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BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

Borrowings [Abstract]

Short-Term Borrowings

Total short-term borrowings consisted of the following as of December 31, (dollars in thousands):


		2025			2024
Securities sold under agreements to repurchase		$	75,432		$	56,275
FHLB Advances			650,000			60,000
Total short-term borrowings		$	725,432		$	116,275

Average outstanding balance during the period		$	175,929		$	445,339
Average interest rate during the period			3.44	%		5.22	%
Average interest rate at end of period			3.15	%		3.34	%

Long-Term Borrowings

Total long-term borrowings consisted of the following as of December 31, 2025 (dollars in thousands):

Spread to

Principal

3-Month SOFR

Rate ⁽³⁾

Maturity

Investment ⁽⁴⁾

Trust Preferred Capital Securities ⁽⁵⁾

Trust Preferred Capital Note – Statutory Trust I

$

22,500

2.75

% ⁽¹⁾

6.66

%

6/17/2034

$

696

Trust Preferred Capital Note – Statutory Trust II

36,000

1.40

% ⁽¹⁾

5.31

%

6/15/2036

1,114

VFG Limited Liability Trust I Indenture

20,000

2.73

% ⁽¹⁾

6.64

%

3/18/2034

619

FNB Statutory Trust II Indenture

12,000

3.10

% ⁽¹⁾

7.01

%

6/26/2033

372

Gateway Capital Statutory Trust I

8,000

3.10

% ⁽¹⁾

7.01

%

9/17/2033

248

Gateway Capital Statutory Trust II

7,000

2.65

% ⁽¹⁾

6.56

%

6/17/2034

217

Gateway Capital Statutory Trust III

15,000

1.50

% ⁽¹⁾

5.41

%

5/30/2036

464

Gateway Capital Statutory Trust IV

25,000

1.55

% ⁽¹⁾

5.46

%

7/30/2037

774

MFC Capital Trust II

5,000

2.85

% ⁽¹⁾

6.76

%

1/23/2034

155

AMNB Statutory Trust I

20,000

1.35

% ⁽¹⁾

5.26

%

6/30/2036

619

MidCarolina Trust I

5,000

3.45

% ⁽²⁾

7.10

%

11/7/2032

155

MidCarolina Trust II

3,500

2.95

% ⁽²⁾

6.60

%

1/7/2034

109

Total Trust Preferred Capital Securities

$

179,000

$

5,542

Subordinated Debt ⁽⁵⁾

2031 Subordinated Debt ⁽⁶⁾

$

250,000

—

%

2.88

%

12/15/2031

2032 Subordinated Debt⁽⁷⁾

190,000

—

%

3.88

%

3/30/2032

2029 Subordinated Debt ⁽⁸⁾

168,000

2.62

% ⁽¹⁾

6.53

%

11/15/2029

Total Subordinated Debt

$

608,000

Fair Value Discount ⁽⁹⁾

(20,682)

Investment in Trust Preferred Capital Securities

5,542

Total Long-term Borrowings

$

771,860

⁽¹⁾Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (“SOFR”) + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of December 31, 2025. Calculated using non-rounded numbers.

⁽⁴⁾Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁶⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁷⁾ Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On March 30, 2027, the interest rate changes to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 196.5 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after March 30, 2027.

⁽⁸⁾ Fixed-to-floating rate notes acquired in the Sandy Spring acquisition. On November 15, 2024, the interest rate changed to a floating rate equal to the then current Three-Month Term SOFR plus a spread of 262 bps and a 26 bps spread adjustment through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after November 15, 2024.

⁽⁹⁾ Remaining discounts of $12.9 million and $7.8 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Total long-term borrowings consisted of the following as of December 31, 2024 (dollars in thousands):


						Spread to
		Principal				3-Month SOFR			Rate ⁽³⁾		Maturity		Investment ⁽⁴⁾
Trust Preferred Capital Securities ⁽⁵⁾
Trust Preferred Capital Note – Statutory Trust I		$	22,500			2.75	% ⁽¹⁾		7.32	%	6/17/2034		$	696
Trust Preferred Capital Note – Statutory Trust II			36,000			1.40	% ⁽¹⁾		5.97	%	6/15/2036			1,114
VFG Limited Liability Trust I Indenture			20,000			2.73	% ⁽¹⁾		7.30	%	3/18/2034			619
FNB Statutory Trust II Indenture			12,000			3.10	% ⁽¹⁾		7.67	%	6/26/2033			372
Gateway Capital Statutory Trust I			8,000			3.10	% ⁽¹⁾		7.67	%	9/17/2033			248
Gateway Capital Statutory Trust II			7,000			2.65	% ⁽¹⁾		7.22	%	6/17/2034			217
Gateway Capital Statutory Trust III			15,000			1.50	% ⁽¹⁾		6.07	%	5/30/2036			464
Gateway Capital Statutory Trust IV			25,000			1.55	% ⁽¹⁾		6.12	%	7/30/2037			774
MFC Capital Trust II			5,000			2.85	% ⁽¹⁾		7.42	%	1/23/2034			155
AMNB Statutory Trust I			20,000			1.35	% ⁽¹⁾		5.92	%	6/30/2036			619
MidCarolina Trust I			5,000			3.45	% ⁽²⁾		7.76	%	11/7/2032			155
MidCarolina Trust II			3,500			2.95	% ⁽²⁾		7.26	%	1/7/2034			109
Total Trust Preferred Capital Securities		$	179,000										$	5,542
Subordinated Debt ⁽⁵⁾
2031 Subordinated Debt ⁽⁶⁾			250,000			—	%		2.88	%	12/15/2031
Total Subordinated Debt		$	250,000
Fair Value Discount ⁽⁷⁾			(16,239)
Investment in Trust Preferred Capital Securities			5,542
Total Long-term Borrowings		$	418,303

⁽¹⁾ Three-month Chicago Mercantile Exchange SOFR + 0.262%.

⁽²⁾ Three-Month Chicago Mercantile Exchange SOFR.

⁽³⁾ Rate as of December 31, 2024. Calculated using non-rounded numbers.

⁽⁴⁾ Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on

the Company’s Consolidated Balance Sheets.

⁽⁵⁾ Trust Preferred Capital Securities and Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

⁽⁶⁾ Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current

Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes

may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

⁽⁷⁾ Remaining discounts of $14.0 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt,

respectively.

Contractual Maturities of Long-Term Debt

As of December 31, 2025, the scheduled maturities of long-term debt are as follows for the years ending (dollars in thousands):

Trust

Preferred

Total

Capital

Subordinated

Fair Value

Long-term

Notes

Debt

Discount ⁽¹⁾

Borrowings

2026

—

—

(5,165)

(5,165)

2027

—

—

(2,485)

(2,485)

2028

—

—

(2,309)

(2,309)

2029

—

168,000

(2,198)

165,802

2030

—

—

(1,641)

(1,641)

Thereafter

184,542

440,000

(6,884)

617,658

Total long-term borrowings

$

184,542

$

608,000

$

(20,682)

$

771,860

⁽¹⁾ Includes discount on Trust Preferred Capital Securities and Subordinated Debt.