Borrowings and Subordinated Debentures (Tables)

12 Months Ended

Dec. 31, 2024

The following table summarizes our borrowings as of the dates indicated:


	December 31,
	2024				2023
			Weighted				Weighted
			Average				Average
Borrowing Type	Balance		Rate		Balance		Rate
	(Dollars in thousands)
FHLB secured advances	$	1,100,000	3.93	%	$	—	—	%

Senior notes	174,000		5.25	%	174,000		5.25	%
Credit-linked notes	118,838		15.29	%	123,116		16.02	%
Bank Term Funding Program	—		—	%	2,618,300		4.37	%


Total borrowings	1,392,838		5.06	%	2,915,416		4.92	%
Acquisition discount on senior notes	(1,024)				(4,094)
Total borrowings, net (1)	$	1,391,814			$	2,911,322

___________________

(1) All borrowings were held at the Bank level with the exception of the 5.25% Senior Notes due April 2025 ("Senior Notes"), which were issued at the holding company level.

Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank

The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:


	December 31, 2024
					Maturity
	Balance		Rate		Date
	(Dollars in thousands)
Term advance	$	150,000	4.59	%	6/26/2026
Term advance	150,000		4.63	%	5/28/2027
Term advance	150,000		4.63	%	6/3/2027
Term advance	150,000		4.39	%	6/3/2027
Callable term advance	500,000		3.18	%	9/18/2034
Total FHLB secured advances	$	1,100,000	3.93	%

Borrowings Subordinated Debentures

The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:


	December 31,
	2024				2023				Issue	Maturity	Rate Index
Series	Balance		Rate (1)		Balance		Rate (1)		Date	Date	(Quarterly Reset)
	(Dollars in thousands)
Subordinated notes, net (2)(7)	$	381,185	3.25	%	$	380,651	3.25	%	4/30/2021	5/1/2031	Fixed rate (3)
Subordinated notes	75,000		4.375	%	75,000		4.375	%	10/30/2020	10/30/2030	Fixed rate (6)
Trust V	10,310		7.71	%	10,310		8.74	%	8/15/2003	9/17/2033	3-month Term SOFR + 3.10
Trust VI	10,310		7.67	%	10,310		8.70	%	9/3/2003	9/15/2033	3-month Term SOFR + 3.05
Trust CII	5,155		7.56	%	5,155		8.59	%	9/17/2003	9/17/2033	3-month Term SOFR + 2.95
Trust VII	61,856		7.60	%	61,856		8.40	%	2/5/2004	4/23/2034	3-month Term SOFR + 2.75
Trust CIII	20,619		6.31	%	20,619		7.34	%	8/15/2005	9/15/2035	3-month Term SOFR + 1.69
Trust FCCI	16,495		6.22	%	16,495		7.25	%	1/25/2007	3/15/2037	3-month Term SOFR + 1.60
Trust FCBI	10,310		6.17	%	10,310		7.20	%	9/30/2005	12/15/2035	3-month Term SOFR + 1.55
Trust CS 2005-1	82,475		6.57	%	82,475		7.60	%	11/21/2005	12/15/2035	3-month Term SOFR + 1.95
Trust CS 2005-2	128,866		6.80	%	128,866		7.60	%	12/14/2005	1/30/2036	3-month Term SOFR + 1.95
Trust CS 2006-1	51,545		9.95	%	51,545		10.45	%	2/22/2006	4/30/2036	Prime + 1.95
Trust CS 2006-2	51,550		6.80	%	51,550		7.60	%	9/27/2006	10/30/2036	3-month Term SOFR + 1.95
Trust CS 2006-3 (4)	26,687		5.10	%	28,453		6.00	%	9/29/2006	10/30/2036	3-month EURIBOR + 2.05
Trust CS 2006-4	16,470		9.95	%	16,470		10.45	%	12/5/2006	1/30/2037	Prime + 1.95
Trust CS 2006-5	6,650		6.80	%	6,650		7.60	%	12/19/2006	1/30/2037	3-month Term SOFR + 1.95
Trust CS 2007-2	39,177		6.80	%	39,177		7.60	%	6/13/2007	7/30/2037	3-month Term SOFR + 1.95
PMB Statutory Trust III	7,217		7.99	%	7,217		9.02	%	9/16/2002	9/26/2032	3-month Term SOFR + 3.40
PMB Capital Trust III	10,310		6.89	%	10,310		7.66	%	10/4/2004	10/8/2034	3-month Term SOFR + 2.00
Total subordinated debt	1,012,187		5.48	%	1,013,419		5.93	%
Acquisition discount (5)	(70,264)				(76,820)
Total subordinated debt, net	$	941,923			$	936,599

___________________

(1) Rates do not include the effects of discounts and issuance costs.

(2) Net of unamortized issuance costs of $3.8 million.

(3) Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly equal to 3-month Term SOFR, plus a spread of 252 basis points.

(4) Denomination is in Euros with a value of €25.8 million.

(5) Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.

(6) Interest rate is fixed until October 30, 2025, when it changes to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points.

(7) Subordinated notes, net issued at the Bank level rather than the holding company level.