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BORROWINGS
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Subordinated Debt
On March 15, 2022, the Company completed an offering of $200.0 million aggregate principal amount Fixed to Floating Rate Subordinated Notes due in 2032. The notes bear a fixed interest rate of 3.875% per year through March 29, 2027. Commencing on March 30, 2027, the notes will bear interest at a floating rate per annum equal to the benchmark rate (which is expected to be the three-month SOFR rate) plus a spread of 196.5 basis points, payable quarterly in arrears. The total amount of debt issuance costs
incurred was $3.1 million, which are being amortized through the contractual life of the debt. The entire amount of the subordinated debt is considered Tier 2 capital under current regulatory guidelines.

On November 5, 2019, the Company completed an offering of $175.0 million aggregate principal amount Fixed to Floating Rate Subordinated Notes due in 2029. The notes had a fixed interest rate of 4.25% per year through November 14, 2024. On November 15, 2024, the interest rate became a floating rate equal to three-month SOFR, plus 288 basis points (including a benchmark adjustment of 26 basis points) through the remaining maturity or early redemption date of the notes. The interest was paid in arrears semi-annually during the fixed rate period and is paid quarterly during the floating rate period. The Company incurred $2.9 million of debt issuance costs, which are being amortized through the contractual life of the debt. As of December 31, 2024, the effective variable rate was 7.41%. Under regulatory capital guidelines subordinated debt begins to phase out of Tier 2 capital qualification, on an annual straight-line basis, when there are five years remaining until the subordinated debt matures. This subordinated debt has less than five years but more than four years remaining until it matures, and therefore, as of December 31, 2024, $140 million of the subordinated debt is considered Tier 2 capital under current regulatory guidelines.

The following table provides information on subordinated debentures for the period indicated:

(In thousands)20242023
Fixed to floating rate sub debt, 3.875%
$200,000 $200,000 
Fixed to floating rate sub debt, 7.41%
175,000 175,000 
Total subordinated debt375,000 375,000 
Less: Debt issuance costs(3,600)(4,197)
Long-term borrowings$371,400 $370,803 

Other Borrowings
Information relating to retail repurchase agreements and federal funds purchased is presented in the following table at and for the years ending December 31:

20242023
(Dollars in thousands)AmountRateAmountRate
End of period:
Retail repurchase agreements$68,911 1.92 %$75,032 2.00 %
Federal funds purchased— — — — 
Federal Reserve Bank borrowings— — 300,000 4.92 
Average for the year:
Retail repurchase agreements$65,913 2.08 %$63,259 1.45 %
Federal funds purchased16,208 5.53 69,672 5.15 
Federal Reserve Bank borrowings59,016 5.07 201,370 4.94 
Maximum month-end balance:
Retail repurchase agreements$75,101 $78,239 
Federal funds purchased130,000 330,000 
Federal Reserve Bank borrowings300,000 300,000 

The Company pledges U.S. Agencies securities, based upon their market values, as collateral for greater than 102.5% of the principal of its retail repurchase agreements.

The Company had no outstanding federal funds purchased at December 31, 2024 or December 31, 2023. The available borrowing federal funds capacity under unsecured lines of credit with correspondent banks was $903.0 million at December 31, 2024 and $1.2 billion at December 31, 2023. During the first quarter of 2024, the Company fully paid off $300.0 million of outstanding borrowings through the Federal Reserve's Bank Term Funding Program.
The Company also had secured lines of credit available from the Federal Reserve and correspondent banks of $772.3 million and $651.3 million at December 31, 2024 and 2023, respectively, collateralized by loans, with no borrowings outstanding at the end of either period.

At December 31, 2024, the Company had the ability to pledge collateral at prevailing market rates under a line of credit with the FHLB of $3.4 billion. FHLB availability based on pledged collateral at December 31, 2024, amounted to $3.2 billion, with $250.0 million outstanding. At December 31, 2023, the Company possessed the ability to extend its lines of credit with the FHLB totaling $3.6 billion based on collateral that was available to be pledged. The availability of FHLB borrowings based on the collateral pledged at December 31, 2023 was $3.1 billion with $550.0 million outstanding borrowings.

Under a blanket lien, the Company has pledged qualifying residential mortgage loans amounting to $1.4 billion, commercial real estate loans amounting to $3.9 billion, home equity lines of credit (“HELOC”) amounting to $228.7 million and multifamily loans amounting to $559.3 million at December 31, 2024 as collateral under the borrowing agreement with the FHLB. At December 31, 2023, the Company had pledged collateral of qualifying mortgage loans of $1.4 billion, commercial real estate loans of $4.0 billion, HELOC loans of $209.2 million and multifamily loans of $538.6 million under the FHLB borrowing agreement.

Advances from the FHLB and the respective maturity schedule at December 31 for the years indicated consisted of the following:

20242023
(Dollars in thousands)AmountsWeighted Average
Rate		AmountsWeighted Average
Rate
Maturity:
One year$150,000 4.16 %$250,000 4.60 %
Two years100,000 4.03 150,000 4.16 
Three years— — 100,000 4.03 
Four years— — 50,000 4.08 
Five years— — — — 
After five years— — — — 
Total advances from FHLB$250,000 4.11 $550,000 4.33