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


	March 31, 2026		December 31, 2025
Long-term debt:
Trust preferred securities	$	221,176	$	220,034
Subordinated notes 6.25%, net of issuance costs		109,361		109,255
Subordinated notes 2.75%		146,627		144,940
Total long-term debt		477,164		474,229
Total borrowed funds	$	477,164	$	474,229

The following table presents details of outstanding trust preferred securities as of March 31, 2026 (in thousands):

          
         Amount Outstanding

         Issuance Date

         Interest Rate

         Interest Rate as of March 31, 2026

         Maturity Date

Marquette Capital Trust I

$

19,410

12/28/2005

1.33% over 3-month term SOFR

5.26

%

1/7/2036

Marquette Capital Trust II

19,876

12/28/2005

1.33% over 3-month term SOFR

5.26

1/7/2036

Marquette Capital Trust III

7,803

5/30/2006

1.50% over 3-month term SOFR

5.45

6/23/2036

Marquette Capital Trust IV

31,468

6/30/2006

1.60% over 3-month term SOFR

5.54

9/15/2036

Heartland Financial Statutory Trust IV

9,709

3/17/2004

2.75% over 3-month term SOFR

6.69

3/17/2034

Heartland Financial Statutory Trust V

17,596

1/27/2006

1.33% over 3-month term SOFR

5.26

4/7/2036

Heartland Financial Statutory Trust VI

17,048

6/21/2007

1.48% over 3-month term SOFR

5.42

9/15/2037

Heartland Financial Statutory Trust VII

14,917

6/26/2007

1.48% over 3-month term SOFR

5.41

9/1/2037

Morrill Statutory Trust I

10,012

12/19/2002

3.25% over 3-month term SOFR

7.22

12/26/2032

Morrill Statutory Trust II

9,774

12/17/2003

2.85% over 3-month term SOFR

6.79

12/17/2033

Sheboygan Statutory Trust I

7,378

9/17/2003

2.95% over 3-month term SOFR

6.89

9/17/2033

CBNM Capital Trust I

4,866

9/10/2004

3.25% over 3-month term SOFR

7.19

12/15/2034

Citywide Capital Trust III

6,829

12/19/2003

2.80% over 3-month term SOFR

6.73

12/19/2033

Citywide Capital Trust IV

4,721

9/30/2004

2.20% over 3-month term SOFR

6.13

9/30/2034

Citywide Capital Trust V

13,200

5/31/2006

1.54% over 3-month term SOFR

5.48

7/25/2036

OCGI Statutory Trust III

3,030

6/27/2002

3.65% over 3-month term SOFR

7.58

9/30/2032

OCGI Statutory Trust IV

5,693

9/23/2004

2.50% over 3-month term SOFR

6.44

12/15/2034

BVBC Capital Trust II

7,477

4/10/2003

3.25% over 3-month term SOFR

7.18

4/24/2033

BVBC Capital Trust III

10,369

7/29/2005

1.60% over 3-month term SOFR

5.56

9/30/2035

Total trust preferred securities

$

221,176

Remaining Contractual Maturities Of Repurchase Agreements

The table below presents the remaining contractual maturities of repurchase agreements outstanding at March 31, 2026 and December 31, 2025, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):


	As of March 31, 2026
	Remaining Contractual Maturities of the Agreements
	Overnight		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	1,152,251	$	—	$	—	$	1,152,251
U.S. Agencies		1,594,690		761,715		3,000		2,359,405
Total repurchase agreements	$	2,746,941	$	761,715	$	3,000	$	3,511,656


	As of December 31, 2025
	Remaining Contractual Maturities of the Agreements
	2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	1,355,233	$	—	$	—	$	1,355,233
U.S. Agencies		1,177,072		759,500		1,000		1,937,572
Total repurchase agreements	$	2,532,305	$	759,500	$	1,000	$	3,292,805