Short-Term Borrowings and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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

			December 31,
			2024		2023
($ in thousands)	Interest Rate	Maturity Dates	Amount		Amount
Parent company
Junior subordinated debt (1) — floating	6.17%	12/15/2035	$	32,001	$	148,249
Bank
BTFP borrowings	4.37%	3/19/2024	$	—	$	4,500,000
FHLB advances (2):
Floating (3)	4.56% — 4.61%	2025	$	3,000,000	$	—
Fixed	3.87% — 3.95%	2026	500,000		—
Total FHLB advances			$	3,500,000	$	—

(1)As of December 31, 2024, the remaining junior subordinated debt outstanding was issued by MCBI Statutory Trust I that had a stated interest rate of 3-month CME Term Secured Overnight Financing Rate ("SOFR") + 1.81%. The weighted-average contractual interest rates for junior subordinated debt were 6.17% and 6.87% as of December 31, 2024 and 2023, respectively.

(2)The weighted-average interest rate for FHLB advances was 4.48% as of December 31, 2024.

(3)Floating interest rates are based on the SOFR plus the established spread.