Item 1.01: Entry into a Material Definitive Agreement for a public offering of $325 million in 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035 The Notes will bear interest at 6.25% annually from issuance to October 1, 2030, then switch to a floating rate based on Three-Month Term SOFR plus 302 basis points from October 1, 2030 to October 1, 2035 Net proceeds of approximately $321.3…

Our analysis rates this filing NEUTRAL. The moderate concern level reflects a balanced debt management approach with calculated risk mitigation. The company demonstrates strategic financial planning by refinancing subordinated notes with minimal market disruption, maintaining regulatory capital…

Concern level: ELEVATED (4.5/10). Key factors: Debt structure refinancing with interest rate exposure changes; Subordinated debt replacement with slight nominal value adjustment; Potential interest rate risk after 2030.

Notable risk changes: Issued $325M subordinated notes with fixed 6.25% rate until 2030; Intends to repay existing 2028 Notes on October 1, 2025; Notes qualify as Tier 2 capital for regulatory purposes.