Long-term Debt and Borrowings

3 Months Ended

Mar. 31, 2026

Subordinated Debt

On June 30, 2022, the Company issued $55,000,000 in aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due 2032. The Notes were issued at a price equal to 100% of the aggregate principal amount. The Notes have a stated maturity date of June 30, 2032 and bear interest at a fixed rate of 5.75% per year from and including the issue date to but excluding June 30, 2027. From June 30, 2027, the Notes will bear interest at a floating rate equal to the then current three-month term secured overnight financing rate (“SOFR”), plus 282 basis points. The Notes may be redeemed by the Company, in whole or in part, on or after June 30, 2027. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The carrying value of the Notes was $54,729,000 and $54,675,000 at March 31, 2026 and December 31, 2025, respectively. The Notes were recorded net of issuance costs which is being amortized using the straight-line method over five years.

Federal Home Loan Bank Advances

The average balance of total FHLB advances was $1,908,000 for the first quarter of 2026, a decrease of $178,750,000 compared to the first quarter of 2025.

The Company had no short-term FHLB advances as of March 31, 2026 or December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had $0 and $3,024,000 in long-term FHLB advances, respectively, and $1,260,533,000 and $1,256,621,000 in additional FHLB advances available, respectively.

The following table summarizes long-term FHLB advances as of March 31, 2026 and December 31, 2025.


	March 31, 2026				December 31, 2025
(dollars in thousands)	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Fixed rate advances maturing in:
2026	$	—	—	%	$	3,024	1.53	%


Total FHLB advances	$	—	—	%	$	3,024	1.53	%