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Borrowings | 9 Months Ended
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Sep. 30, 2025
Borrowings |
Borrowings | Note 21 — Borrowings Securities Sold Under Agreements to Repurchase (“Repurchase agreements”) ​ Repurchase agreements represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. Repurchase agreements are included in Securities Sold Under Agreements to Repurchase on the Consolidated Balance Sheets. At September 30, 2025 and December 31, 2024, our repurchase agreements totaled $256.7 million and $254.7 million, respectively. All of our repurchase agreements were overnight or continuous (until-further-notice) agreements at September 30, 2025 and December 31, 2024. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a market value of $311.9 million and $370.4 million at September 30, 2025 and December 31, 2024, respectively. Declines in the value of the collateral would require us to increase the amounts of securities pledged. ​ Federal Funds Purchased ​ Federal funds purchased are generally overnight daily borrowings with no defined maturity date. At September 30, 2025 and December 31, 2024, our federal funds purchased totaled $337.4 million and $260.2 million, respectively. ​ ​ Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Borrowing ​ The Company has, from time to time, entered into borrowing agreements with the FHLB and FRB. Borrowings under these agreements are collateralized by stock in the FHLB, qualifying first and second mortgage residential loans, investment securities, and commercial real estate loans under a blanket-floating lien. As of September 30, 2025, and December 31, 2024, the Company had no outstanding FHLB borrowings. Net eligible loans of the Company pledged via a blanket lien to the FHLB for advances and letters of credit at September 30, 2025, were approximately $9.2 billion (collateral value of $5.5 billion) and investment securities and cash pledged were approximately $216.7 million (collateral value of $153.6 million). This allows the Company a total borrowing capacity at the FHLB of approximately $5.6 billion. After accounting for the secured collateral required totaling $17.8 million, the Company had unused net credit available with the FHLB in the amount of approximately $5.6 billion at September 30, 2025. The Company also has a total borrowing capacity at the FRB of $12.0 billion at September 30, 2025, secured by a blanket lien on $15.9 billion (collateral value of $12.0 billion) in net eligible loans of the Company. The Company had no outstanding borrowings with the FRB at September 30, 2025, or December 31, 2024. ​ Corporate and Subordinated Debentures ​ On June 13, 2025, the Company issued $350.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2035. The subordinated notes initially bear interest at an initial rate of 7.00% per annum, commencing on June 13, 2025, until June 13, 2030, after which interest will be payable at a floating rate equal to SOFR plus 319 basis points. Interest is payable semi-annually during the fixed rate period and quarterly during the floating rate period, in arrears. The Company may redeem the notes at such times and at the redemption prices as provided for in the indenture governing the notes. The notes are unsecured, subordinated obligations and qualify as Tier 2 capital under applicable capital adequacy rules. The Company received net proceeds of $346.5 million, which the Company used to redeem $405.0 million of the Company’s outstanding subordinated debentures in the third quarter of 2025. Of the redemptions, $200.0 million was redeemed as of September 1, 2025 at a rate of 9.94% (floating rate after fixed rate ended in second quarter of 2025), $130.0 million was redeemed as of September 15, 2025 at a rate of 4.00% and $75.0 million was redeemed as of September 15, 2025 at a rate of 5.50%. After these redemptions, the Company has $525.0 million in outstanding principal of subordinated debentures as of September 30, 2025.

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