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Borrowings
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company has access to various sources of funds that allow for management of interest rate exposure and liquidity. The following table summarizes the Company's outstanding borrowings and weighted average interest rates as of September 30, 2025 and December 31, 2024:
Outstanding BalanceWeighted Average Interest Rate
September 30,December 31,September 30,December 31,
2025 2024 2025 2024 
Securities sold under agreements to repurchase
    and federal funds purchased 		$107,486 $13,499 4.23 %0.20 %
Subordinated debt, net83,338 130,704 5.01 %5.28 %
Other borrowings22,814 32,586 0.09 %0.07 %
            Total$213,638 $176,789 
Securities sold under agreements to repurchase and federal funds purchased
Securities sold under agreements to repurchase are financing arrangements that mature daily. Securities sold under agreements to repurchase totaled $12,486 and $13,499 as of September 30, 2025 and December 31, 2024, respectively. The weighted average interest rate of the Company's securities sold under agreements to repurchase was 0.17% and 0.20% as of September 30, 2025 and December 31, 2024, respectively. The fair value of securities pledged to secure repurchase agreements may decline. The Company manages this risk by having a policy to pledge securities valued at 100% of the outstanding balance of repurchase agreements.
The Bank maintains lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to fourteen days. As of September 30, 2025 and December 31, 2024, the aggregate total borrowing capacity under these lines amounted to $405,000 and $370,000, respectively. As of September 30, 2025, borrowings against these lines, which are classified as federal funds purchased, totaled $95,000 with a weighted average rate of 4.77%. There were no such borrowings outstanding as of December 31, 2024.
Information concerning securities sold under agreement to repurchase and federal funds purchased as of or for the nine months ended September 30, 2025 and year ended December 31, 2024 is summarized as follows:
September 30, 2025December 31, 2024
Balance at period-end$107,486 $13,499 
Average daily balance during the period11,773 21,339 
Average interest rate during the period0.72 %1.72 %
Maximum month-end balance during the period$107,486 $78,228 
Weighted average interest rate at period-end4.23 %0.20 %
Federal Home Loan Bank Advances
As a member of the FHLB, the Company may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, the Company maintains a line of credit that as of September 30, 2025 and December 31, 2024 had total borrowing capacity of $1,551,283 and $1,397,905, respectively. As of September 30, 2025 and December 31, 2024, the Company had qualifying loans pledged as collateral securing these lines amounting to $2,708,821 and $2,608,687, respectively. There were no FHLB advances outstanding as of September 30, 2025 or December 31, 2024.
Information concerning FHLB advances as of or for the nine months ended September 30, 2025 within the table below. There were no FHLB advances outstanding as of or for the year ended December 31, 2024.
September 30, 2025
Balance at period-end$— 
Average daily balance during the period12,821 
Average interest rate during the period4.48 %
Maximum month-end balance during the period$100,000 
Weighted average interest rate at period-end— %
Subordinated Debt
Prior to September 30, 2025, the Company had issued junior subordinated debentures through two separate trusts which issued floating rate trust preferred securities to external investors. The trusts were created for the sole purpose of issuing 30-year capital trust preferred securities to fund the purchase of the junior subordinated debentures. In September 2025, the Company redeemed notes related to these trusts at the principal amount plus accrued and unpaid interest pursuant to the terms of the debentures. As a result of this redemption, the Company redeemed $30,930 of junior subordinated debentures.
Separately, during September 2025, the Bank redeemed $100,000 of ten-year fixed-to-floating rate subordinated notes. This redemption was executed at the principal amount plus accrued interest, in accordance with the terms of the notes.
On July 1, 2025, the Company assumed three separate fixed-to-floating rate subordinated notes in connection with its merger with Southern States with a principal balance totaling $92,500. As of September 30, 2025, no other subordinated debt remained outstanding apart from the debt assumed through this business combination.
Further details regarding our subordinated debt as of September 30, 2025 are provided below.
Name Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
February 2032 Subordinated Debt(1)
202202/07/203202/07/2027$47,500 3.50%
Quarterly fixed(2)
October 2032 Subordinated Debt(1)
202210/26/2032
10/26/2027
40,000 7.00%
Quarterly fixed(2)
December 2031 Subordinated Debt(1)
202112/22/2031
12/31/2026
5,000 3.50%
Quarterly fixed(2)
     Unamortized fair value marks(9,162)
     Total subordinated debt, net$83,338 
(1) The Company classifies the issuance, net of unamortized fair value marks, as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.
(2) Beginning on each respective call date, the coupon structure migrates to 3M SOFR plus a spread of 205 basis points, 306 basis points and 242 basis points for the February 2032, October 2032 and December 2031 subordinated issues, respectively, through the end of the term of each debenture.
Other Borrowings
As of September 30, 2025 and December 31, 2024, other borrowings included a finance lease liability amounting to $1,154 and $1,229, respectively. Additionally, as of September 30, 2025 and December 31, 2024, the Company recorded $21,660 and $31,357, respectively, of optional repurchase commitments of government guaranteed GNMA loans that meet certain defined delinquency rates under their contractual terms that were eligible for optional repurchase and recorded in both loans held for sale and other borrowings.
See Note 7, “Leases” and Note 13, “Fair Value of financial instruments” for additional information regarding the Company's finance lease and guaranteed GNMA loans eligible for repurchase, respectively.