Subordinated Deferrable Debt (Tables)

12 Months Ended

May 31, 2026

The following table presents, by issuance, subordinated deferrable debt outstanding and the weighted-average interest rates as of May 31, 2026 and 2025.

Table 8.1: Subordinated Deferrable Debt Outstanding and Weighted-Average Interest Rates


	May 31,
	2026				2025				Maturity and Call Dates
(Dollars in thousands)	Outstanding Amount		Weighted Average Interest Rate		Outstanding Amount		Weighted Average Interest Rate		Term in Years	Maturity(2)	Call Date
Issuances of subordinated notes:
Variable rate issuance 2013	$	—	—	%	$	300,000	7.45	%	30	2043	April 30, 2023(1)
5.25% issuance 2016	—		—		350,000		5.25		30	2046	April 20, 2026(1)
5.50% issuance 2019	250,000		5.50		250,000		5.50		45	2064	May 15, 2024(1)
7.125% issuance 2023	300,000		7.13		300,000		7.13		30	2053	June 15, 2028
7.125% issuance 2024	100,000		7.13		100,000		7.13		29	2053	June 15, 2028
5.75% issuance 2026	150,000		5.75		—		—		30	2056	January 20, 2031(3)
5.95% issuance 2026	450,000		5.95		—		—		30	2056	January 21, 2036(3)
Subordinated notes	72,956		5.74		43,811		5.75		30	2054-2056	Various(4)
Total aggregate principal amount	1,322,956				1,343,811
Unamortized premiums	3,409				3,450
Debt issuance costs	(16,083)				(17,776)
Total subordinated deferrable debt	$	1,310,282	6.19		$	1,329,485	6.36

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(1)At any time on or after the call date, the subordinated deferrable debt is redeemable, in whole or in part, at par.

(2)Maturity is presented based on calendar year.

(3)The subordinated notes may be called, in whole or in part, at par on any day during the period commencing 90 days prior to, and including, the first interest rate reset date and then on each interest payment date thereafter. The first interest rate reset date is April 20, 2031 for the 5.75% Notes and April 20, 2036 for the 5.95% Notes.

(4)The subordinated notes may be called, in whole or in part, at par on or after five years from the date of the issuances.