Borrowings and Subordinated Debt (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31, 2026				December 31, 2025
			Weighted				Weighted

Borrowing Type	Balance		Average Rate		Balance		Average Rate
	(Dollars in thousands)
FHLB secured advances	$	2,000,000	3.91	%	$	1,710,185	3.90	%
Other short-term borrowings	440,000		3.68	%	240,000		3.69	%
Credit-linked notes	111,250		14.41	%	113,634		14.63	%
Total borrowings, net	$	2,551,250	4.33	%	$	2,063,819	4.47	%

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 date indicated:


	March 31, 2026
					Maturity
FHLB Secured Advances	Balance		Rate		Date
	(Dollars in thousands)

Term advance	$	100,000	3.95	%	05/21/2026
Term advance	150,000		3.95	%	05/26/2026
Term advance	100,000		3.94	%	07/27/2026
Term advance	150,000		3.95	%	07/30/2026
Term advance (1)	150,000		4.59	%	06/26/2026
Term advance	100,000		3.79	%	02/01/2027
Term advance	100,000		3.79	%	03/01/2027
Term advance	100,000		3.78	%	04/01/2027
Term advance (1)	150,000		4.63	%	05/28/2027
Term advance (1)	150,000		4.63	%	06/03/2027
Term advance (1)	150,000		4.39	%	06/03/2027
Term advance	100,000		3.88	%	06/24/2027
Term advance (1)	500,000		3.18	%	09/18/2034
Total FHLB secured advances	$	2,000,000	3.91	%

___________________

(1) Represents FHLB term advances that include a put feature, which allows the FHLB to terminate the advance before its scheduled maturity date.

Schedule of Subordinated Borrowing

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


	March 31, 2026				December 31, 2025				Date	Maturity	Rate Index
Series	Balance		Rate (1)		Balance		Rate (1)		Issued	Date	(Quarterly Reset)
	(Dollars in thousands)
Subordinated notes, net (2)(3)	$	381,877	3.25	%	$	381,737	3.25	%	04/30/2021	05/01/2031	Fixed rate
Subordinated notes (4)	75,000		7.86	%	75,000		8.05	%	10/30/2020	10/30/2030	3-month Term SOFR + 4.195%
Trust V	10,310		7.04	%	10,310		7.07	%	08/15/2003	09/17/2033	3-month Term SOFR + 3.10
Trust VI	10,310		6.99	%	10,310		7.03	%	09/03/2003	09/15/2033	3-month Term SOFR + 3.05
Trust CII	5,155		6.89	%	5,155		6.92	%	09/17/2003	09/17/2033	3-month Term SOFR + 2.95
Trust VII	61,856		6.68	%	61,856		6.85	%	02/05/2004	04/23/2034	3-month Term SOFR + 2.75
Trust CIII	20,619		5.63	%	20,619		5.67	%	08/15/2005	09/15/2035	3-month Term SOFR + 1.69
Trust FCCI	16,495		5.54	%	16,495		5.58	%	01/25/2007	03/15/2037	3-month Term SOFR + 1.60
Trust FCBI	10,310		5.49	%	10,310		5.53	%	09/30/2005	12/15/2035	3-month Term SOFR + 1.55
Trust CS 2005-1	82,475		5.89	%	82,475		5.93	%	11/21/2005	12/15/2035	3-month Term SOFR + 1.95
Trust CS 2005-2	128,866		5.88	%	128,866		6.05	%	12/14/2005	01/30/2036	3-month Term SOFR + 1.95
Trust CS 2006-1	51,545		8.70	%	51,545		9.20	%	02/22/2006	04/30/2036	Prime + 1.95
Trust CS 2006-2	51,550		5.88	%	51,550		6.05	%	09/27/2006	10/30/2036	3-month Term SOFR + 1.95
Trust CS 2006-3 (5)	29,778		4.08	%	30,275		4.12	%	09/29/2006	10/30/2036	3-month EURIBOR + 2.05
Trust CS 2006-4	16,470		8.70	%	16,470		9.20	%	12/05/2006	01/30/2037	Prime + 1.95
Trust CS 2006-5	6,650		5.88	%	6,650		6.05	%	12/19/2006	01/30/2037	3-month Term SOFR + 1.95
Trust CS 2007-2	39,177		5.88	%	39,177		6.05	%	06/13/2007	07/30/2037	3-month Term SOFR + 1.95
PMB Statutory Trust III	7,217		7.37	%	7,217		7.35	%	09/16/2002	09/26/2032	3-month Term SOFR + 3.40
PMB Capital Trust III	10,310		5.93	%	10,310		6.15	%	10/04/2004	10/08/2034	3-month Term SOFR + 2.00
Total subordinated debt	1,015,970		5.24	%	1,016,327		5.35	%
Acquisition discount (6)	(61,898)				(63,587)
Total subordinated debt, net	$	954,072			$	952,740

___________________

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

(2) Net of unamortized issuance costs of $3.1 million at March 31, 2026 and $3.3 million at December 31, 2025.

(3) The subordinated notes, which were issued at the Bank level rather than the holding company level, carried a fixed interest rate until May 1, 2026. On that date, the Company redeemed the outstanding principal amount of $385 million. The balance reflected in the table above differs from the redemption amount due to the carrying value of the subordinated notes, which includes the impact of unamortized debt issuance discount at the reporting date. For more information see “Note 17. Subsequent Events” in Item 1 of this Form 10‑Q.

(4) 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.

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

(6) Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.