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Subordinated Notes
12 Months Ended
Dec. 31, 2024
Subordinated Borrowings [Abstract]  
Subordinated Notes Subordinated Notes
At December 31, 2024, the Company had outstanding subordinated notes totaling $298.3 million compared to $437.9 million at December 31, 2023. In 2019, the Company issued $300.0 million of subordinated notes receiving $296.7 million in proceeds,
net of underwriting discount. The notes 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. Subordinated notes are stated at par adjusted for unamortized issuance costs paid related to such debt.

In connection with the issuance of subordinated notes in 2019 and 2014, the Company incurred costs totaling $3.3 million and $1.3 million, respectively. These costs are a direct deduction from the carrying amount of the subordinated notes and are amortized to interest expense using the effective interest method. At December 31, 2024, the unamortized balances of costs for both issuances were approximately $1.7 million. These subordinated notes qualify as Tier II capital under the regulatory capital requirements, subject to restrictions.