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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 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. There have been no active share repurchase programs in 2025 or 2024. Series A Preferred Stock ​ The Company has 6,900,000 depositary shares outstanding, 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 nine months ended September 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) – June 30, 2025 | ​ | $ | (294,373) | ​ | $ | — | ​ | $ | (26,540) | ​ | $ | 127 | ​ | $ | (320,786)
Other comprehensive (loss) income: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Other comprehensive income before reclassification | ​ |  | 35,020 | ​ | ​ | — | ​ | ​ | 2,863 | ​ | ​ | — | ​ |  | 37,883
Amounts reclassified from AOCI into earnings | ​ |  | (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (202) | ​ |  | (205)
Net current period other comprehensive income (loss) | ​ |  | 35,017 | ​ |  | — | ​ |  | 2,863 | ​ |  | (202) | ​ |  | 37,678
AOCI (loss) – September 30, 2025 | ​ | $ | (259,356) | ​ | $ | — | ​ | $ | (23,677) | ​ | $ | (75) | ​ | $ | (283,108)
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | 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 | ​ |  | 57,721 | ​ | ​ | — | ​ | ​ | 19,401 | ​ | ​ | (10) | ​ |  | 77,112
Amounts reclassified from AOCI into earnings | ​ |  | 65 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (599) | ​ |  | (534)
Net current period other comprehensive income (loss) | ​ |  | 57,786 | ​ |  | — | ​ |  | 19,401 | ​ |  | (609) | ​ |  | 76,578
AOCI (loss) – September 30, 2025 | ​ | $ | (259,356) | ​ | $ | — | ​ | $ | (23,677) | ​ | $ | (75) | ​ | $ | (283,108)
​ The change in AOCI for the three and nine months ended September 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) – June 30, 2024 | ​ | $ | (330,804) | ​ | $ | 1 | ​ | $ | (52,775) | ​ | $ | 991 | ​ | $ | (382,587)
Other comprehensive (loss) income: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other comprehensive income before reclassification | ​ |  | 66,856 | ​ | ​ | — | ​ | ​ | 23,589 | ​ | ​ | — | ​ | ​ | 90,445
Amounts reclassified from AOCI into earnings | ​ |  | (3) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (162) | ​ | ​ | (165)
Net current period other comprehensive income (loss) | ​ |  | 66,853 | ​ |  | — | ​ |  | 23,589 | ​ |  | (162) | ​ |  | 90,280
AOCI (loss) – September 30, 2024 | ​ | $ | (263,951) | ​ | $ | 1 | ​ | $ | (29,186) | ​ | $ | 829 | ​ | $ | (292,307)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | 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 income (loss) before reclassification | ​ |  | 33,438 | ​ | ​ | — | ​ | ​ | 12,979 | ​ | ​ | (16) | ​ | ​ | 46,401
Amounts reclassified from AOCI into earnings | ​ |  | 5,143 | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | (497) | ​ | ​ | 4,641
Net current period other comprehensive income (loss ) | ​ |  | 38,581 | ​ |  | (5) | ​ |  | 12,979 | ​ |  | (513) | ​ |  | 51,042
AOCI (loss) – September 30, 2024 | ​ | $ | (263,951) | ​ | $ | 1 | ​ | $ | (29,186) | ​ | $ | 829 | ​ | $ | (292,307)
​

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