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Short-Term Borrowings and Long-Term Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of September 30, 2024 and December 31, 2023:
|  |  |  |  |  |  |  | September 30, 2024 |  | December 31, 2023
($ in thousands) |  |  |  | Interest Rates |  | Maturity Dates |  | Amount |  | Amount
Parent company |  |  |  |  |  |  |  |  |  |
Junior subordinated debt (1) — floating (2) |  |  |  | 6.76% |  | 12/15/2035 |  | $ | 31,923 |  |  | $ | 148,249 |
Bank |  |  |  |  |  |  |  |  |  |
BTFP borrowings |  |  |  | 4.37% |  | 03/19/2024 |  | $ | — |  |  | $ | 4,500,000 |
FHLB advances (3): |  |  |  |  |  |  |  |  |  |
Floating (2) |  |  |  | 5.02% — 5.07% |  | 2025 |  | $ | 3,000,000 |  |  | $ | — |
Fixed |  |  |  | 3.87% — 3.95% |  | 2026 |  | 500,000 |  |  | — |
Total FHLB advances |  |  |  |  |  |  |  | $ | 3,500,000 |  |  | $ | — |
(1)The weighted-average interest rates for junior subordinated debt were 6.76% and 6.87% as of September 30, 2024 and December 31, 2023, respectively. (2)Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread. (3)The weighted-average interest rate for FHLB advances was 4.88% as of September 30, 2024. The Bank’s available borrowing capacity from FHLB advances totaled $8.9 billion as of September 30, 2024. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of September 30, 2024, all advances were secured by real estate loans. During the first quarter of 2024, the Company redeemed approximately $117 million of junior subordinated debt and repaid $4.5 billion of BTFP borrowings upon maturity. For additional information on the BTFP and junior subordinated debt, refer to Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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