |  | (12,917) | ​ | ​ | — | ​ | ​ | (357) | ​ | ​ | — | ​ | ​ | (13,274)
Amounts reclassified from AOCI into earnings | ​ |  | 5,148 | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (160) | ​ | ​ | 4,985
Net current period other comprehensive loss | ​ |  | (7,769) | ​ |  | (3) | ​ |  | (357) | ​ |  | (160) | ​ |  | (8,289)
AOCI (loss) – June 30, 2024 | ​ | $ | (330,804) | ​ | $ | 1 | ​ | $ | (52,775) | ​ | $ | 991 | ​ | $ | (382,587)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Unrealized Gain |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | (Losses) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Unrealized | ​ | for AFS | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​
​ | ​ | Gains (Losses) | ​ | Securities | ​ | Change in Fair | ​ | Gains | ​ | ​ | ​
​ | ​ | on AFS | ​ | Transferred to | ​ | Value of Cash | ​ | (Losses) | ​ | ​ | ​
​ | ​ | Securities | ​ | HTM | ​ | Flow Hedge | ​ | on BOLI | ​ | Total
AOCI (loss) – December 31, 2023 | ​ | $ | (302,532) | ​ | $ | 6 | ​ | $ | (42,165) | ​ | $ | 1,342 | ​ | $ | (343,349)
Other comprehensive (loss) income: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive loss before reclassification | ​ |  | (33,417) | ​ | ​ | — | ​ | ​ | (10,610) | ​ | ​ | (16) | ​ | ​ | (44,043)
Amounts reclassified from AOCI into earnings | ​ |  | 5,145 | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | (335) | ​ | ​ | 4,805
Net current period other comprehensive loss | ​ |  | (28,272) | ​ |  | (5) | ​ |  | (10,610) | ​ |  | (351) | ​ |  | (39,238)
AOCI (loss) – June 30, 2024 | ​ | $ | (330,804) | ​ | $ | 1 | ​ | $ | (52,775) | ​ | $ | 991 | ​ | $ | (382,587)
​

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