Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings

The table below summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers and borrowings.

(dollars in thousands)	Borrowings - Principal		Unamortized Deferred Issuance Costs		Net Borrowings Outstanding		Available Capacity (1)		Maturity Dates	Interest Rates (2)
As of December 31, 2025
Customer repurchase agreements	$	—	$	—	$	—	$	—	N/A	—	%
Short-term borrowings:
Secured borrowings:
FHLB	—		—		—		1,349,351		N/A	—	%
FRB:
Discount window	—		—		—		1,373,872		N/A	—	%
Total	—		—		—		2,723,223
Long-term borrowings:
Senior notes	77,665		(1,237)		76,428		—		September 30, 2029	10.00	%
Total borrowings	$	77,665	$	(1,237)	$	76,428	$	2,723,223
As of December 31, 2024
Customer repurchase agreements	$	33,157	$	—	$	33,157	$	—	N/A	2.67	%
Short-term borrowings:
Secured borrowings:
FHLB	490,000		—		490,000		874,270		Various(3)	4.81%
FRB:
Discount window	—		—		—		1,800,646		N/A	N/A
Total	490,000		—		490,000		2,674,916
Long-term borrowings:
Senior notes	77,665		(1,557)		76,108		—		September 30, 2029	10.00%
Total borrowings	$	600,822	$	(1,557)	$	599,265	$	2,674,916

(1)Available capacity on the Company's borrowings arrangements with the FHLB and the FRB comprise pledged collateral that has not been borrowed against. As of December 31, 2025, the Company had total additional undrawn borrowing capacity of approximately $3.0 billion, comprising unencumbered securities available to be pledged of approximately $315.7 million and undrawn financing on pledged assets of $2.7 billion.

(2)Represents the weighted average interest rate on customer repurchase agreements, borrowings outstanding and the coupon interest rate on the subordinated notes, which approximates the effective interest rate.

(3)The contractual maturity dates on FHLB secured borrowings represent the maturity dates of current advances and are not evidence of a termination date on the line.