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FHLB Advances, Other Borrowings and Subordinated Notes
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
FHLB Advances, Other Borrowings and Subordinated Notes FHLB Advances, Other Borrowings and Subordinated Notes
The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown:
(In thousands)September 30,
2024		December 31,
2023		September 30,
2023
FHLB advances$3,171,309 $2,326,071 $2,326,071 
Other borrowings:
Notes payable149,894 171,282 178,411 
Short-term borrowings— 13,430 14,183 
Secured borrowings439,513 401,897 391,681 
Other57,636 59,204 59,724 
Total other borrowings647,043 645,813 643,999 
Subordinated notes298,188 437,866 437,731 
Total FHLB advances, other borrowings and subordinated notes$4,116,540 $3,409,750 $3,407,801 

Descriptions of the Company’s FHLB advances, other borrowings, and subordinated notes are included in Note (11) “Federal Home Loan Bank Advances”, Note (12) “Subordinated Notes” and Note (13) “Other Borrowings” of the 2023 Form 10-K.

Notes Payable
Notes payable balances represent the balances on the Company’s credit agreement with certain unaffiliated banks. At September 30, 2024, the outstanding principal balance under the term loan facility was $149.9 million and there was no outstanding balance under the revolving credit facility. Borrowings under notes payable are secured by pledges of and first priority perfected security interests in the Company’s equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At September 30, 2024, the Company was in compliance with all such covenants.
Short-term Borrowings

Short-term borrowings include securities sold under repurchase agreements of customer sweep accounts in connection with master repurchase agreement at the banks. There were no borrowings at September 30, 2024 compared to $13.4 million and $14.2 million at December 31, 2023 and September 30, 2023, respectively. As of September 30, 2024, the Company had no pledged securities related to its customer balances in sweep accounts.

Secured Borrowings

The balance of secured borrowings primarily represents a third party Canadian transaction (“Canadian Secured Borrowing”). Under the Canadian Secured Borrowing, the Company, through its subsidiary, FIFC Canada, sells an undivided co-ownership interest in all receivables owed to FIFC Canada to an unrelated third party in exchange for cash payments pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). On August 29, 2024, the Company entered into the Twelfth Amending Agreement to the Receivables Purchase Agreement dated as of December 16, 2014. The amended Receivables Purchase Agreement provides for, among other things, an extension of the maturity date to December 15, 2025 and an increase to the facility limit from $520 million to $650 million. Additionally, Wintrust guarantees the performance of FIFC Canada of its obligations under the Receivables Purchase Agreement and any subsequent amendments thereto.

At September 30, 2024, the translated balance of the secured borrowings totaled $428.6 million compared to $392.5 million at December 31, 2023 and $382.8 million at September 30, 2023. The interest rate under the Receivables Purchase Agreement is the Canadian Commercial Paper Rate plus fee rate of 0.825%.

The remaining $10.9 million, $9.4 million and $8.9 million within secured borrowings at September 30, 2024, December 31, 2023 and September 30, 2023, respectively, represent other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties.

Other Borrowings

Other borrowings represent a fixed-rate promissory note (“Fixed-Rate Promissory Note”) issued by the Company in June 2017. Subsequent amendments to the Fixed-Rate Promissory Note since issuance increased the principal amount to $66.4 million, reduced the interest rate to 1.70% and extended the maturity date to March 31, 2025. The Fixed-Rate Promissory Note contains several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and indebtedness. At September 30, 2024, the Company was in compliance with all such covenants.

Subordinated Notes

At September 30, 2024, the Company had outstanding subordinated notes totaling $298.2 million compared to $437.9 million and $437.7 million at December 31, 2023 and September 30, 2023, respectively. The notes issued in 2019 have a stated interest rate of 4.85% and mature in June 2029. In the second quarter of 2024, the Company repaid the $140.0 million of subordinated notes issued in 2014. The notes had a stated interest rate of 5.00% and matured in June 2024.