OTHER BORROWINGS

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

OTHER BORROWINGS

NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:

(dollars in thousands)	September 30, 2025		December 31, 2024
FHLB borrowings:
Fixed Rate Advance due January 21, 2025; fixed interest rate of 4.430%	$	—	$	50,000
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%	—		15,000
Daily Rate Credit due December 16, 2025; variable interest rate of 4.330%	185,000		—
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%	15,000		15,000
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%	15,000		15,000
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%	1,358		1,366
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%	940		946
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	874		984
Subordinated notes payable:
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $0 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%	—		74,653
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,009 and $1,161, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%	108,991		108,839
Other Debt:
Advance from correspondent bank due June 1, 2026; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%	9,931		10,000
	$	337,094	$	291,788

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At September 30, 2025, $3.37 billion was available for borrowing on lines with the FHLB.

As of September 30, 2025, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $92.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At September 30, 2025, the Bank had $2.61 billion of loans pledged at the Federal Reserve discount window and had $2.10 billion available for borrowing.

Subordinated Debt

The Company redeemed its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 in full on the September 1, 2025 interest payment date. These notes, which totaled $74 million outstanding, bore interest at 8.22% and were redeemed at par.

In August 2025, the Company notified holders of its 3.875% Fixed-To-Floating Rate Subordinated Notes due 2030 that it would be redeeming the notes in full at end of the fixed rate period on the October 1, 2025 interest payment date. These notes currently total $110 million outstanding and will be redeemed at par.