Other Borrowings and Subordinated Notes and Debentures (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt at March 31, 2024 and December 31, 2023 consisted of the following components: 

	March 31,		December 31,
(In thousands)	2024		2023
Other Borrowings
FHLB advances, net of discount, due 2024 to 2033, 4.56% to 5.60% secured by real estate loans	$	853,154	$	953,222
Other long-term debt	18,720		19,144
Total other borrowings	871,874		972,366
Subordinated Notes and Debentures
Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly)(1)	330,000		330,000
Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly)	37,142		37,171
Unamortized debt issuance costs	(963)		(1,030)
Total subordinated notes and debentures	366,179		366,141
Total other borrowings and subordinated debt	$	1,238,053	$	1,338,507

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(1)    The Company transitioned from the three month LIBOR rate to the three month Secured Overnight Financing Rate (“SOFR”), plus a comparable spread adjustment of 26.161 basis points, beginning with interest accrued on the notes from and after October 1, 2023.

Schedule of Aggregate Annual Maturities of Long-term Debt

Aggregate annual maturities of long-term debt at March 31, 2024, are as follows:

Year	(In thousands)
Remainder of 2024	$	1,367
2025	1,822
2026	1,824
2027	1,919
2028	332,798
Thereafter	48,323
Total	$	388,053