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Other Borrowings and Securities Sold under Repurchase Agreements | 12 Months Ended
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Dec. 31, 2024
Broker-Dealer [Abstract] |
Other Borrowings and Securities Sold under Repurchase Agreements | 9. OTHER BORROWINGS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS The Company utilizes borrowings to supplement deposits to fund its lending and investment activities. Borrowings consist of funds from the Federal Home Loan Bank (“FHLB”), the Federal Reserve Board Bank Term Funding Program (“BTFP”) and securities sold under repurchase agreements.
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
FHLB advances |  | $ | 3,200,000 |  |  | $ | — |
Bank Term Funding Program |  |  | — |  |  |  | 3,725,000 |
Total other borrowings |  |  | 3,200,000 |  |  |  | 3,725,000 |
Securities sold under repurchase agreements |  |  | 221,913 |  |  |  | 309,277 |
Total |  | $ | 3,421,913 |  |  | $ | 4,034,277 |
FHLB advances and long-term notes payable—The Company has an available line of credit with the FHLB of Dallas, which allows the Company to borrow on a collateralized basis. The Company’s FHLB advances are typically considered short-term borrowings and are used to manage liquidity as needed. Maturing advances are replaced by drawing on available cash, making additional borrowings or through increased customer deposits. At December 31, 2024, the Company had total borrowing capacity of $7.94 billion under this line. FHLB advances of $3.20 billion were outstanding at December 31, 2024, with an interest rate of 4.38%. At December 31, 2024, the Company had no FHLB long-term notes payable balance outstanding. Bank Term Funding Program— During the second quarter of 2023, the Bank began participating in the BTFP, which ceased extending new loans as of March 11, 2024. Under the BTFP program, eligible depository institutions could obtain loans of up to one year in length by pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. At December 31, 2024, the Company had no BTFP balance outstanding. Securities sold under repurchase agreements with Company customers—At December 31, 2024, the Company had $221.9 million in securities sold under repurchase agreements compared with $309.3 million at December 31, 2023, a decrease of $87.4 million or 28.2%, with weighted average interest rates paid of 2.70% and 2.42% for the years ended December 31, 2024 and 2023, respectively. Repurchase agreements are generally settled on the following business day; however, approximately $2.7 million of repurchase agreements outstanding at December 31, 2024 have maturity dates ranging from 12 to 24 months. All securities sold under repurchase agreements are collateralized by certain pledged securities. Subordinated debentures— On May 1, 2023, in connection with the acquisition of First Bancshares, the Company assumed the obligation related to $3.1 million of Floating Rate Junior Subordinated Deferrable Interest Debentures and trust preferred securities (the “Subordinated Debentures”), which the Company redeemed on September 18, 2023. Accordingly, as of December 31, 2024, the Company had no Subordinated Debentures outstanding.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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