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v3.25.3

BORROWINGS (Tables) | 9 Months Ended
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Sep. 30, 2025
Borrowings [Abstract] |
Short-Term Borrowings | Total short-term borrowings consisted of the following as of the periods ended (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, | ​ | ​ | December 31, | ​
​ | ​ | 2025 | ​ | 2024 |
Securities sold under agreements to repurchase | ​ | $ | 91,630 | ​ | $ | 56,275 | ​
FHLB Advances | ​ |  | — | ​ |  | 60,000 | ​
Total short-term borrowings | ​ | $ | 91,630 | ​ | $ | 116,275 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 189,621 | ​ | $ | 445,339 | ​
Average interest rate during the period | ​ |  | 3.59 | % |  | 5.22 | %
Average interest rate at end of period | ​ |  | 2.65 | % |  | 3.34 | %
Long-Term Borrowings | In connection with the Sandy Spring acquisition, the Company assumed subordinated debt with a principal balance of $358.0 million. Refer to the table below for contractual rates and maturity terms. Total long-term borrowings consisted of the following as of September 30, 2025 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | ​ | 3-Month SOFR | ​ | Rate (3) | ​ | Maturity | ​ | Investment (4)
Trust Preferred Capital Securities (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note – Statutory Trust I | ​ | $ | 22,500 | ​ | ​ | 2.75 | % (1) | ​ | 6.99 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note – Statutory Trust II | ​ |  | 36,000 |  | ​ | 1.40 | % (1) | ​ | 5.64 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | ​ | 2.73 | % (1) | ​ | 6.97 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | ​ | 3.10 | % (1) | ​ | 7.34 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | ​ | 3.10 | % (1) | ​ | 7.34 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | ​ | 2.65 | % (1) | ​ | 6.89 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | ​ | 1.50 | % (1) | ​ | 5.74 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | ​ | 1.55 | % (1) | ​ | 5.79 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | ​ | 2.85 | % (1) | ​ | 7.09 | % | 1/23/2034 | ​ |  | 155
AMNB Statutory Trust I | ​ | ​ | 20,000 | ​ | ​ | 1.35 | % (1) | ​ | 5.59 | % | 6/30/2036 | ​ | ​ | 619
MidCarolina Trust I | ​ | ​ | 5,000 | ​ | ​ | 3.45 | % (2) | ​ | 7.43 | % | 11/7/2032 | ​ | ​ | 155
MidCarolina Trust II | ​ | ​ | 3,500 | ​ | ​ | 2.95 | % (2) | ​ | 6.93 | % | 1/7/2034 | ​ | ​ | 109
Total Trust Preferred Capital Securities | ​ | $ | 179,000 |  | ​ |  |  | ​ |  |  |  | ​ | $ | 5,542
Subordinated Debt (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2031 Subordinated Debt (6) | ​ | $ | 250,000 | ​ | ​ | — | % | ​ | 2.88 | % | 12/15/2031 | ​ | ​ | ​
2032 Subordinated Debt (7) | ​ | ​ | 190,000 | ​ | ​ | — | % | ​ | 3.88 | % | 3/30/2032 | ​ | ​ | ​
2029 Subordinated Debt (8) | ​ | ​ | 168,000 | ​ | ​ | 2.62 | % (1) | ​ | 6.86 | % | 11/15/2029 | ​ | ​ | ​
Total Subordinated Debt | ​ | $ | 608,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Discount (9) | ​ | ​ | (23,860) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 5,542 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 768,682 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262%. (2) Three-Month Chicago Mercantile Exchange SOFR. (3) Rate as of September 30, 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) Trust Preferred Capital Securities and 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) Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On March 30, 2027, the interest rate changes to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 196.5 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after March 30, 2027. ​ (8) Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On November 15, 2024, the interest rate changed to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 262 bps and a 26 bps spread adjustment through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after November 15, 2024. (9) Remaining discounts of $13.2 million and $10.7 million on Trust Preferred Capital Securities and Subordinated Debt, respectively. Total long-term borrowings consisted 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 (5) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 (6) | ​ | ​ | 250,000 | ​ | — | % | ​ | 2.875 | % | 12/15/2031 | ​ | ​ | ​
Total Subordinated Debt | ​ | $ | 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) Trust Preferred Capital Securities and 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 September 30, 2025, the scheduled 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 2025 | ​ | $ | — | ​ | $ | — | ​ | $ | (3,178) | ​ |  | (3,178)
2026 | ​ |  | — | ​ |  | — | ​ |  | (5,165) | ​ |  | (5,165)
2027 | ​ |  | — | ​ |  | — | ​ |  | (2,485) | ​ |  | (2,485)
2028 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,309) | ​ |  | (2,309)
2029 | ​ | ​ | — | ​ | ​ | 168,000 | ​ | ​ | (2,198) | ​ | ​ | 165,802
Thereafter | ​ |  | 184,542 | ​ |  | 440,000 | ​ |  | (8,525) | ​ |  | 616,017
Total long-term borrowings | ​ | $ | 184,542 | ​ | $ | 608,000 | ​ | $ | (23,860) | ​ | $ | 768,682
(1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt.

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