Long-Term Debt and Other Borrowed Funds

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Other Borrowed Funds

A summary of long-term debt follows:    

	September 30, 2024		December 31, 2023
Parent Company:
Fixed to floating subordinated notes, 5.25% fixed rate effective May 2020 through May 2025	$	99.1	$	99.0
Subsidiaries:
0.00% FHLB borrowings maturing in August 2029	3.9		—
8.00% finance lease obligation with term ending October 31, 2029	0.8		0.9
1.00% note payable maturing December 31, 2041, interest only payable quarterly until September 30, 2024 and then principal and interest until maturity	5.1		5.1
Note payable maturing March 31, 2038, interest only payable at 1.30% monthly until March 31, 2025 and then principal and interest at 3.25% until maturity	2.0		2.0
1.30% note payable maturing June 1, 2034, interest only payable monthly until March 31, 2025 and then principal and interest until maturity	0.6		0.6
1.12% note payable maturing December 31, 2045, interest only payable annually until December 31, 2028 and then principal and interest until maturity	6.8		6.8
1.35% note payable maturing December 31, 2046 interest only payable annually until December 31, 2025 and then principal and interest until maturity	6.4		6.4
1.26% note payable maturing December 31, 2051 interest only payable annually until December 31, 2031 and then principal and interest until maturity	12.6		—
Total long-term debt	$	137.3	$	120.8

In addition to the long-term debt instruments noted above, at September 30, 2024, the Company had other borrowed funds totaling $2,080.0 million of outstanding Bank Term Funding Program (“BTFP”) and FHLB fixed rate borrowings with remaining tenors of up to twelve-months at an average rate of 4.86%, as compared to $2,603.0 million of outstanding FHLB fixed rate borrowings with tenors of up to three-months at an average rate of 5.52% at December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had no other material outstanding borrowings classified as other borrowed funds.

At September 30, 2024, the Company has remaining available lines of credit with the FHLB of approximately $4,885.2 million, subject to collateral availability. The available line of credit and outstanding borrowings with the FHLB are collateralized by certain loans and securities with an advance equivalent collateral value of $5,969.0 million.

The following table presents outstanding FHLB and BTFP borrowings by original maturity classification for the dates indicated:

As of September 30, 2024	Average Rate		Outstanding Balance
Fixed rate borrowings with tenors of up to twelve-months	4.87	%	$	1,830.0
Fixed rate borrowings with tenors over twelve-months	4.72		250.0
			$	2,080.0
As of December 31, 2023	Average Rate		Outstanding Balance
Fixed rate borrowings with tenors of up to three-months	5.52	%	$	2,603.0
			$	2,603.0