Short-Term Borrowings and Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings and Long-Term Debt

The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of September 30, 2024 and December 31, 2023:

			September 30, 2024		December 31, 2023
($ in thousands)	Interest Rates	Maturity Dates	Amount		Amount
Parent company
Junior subordinated debt (1) — floating (2)	6.76%	12/15/2035	$	31,923	$	148,249
Bank
BTFP borrowings	4.37%	03/19/2024	$	—	$	4,500,000
FHLB advances (3):
Floating (2)	5.02% — 5.07%	2025	$	3,000,000	$	—
Fixed	3.87% — 3.95%	2026	500,000		—
Total FHLB advances			$	3,500,000	$	—

(1)The weighted-average interest rates for junior subordinated debt were 6.76% and 6.87% as of September 30, 2024 and December 31, 2023, respectively.

(2)Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread.

(3)The weighted-average interest rate for FHLB advances was 4.88% as of September 30, 2024.

The Bank’s available borrowing capacity from FHLB advances totaled $8.9 billion as of September 30, 2024. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of September 30, 2024, all advances were secured by real estate loans.

During the first quarter of 2024, the Company redeemed approximately $117 million of junior subordinated debt and repaid $4.5 billion of BTFP borrowings upon maturity. For additional information on the BTFP and junior subordinated debt, refer to Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.