Borrowings

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

On March 25, 2025, the Company completed the issuance of $300.0 million of fixed-to-floating rate subordinated notes (“the Notes”). The Notes mature on April 1, 2035, however, with regulatory approval, the Company may redeem the Notes without penalty at any scheduled payment date on or after April 1, 2030. The Notes carry interest at a fixed rate of 7.25% through April 1, 2030, after which the Notes convert to a variable rate.

The Company has used, and intends to use, the net proceeds for general corporate purposes, including the redemption of $60.0 million of Enterprise’s fixed-to-floating rate subordinated notes due July 15, 2030, which the Company redeemed in full on July 15, 2025, subsequent to consummating the merger with Enterprise on July 1, 2025.

On September 22, 2025, the Company entered into a multi-year advance term loan credit facility with U.S. Bank National Association for an aggregate principal amount of up to $125.0 million, which includes a one-year advance period, after which any amounts outstanding shall convert to a two-year term loan. The proceeds of this facility will be used primarily to finance share repurchases under the Company's stock buyback plan.