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Short-Term Borrowings and Long-Term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings — Bank Term Funding Program

As of September 30, 2023, the Company’s short-term borrowings consisted of funds from the Bank Term Funding Program (“BTFP”). In March 2023, the Federal Reserve announced the creation of the BTFP, which was designed to provide additional liquidity to U.S. depository institutions. The advances will be limited to the par value of eligible collateral pledged by the borrower, for a term of up to one year. U.S. federally insured depository institutions can request advances under the BTFP until at least March 11, 2024.
The Company pledged eligible U.S. government agency and U.S. government-sponsored enterprise debt and mortgage-backed securities, and U.S. Treasury securities as collateral for the borrowings under the BTFP. As of September 30, 2023, the carrying amount of the Company’s pledged securities to the BTFP totaled $4.34 billion with a remaining borrowing capacity of $238.3 million. In comparison, there were no short-term borrowings as of December 31, 2022. The following table presents details of the Company’s short-term borrowings as of September 30, 2023.
September 30, 2023
($ in thousands)Interest RateMaturity DateAmount
Short-term borrowings4.37%3/19/2024$4,500,000 

Long-Term Debt — Junior Subordinated Debt

Long-term debt totaled $148.2 million as of September 30, 2023 and $148.0 million as of December 31, 2022. During the third quarter of 2023, all junior subordinated debt that referenced London Interbank Offered Rate have transitioned to a Secured Overnight Financing Rate-based replacement rate plus the applicable stated margin. The junior subordinated debt had coupon interest rates ranging from 7.02% to 7.57% as of September 30, 2023 and 6.12% to 6.67% as of December 31, 2022. The junior subordinated debt had remaining maturities ranging between 11.1 years and 14.0 years as of September 30, 2023. For additional information on the junior subordinated debt, refer to Note 10 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2022 Form 10-K.