The components of the Company’s borrowed funds are as follows (in thousands):


	September 30, 2025		December 31, 2024
Long-term debt:
Trust preferred securities	$	218,929	$	76,782
Subordinated notes 3.70%, net of issuance costs		—		199,681
Subordinated notes 6.25%, net of issuance costs		109,148		108,829
Subordinated notes 2.75%		143,254		—
Total long-term debt		471,331		385,292
Total borrowed funds	$	471,331	$	385,292

The following table presents details of outstanding trust preferred securities as of September 30, 2025 (in thousands):

          
         Amount Outstanding

         Issuance Date

         Interest Rate

         Interest Rate as of September 30, 2025

         Maturity Date

Marquette Capital Trust I

$

19,205

12/28/2005

1.33% over 3-month term SOFR

5.91

%

1/7/2036

Marquette Capital Trust II

19,687

12/28/2005

1.33% over 3-month term SOFR

5.91

1/7/2036

Marquette Capital Trust III

7,730

5/30/2006

1.50% over 3-month term SOFR

5.77

6/23/2036

Marquette Capital Trust IV

31,184

6/30/2006

1.60% over 3-month term SOFR

5.90

9/15/2036

Heartland Financial Statutory Trust IV

9,622

3/17/2004

2.75% over 3-month term SOFR

7.03

3/17/2034

Heartland Financial Statutory Trust V

17,361

1/27/2006

1.33% over 3-month term SOFR

5.91

4/7/2036

Heartland Financial Statutory Trust VI

16,848

6/21/2007

1.48% over 3-month term SOFR

5.78

9/15/2037

Heartland Financial Statutory Trust VII

14,742

6/26/2007

1.48% over 3-month term SOFR

5.91

9/1/2037

Morrill Statutory Trust I

9,931

12/19/2002

3.25% over 3-month term SOFR

7.51

12/26/2032

Morrill Statutory Trust II

9,687

12/17/2003

2.85% over 3-month term SOFR

7.13

12/17/2033

Sheboygan Statutory Trust I

7,314

9/17/2003

2.95% over 3-month term SOFR

7.23

9/17/2033

CBNM Capital Trust I

4,833

9/10/2004

3.25% over 3-month term SOFR

7.55

12/15/2034

Citywide Capital Trust III

6,769

12/19/2003

2.80% over 3-month term SOFR

7.37

12/19/2033

Citywide Capital Trust IV

4,668

9/30/2004

2.20% over 3-month term SOFR

6.66

9/30/2034

Citywide Capital Trust V

13,041

5/31/2006

1.54% over 3-month term SOFR

5.84

7/25/2036

OCGI Statutory Trust III

3,011

6/27/2002

3.65% over 3-month term SOFR

8.23

9/30/2032

OCGI Statutory Trust IV

5,638

9/23/2004

2.50% over 3-month term SOFR

6.80

12/15/2034

BVBC Capital Trust II

7,420

4/10/2003

3.25% over 3-month term SOFR

7.81

4/24/2033

BVBC Capital Trust III

10,238

7/29/2005

1.60% over 3-month term SOFR

5.86

9/30/2035

Total trust preferred securities

$

218,929

Remaining Contractual Maturities Of Repurchase Agreements

The table below presents the remaining contractual maturities of repurchase agreements outstanding at September 30, 2025 and December 31, 2024, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):


	As of September 30, 2025
	Remaining Contractual Maturities of the Agreements
	Overnight		2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	687,086	$	—	$	—	$	—	$	687,086
U.S. Agencies		1,454,845		20,238		602,527		1,400		2,079,010
Total repurchase agreements	$	2,141,931	$	20,238	$	602,527	$	1,400	$	2,766,096


	As of December 31, 2024
	Remaining Contractual Maturities of the Agreements
	2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	608,836	$	—	$	—	$	608,836
U.S. Agencies		1,496,676		431,048		2,750		1,930,474
Total repurchase agreements	$	2,105,512	$	431,048	$	2,750	$	2,539,310