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v3.25.1

Federal Home Loan Bank Advances and Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents details of the Company’s FHLB advances and long-term debt as of March 31, 2025 and December 31, 2024:
|  |  |  |  |  |  |  | March 31, 2025 |  | December 31, 2024
($ in thousands) |  |  |  | Interest Rates |  | Maturity Dates |  | Amount |  | Amount
Parent company |  |  |  |  |  |  |  |  |  |
Junior subordinated debt — floating (1) |  |  |  | 6.11% |  | 12/15/2035 |  | $ | 32,079 |  |  | $ | 32,001 |
Bank |  |  |  |  |  |  |  |  |  |
FHLB advances (2): |  |  |  |  |  |  |  |  |  |
Floating (3) |  |  |  | 4.50% — 4.58% |  | 2025 — 2026 |  | $ | 3,000,000 |  |  | $ | 3,000,000 |
Fixed |  |  |  | 3.87% — 3.95% |  | 2026 |  | 500,000 |  |  | 500,000 |
Total FHLB advances |  |  |  |  |  |  |  | $ | 3,500,000 |  |  | $ | 3,500,000 |
(1)As of March 31, 2025, the remaining junior subordinated debt outstanding was issued by MCBI Statutory Trust I and had a stated interest of 3-month CME Term Secured Overnight Financing Rate (“SOFR”) + 1.81%. The weighted-average contractual interest rates for junior subordinated debt were 6.11% and 6.17% as of March 31, 2025 and December 31, 2024, respectively. (2)The weighted-average interest rates for FHLB advances were 4.46% and 4.48% as of March 31, 2025 and December 31, 2024, respectively. (3)Floating interest rates are based on the SOFR plus the established spread.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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