v3.26.1
Short-Term Borrowings and Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
The table below presents a summary of short-term borrowings:
(in thousands)March 31, 2026December 31, 2025
Federal funds purchased$— $30,000 
Federal Home Loan Bank (“FHLB”) borrowings
— 300,000 
Total short-term borrowings$— $330,000 
The table below presents a summary of long-term debt:
(in thousands)March 31, 2026December 31, 2025
Bank-issued 5.25% fixed rate subordinated notes due 2026
$— $134,509 
Company-issued 4.00% fixed rate subordinated notes due 2031
372,770 372,660 
Company-issued 5.301% fixed rate senior notes due February 2032
392,117 — 
Trust preferred floating rate subordinated debentures due 2032 to 2036113,406 113,406 
Total long-term debt$878,293 $620,575 
During the first quarter of 2026, the bank-issued 5.25% fixed rate subordinated notes due 2026 matured and were repaid in full.
The Company-issued 4.00% fixed rate subordinated notes due 2031 are redeemable, in whole or in part, on May 6, 2026 and any interest payment date thereafter at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued interest thereon. Furthermore, the interest rate on these notes will reset on May 6, 2026 to a rate per annum equal to the five-year U.S. treasury rate plus 3.15% for the five-year period from the reset date to maturity. On March 9, 2026, the Company gave notice to the holders of these subordinated notes that it will redeem these notes in full on May 6, 2026 (the “redemption date”), at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest as of the redemption date.
On February 27, 2026, the Company issued $400.0 million of fixed-to-floating senior notes. The notes are redeemable, in whole or in part, on February 27, 2031 and mature on February 27, 2032. The notes bear interest at a fixed annual rate of 5.301%, payable semi-annually, for an initial five-year period and at a floating rate per annum equal to the compounded SOFR plus 1.94%, payable quarterly, for the final year.