Borrowed Funds

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowed Funds

Borrowed Funds

Borrowed funds are summarized as follows (dollars in thousands):

	December 31,
	2023				2022
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
FHLB advances	$	848,636	5.01	%	$	1,211,166	4.59	%
Securities sold under agreements to repurchase with customers	73,148		2.10		69,097		0.16
Other borrowings	196,456		6.25		195,403		5.87
Total borrowed funds	$	1,118,240	5.04	%	$	1,475,666	4.55	%

The Company had no FHLB overnight advances and no borrowings from the FRB Discount Window or Bank Term Funding Program at December 31, 2023 and December 31, 2022.

FHLB advances and repurchase agreements had contractual maturities at December 31, 2023 as follows (in thousands):

	FHLB Advances		Repurchase Agreements
For the Year Ended December 31,
2024	$	244,390	$	73,148
2025	204,246		—
2026	200,000		—
2027	200,000		—
Total	$	848,636	$	73,148

The other borrowings at December 31, 2023 included the following (in thousands):

Type of Debt	Stated Value		Carrying Value		Interest Rate			Maturity
Subordinated debt	$	125,000	$	124,135	5.701	%	(1)	May 15, 2030
Trust preferred	10,000		8,273		3 month SOFR plus 2.51%		(2)	December 15, 2034
Trust preferred	30,000		23,936		3 month SOFR plus 1.61%		(2)	March 15, 2036
Trust preferred	5,000		5,000		3 month SOFR plus 1.91%		(2)	August 1, 2036
Trust preferred	7,500		7,500		3 month SOFR plus 1.92%		(2)	November 1, 2036
Trust preferred	10,000		8,023		3 month SOFR plus 1.79%		(2)	June 30, 2037
Trust preferred	10,000		10,000		3 month SOFR plus 2.01%		(2)	September 1, 2037
Trust preferred	10,000		7,904		3 month SOFR plus 1.65%		(2)	October 1, 2037
Finance lease	1,685		1,685		5.625	%		July 31, 2029
Total	$	209,185	$	196,456

(1)Adjusts to a floating rate of 5.095% over 3 month Secured Overnight Financing Rate (“SOFR”) on May 15, 2025.

(2)All trust preferred debts carry interest rates which adjust to a spread over SOFR. The 3-month tenor increased 0.26% related to the conversion from LIBOR to SOFR.

All of the trust preferred debt is currently callable.

Interest expense on borrowings for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):

	For the Year Ended December 31,
	2023		2022		2021
FHLB advances	$	46,000	$	10,365	$	—
Reverse repurchase agreements	931		159		253
Other borrowings	19,294		12,153		11,291
Total interest expense on borrowings	$	66,225	$	22,677	$	11,544

Pledged assets

The following table presents the assets pledged to secure borrowings, borrowing capacity, repurchase agreements, letters of credit, and for other purposes required by law at carrying value (in thousands):

	Loans		Debt Securities		Total
December 31, 2023
FHLB and FRB	$	7,255,671	$	1,051,558	$	8,307,229
Repurchase agreements	—		103,416		103,416
Total pledged assets	$	7,255,671	$	1,154,974	$	8,410,645
December 31, 2022
FHLB and FRB	$	6,487,980	$	830,057	$	7,318,037
Repurchase agreements	—		105,294		105,294
Total pledged assets	$	6,487,980	$	935,351	$	7,423,331

The securities pledged, which collateralize the repurchase agreements are delivered to the lender, with whom each transaction is executed, or to a third-party custodian. The lender, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agrees to resell to the Company substantially the same securities at the maturity of the repurchase agreements.