Federal Home Loan Bank Advances and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of 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.