Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Long-Term Debt, Unclassified [Abstract]

Schedules of Short-term Borrowings and Long-term Borrowings

The following table summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers, short-term borrowings and long-term borrowings, at March 31, 2023 and December 31, 2022:

(dollars in thousands)	Borrowings - Principal		Unamortized Deferred Issuance Costs		Net Borrowings Outstanding		Available Capacity (1)(2)		Maturity Dates	Interest Rates (3)
March 31, 2023:
Customer repurchase agreements	$	37,854	$	—	$	37,854	$	—	N/A	3.27	%
Short-term borrowings:
FHLB secured borrowings	1,313,801		—		1,313,801		653,946		May 24, 2023 - December 1, 2023	5.06	%
FRB:
BTFP secured borrowings	800,000		—		800,000		37,182		March 26, 2024	4.38	%
Discount window secured borrowings	—		—		—		606,201		N/A	N/A
Raymond James repurchase agreement	—		—		—		18,050		N/A	N/A
Total	2,113,801		—		2,113,801		1,315,379
Long-term borrowings:
Subordinated notes, 5.75%	70,000		(175)		69,825		—		September 1, 2024	5.75	%
Total borrowings	$	2,221,655	$	(175)	$	2,221,480	$	1,315,379
December 31, 2022:
Customer repurchase agreements	$	35,100	$	—	$	35,100	$	—	N/A	2.94	%
Short-term borrowings:
FHLB secured borrowings	975,001		—		975,001		145,104		December 1, 2023	4.57	%
FRB discount window secured borrowings	—		—		—		607,405		N/A	N/A
Total	975,001		—		975,001		752,509
Long-term borrowings:
Subordinated notes, 5.75%	70,000		(206)		69,794		—		September 1, 2024	5.75	%
Total borrowings	$	1,080,101	$	(206)	$	1,079,895	$	752,509

(1)Available capacity on the Company's short-term borrowing arrangements with the FHLB, the FRB's BTFP program and the Raymond James repurchase line comprise pledged collateral that has not been borrowed against. At March 31, 2023, the Company had total additional undrawn borrowing capacity of approximately $1.7 billion, comprising unencumbered securities available to be pledged of approximately $1.1 billion and undrawn financing on pledged assets of $709.2 million, including $653.9 million with the FHLB, $37.2 million with the BTFP and $18.1 million with Raymond James.

(2)As part of the Company's agreement governing its participation in the BTFP program and the Raymond James repurchase agreement, the borrowing capacity is determined based on the principal balance of the pledged assets.

(3)Represent the weighted average interest rate on customer repurchase agreements and the short-term borrowings outstanding and the coupon interest rate on the subordinated notes, which approximates the effective interest rate.