Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2024

Components of Short-Term and Long Term Debt

The components of the Company’s short-term and long-term debt are as follows (in thousands):

	March 31, 2024		December 31, 2023
Short-term debt:
Federal Home Loan Bank 5.04% and 5.04%, respectively	$	1,000,000	$	1,000,000
Federal Reserve Bank Term Funding Program 4.76% and 4.83%, respectively		800,000		800,000
Total short-term debt		1,800,000		1,800,000
Long-term debt:
Trust Preferred Securities:
Marquette Capital Trust I Subordinated Debentures 6.91%		18,682		18,607
Marquette Capital Trust II Subordinated Debentures 6.91%		19,202		19,132
Marquette Capital Trust III Subordinated Debentures 7.08%		7,544		7,517
Marquette Capital Trust IV Subordinated Debentures 7.19%		30,460		30,356
Subordinated notes 3.70%, net of issuance costs		199,344		199,232
Subordinated notes 6.25%, net issuance costs		108,510		108,403
Total long-term debt		383,742		383,247
Total borrowed funds	$	2,183,742	$	2,183,247

Repurchase Agreements

Remaining Contractual Maturities Of Repurchase Agreements

The table below presents the remaining contractual maturities of repurchase agreements outstanding at March 31, 2024 and December 31, 2023, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):

	As of March 31, 2024
	Remaining Contractual Maturities of the Agreements
	2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	167,889	$	—	$	41,159	$	209,048
U.S. Agencies		1,751,987		169,190		47,341		1,968,518
Total repurchase agreements	$	1,919,876	$	169,190	$	88,500	$	2,177,566

	As of December 31, 2023
	Remaining Contractual Maturities of the Agreements
	2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	119,528	$	—	$	43,618	$	163,146
U.S. Agencies		1,711,014		186,289		45,382		1,942,685
Total repurchase agreements	$	1,830,542	$	186,289	$	89,000	$	2,105,831