Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

The Company’s securities sold under agreements to repurchase totaled $1,777,475,000 and $1,486,850,000 at December 31, 2024 and 2023, respectively, and are secured by debt securities with carrying values of $2,184,627,000 and $1,800,829,000, respectively. Securities are pledged to customers at the time of the transaction in an amount at least equal to the outstanding balance and are held in custody accounts by third parties. The fair value of collateral is continually monitored and additional collateral is provided as deemed appropriate. The following tables summarize the carrying value of the Company’s repurchase agreements by remaining contractual maturity and category of collateral:

	December 31, 2024		December 31, 2023
	Remaining Contractual Maturity of the Agreements
(Dollars in thousands)	Overnight and Continuous
U.S. government and federal agency	$	—	113,509
Residential mortgage-backed securities	1,777,475		1,306,047
Commercial mortgage-backed securities	—		67,294
Total	$	1,777,475	1,486,850

FHLB advances are collateralized by specifically pledged loans and debt securities, FHLB stock owned by the Company, and a blanket assignment of the unpledged qualifying loans and investments. The scheduled maturities of FHLB advances consist of the following:

	December 31, 2024				December 31, 2023
(Dollars in thousands)	Amount		Weighted Rate		Amount		Weighted Rate
Maturing within one year	$	1,360,000	4.79	%	$	—	—	%
Maturing one year through two years	440,000		4.61	%	—		—	%
Maturing two years through three years	—		—	%	—		—	%
Maturing three years through four years	—		—	%	—		—	%
Maturing four years through five years	—		—	%	—		—	%
Thereafter	—		—	%	—		—	%
Total	$	1,800,000	4.75	%	$	—	—	%

In 2023, the Company had $2,740,000,000 in FRB term borrowings that matured in March 2024. The FRB term borrowing was collateralized by debt securities and had a fixed rate of 4.38%.

The Company’s other borrowed funds consisted of finance lease liabilities and other debt obligations through consolidation of certain VIEs. At December 31, 2024, the Company had $525,000,000 in unsecured lines of credit which are typically renewed on an annual basis with various correspondent entities.

The Company has entered into borrowing transactions with its related parties in connection with the certain variable interest entities. The aggregate amount of borrowings with such related parties was $10,251,000 at December 31, 2024 and 2023.