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Federal Home Loan Bank Advances and Long-Term Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Federal Home Loan Bank Advances and Long-Term Debt | Federal Home Loan Bank Advances and Long-Term Debt The following table presents details of the Company’s FHLB advances and long-term debt as of September 30, 2025 and December 31, 2024:
|  |  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
($ in thousands) |  |  |  | Interest Rates |  | Maturity Dates |  | Amount |  | Amount
Parent company |  |  |  |  |  |  |  |  |  |
Junior subordinated debt — floating (1) |  |  |  | 5.85% |  | 12/15/2035 |  | $ | 32,239 |  |  | $ | 32,001 |
Bank |  |  |  |  |  |  |  |  |  |
FHLB advances (2): |  |  |  |  |  |  |  |  |  |
Floating (3) |  |  |  | 4.29% — 4.38% |  | 2026 |  | $ | 2,000,000 |  |  | $ | 3,000,000 |
Fixed |  |  |  | 3.87% — 4.49% |  | 2025 — 2026 |  | 1,000,000 |  |  | 500,000 |
Total FHLB advances |  |  |  |  |  |  |  | $ | 3,000,000 |  |  | $ | 3,500,000 |
(1)As of September 30, 2025, the outstanding junior subordinated debt 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 contractual interest rates for junior subordinated debt were 5.85% and 6.17% as of September 30, 2025 and December 31, 2024, respectively. (2)The weighted-average interest rates for FHLB advances were 4.30% and 4.48% as of September 30, 2025 and December 31, 2024, respectively. (3)Floating interest rates are based on the SOFR plus the established spread. The Bank’s available borrowing capacity from FHLB advances totaled $11.4 billion as of September 30, 2025. 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, 2025, all advances were secured by real estate loans.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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