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Borrowings and Subordinated Debentures (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our borrowings as of the dates indicated:
December 31,
20252024
WeightedWeighted
Borrowing TypeBalanceAverage RateBalanceAverage Rate
(Dollars in thousands)
FHLB secured advances$1,710,185 3.90 %$1,100,000 3.93 %
Credit-linked notes113,634 14.63 %118,838 15.29 %
Other short-term borrowings240,000 3.69 %— — %
Senior notes— — %174,000 5.25 %
Total borrowings2,063,819 4.47 %1,392,838 5.06 %
Acquisition discount on Senior Notes— (1,024)
Total borrowings, net (1)
$2,063,819 $1,391,814 
___________________
(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.
Federal Home Loan Bank, Advance, Branch of FHLBank
The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:
December 31, 2025
BalanceRateMaturity Date
(Dollars in thousands)
Overnight advance$35,185 4.02 %01/02/2026
Term advance175,000 3.89 %02/11/2026
Term advance150,000 4.59 %06/26/2026
Term advance100,000 3.79 %02/01/2027
Term advance100,000 3.79 %03/01/2027
Term advance100,000 3.78 %04/01/2027
Term advance150,000 4.63 %05/28/2027
Term advance150,000 4.63 %06/03/2027
Term advance150,000 4.39 %06/03/2027
Term advance100,000 3.88 %06/24/2027
Callable term advance500,000 3.18 %09/18/2034
Total FHLB secured advances$1,710,185 3.90 %
Borrowings Subordinated Debentures
The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:
December 31,
20252024IssueMaturityRate Index
SeriesBalance
Rate (1)
Balance
Rate (1)
DateDate
(Quarterly Reset)
(Dollars in thousands)
Subordinated notes, net (2)(3)(4)
$381,737 3.25 %$381,185 3.25 %4/30/20215/1/2031Fixed rate
Subordinated notes (5)
75,000 8.05 %75,000 4.375 %10/30/202010/30/2030
3-month Term SOFR + 4.195%
Trust V10,310 7.07 %10,310 7.71 %8/15/20039/17/2033
3-month Term SOFR + 3.10
Trust VI10,310 7.03 %10,310 7.67 %9/3/20039/15/2033
3-month Term SOFR + 3.05
Trust CII5,155 6.92 %5,155 7.56 %9/17/20039/17/2033
3-month Term SOFR + 2.95
Trust VII61,856 6.85 %61,856 7.60 %2/5/20044/23/2034
3-month Term SOFR + 2.75
Trust CIII20,619 5.67 %20,619 6.31 %8/15/20059/15/2035
3-month Term SOFR + 1.69
Trust FCCI16,495 5.58 %16,495 6.22 %1/25/20073/15/2037
3-month Term SOFR + 1.60
Trust FCBI10,310 5.53 %10,310 6.17 %9/30/200512/15/2035
3-month Term SOFR + 1.55
Trust CS 2005-182,475 5.93 %82,475 6.57 %11/21/200512/15/2035
3-month Term SOFR + 1.95
Trust CS 2005-2128,866 6.05 %128,866 6.80 %12/14/20051/30/2036
3-month Term SOFR + 1.95
Trust CS 2006-151,545 9.20 %51,545 9.95 %2/22/20064/30/2036
Prime + 1.95
Trust CS 2006-251,550 6.05 %51,550 6.80 %9/27/200610/30/2036
3-month Term SOFR + 1.95
Trust CS 2006-3 (6)
30,275 4.12 %26,687 5.10 %9/29/200610/30/2036
3-month EURIBOR + 2.05
Trust CS 2006-416,470 9.20 %16,470 9.95 %12/5/20061/30/2037
Prime + 1.95
Trust CS 2006-56,650 6.05 %6,650 6.80 %12/19/20061/30/2037
3-month Term SOFR + 1.95
Trust CS 2007-239,177 6.05 %39,177 6.80 %6/13/20077/30/2037
3-month Term SOFR + 1.95
PMB Statutory Trust III7,217 7.35 %7,217 7.99 %9/16/20029/26/2032
3-month Term SOFR + 3.40
PMB Capital Trust III10,310 6.15 %10,310 6.89 %10/4/200410/8/2034
3-month Term SOFR + 2.00
Total subordinated debt1,016,327 5.35 %1,012,187 5.48 %
Acquisition discount (7)
(63,587)(70,264)
Total subordinated debt, net$952,740 $941,923 
___________________
(1)    Rates do not include the effects of discounts and issuance costs.
(2)    Net of unamortized issuance costs of $3.3 million at December 31, 2025 and $3.8 million at December 31, 2024.
(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)    Subordinated notes, net issued at the Bank level rather than the holding company level.
(5)    Interest rate was fixed at 4.375% until October 30, 2025, when it changed to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points.
(6)    Denomination is in Euros with a value of €25.8 million.
(7)    Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.