Federal Home Loan Bank Advances and Long-Term Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Federal Home Loan Bank Advances and Long-Term Debt

Federal Home Loan Bank Advances and Long-Term Debt

The following table presents details of the Company’s FHLB advances and long-term debt as of March 31, 2025 and December 31, 2024:

			March 31, 2025		December 31, 2024
($ in thousands)	Interest Rates	Maturity Dates	Amount		Amount
Parent company
Junior subordinated debt — floating (1)	6.11%	12/15/2035	$	32,079	$	32,001
Bank
FHLB advances (2):
Floating (3)	4.50% — 4.58%	2025 — 2026	$	3,000,000	$	3,000,000
Fixed	3.87% — 3.95%	2026	500,000		500,000
Total FHLB advances			$	3,500,000	$	3,500,000

(1)As of March 31, 2025, the remaining junior subordinated debt outstanding was issued by MCBI Statutory Trust I and had a stated interest of 3-month CME Term Secured Overnight Financing Rate (“SOFR”) + 1.81%. The weighted-average contractual interest rates for junior subordinated debt were 6.11% and 6.17% as of March 31, 2025 and December 31, 2024, respectively.

(2)The weighted-average interest rates for FHLB advances were 4.46% and 4.48% as of March 31, 2025 and December 31, 2024, respectively.

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

The Bank’s available borrowing capacity from FHLB advances totaled $10.3 billion as of March 31, 2025. 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 March 31, 2025, all advances were secured by real estate loans.