Other Borrowings and Subordinated Notes and Debentures

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Other Borrowings and Subordinated Notes and Debentures

OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES

Debt at March 31, 2026 and December 31, 2025 consisted of the following components: 

	March 31,		December 31,
(In thousands)	2026		2025
Other Borrowings
FHLB advances, net of discount, due 2026 to 2032, 3.75% to 5.53% secured by real estate loans	$	431,552	$	286,597
Other long-term debt	15,204		15,656
Total other borrowings	446,756		302,253
Subordinated Notes and Debentures
Subordinated notes payable, due 10/1/2035, fixed-to-floating rate (fixed rate of 6.25% through 9/30/2030, floating rate of 3.02% above the three-month SOFR rate, reset quarterly)	325,000		325,000
Unamortized debt issuance costs	(3,732)		(3,831)
Valuation adjustments on hedged subordinated notes payable	(5,568)		(3,455)
Total subordinated notes and debentures	315,700		317,714
Total other borrowings and subordinated debt	$	762,456	$	619,967

In September 2025, the Company issued $325.0 million in aggregate principal amount, of 6.25% Fixed-to-Floating Rate Subordinated Notes (“2025 Notes”) at a public offering price equal to 100% of the aggregate principal amount of the 2025 Notes. The Company incurred $3.9 million in debt issuance costs related to the offering during September 2025. The 2025 Notes will mature on October 1, 2035 and will bear interest at an initial fixed rate of 6.25% per annum, payable semi-annually, in arrears. From and including October 1, 2030 to, but excluding, the maturity date or the date of earlier redemption, the interest rate resets quarterly to an annual interest rate equal to the then-current three month SOFR rate plus 302 basis points, payable quarterly, in arrears. Additionally, during the third quarter of 2025, the Company began utilizing interest rate swaps designated as fair value hedges to mitigate the risk of changes in the fair value of the aggregate principal amount of the 2025 Notes due to changes in market interest rates. See Note 22, Derivative Instruments, for further discussion regarding fair value hedges. The 2025 Notes will be subordinated in right of payment to the payment of the Company’s other existing and future senior indebtedness, including all of its general creditors. The 2025 Notes are obligations of the Company only and are not obligations of, and are not guaranteed by, any of its subsidiaries. The 2025 Notes qualify for Tier 2 capital treatment.

The Company had total outstanding FHLB advances of $431.6 million and $286.6 million at March 31, 2026 and December 31, 2025, respectively. The outstanding FHLB advances as of March 31, 2026 were primarily whole loan advances, which are due less than one year from origination and therefore were classified as short-term advances by the Company. At March 31, 2026, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $7.26 billion and the Company had approximately $5.83 billion of additional advances available from the FHLB.

The Company’s long-term debt primarily includes subordinated debt and other notes payable. The aggregate contractual annual maturities of long-term debt at March 31, 2026, are as follows:

Year	(In thousands)
Remainder of 2026	$	1,191
2027	1,649
2028	2,280
2029	9,689
2030	—
Thereafter	317,647
Total	$	332,456