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v3.25.1

Short and Long-Term Funding | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Short and Long-Term Funding | Short and Long-Term Funding The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):
($ in thousands) | Mar 31, 2025 | Dec 31, 2024
Short-term funding |  |
Federal funds purchased | $ | 225,385 |  | $ | 370,325 |
Securities sold under agreements to repurchase | 85,950 |  | 100,044 |
Federal funds purchased and securities sold under agreements to repurchase | 311,335 |  | 470,369 |
Long-term funding |  |
Corporation senior notes, at par | $ | 300,000 |  | $ | 300,000 |
Corporation subordinated notes, at par | 300,000 |  | 550,000 |
Discount and capitalized costs | (8,369) |  | (8,664) |
Subordinated debt fair value hedge(a) | (521) |  | (3,996) |
Finance leases | 273 |  | 295 |
Total long-term funding | $ | 591,382 |  | $ | 837,635 |
Total short and long-term funding, excluding FHLB advances | $ | 902,718 |  | $ | 1,308,004 |
FHLB advances |  |
Short-term FHLB advances | $ | 1,420,000 |  | $ | 1,250,000 |
Long-term FHLB advances | 611,519 |  | 611,551 |
FHLB advances fair value hedge(a) | (4,222) |  | (7,744) |
Total FHLB advances | $ | 2,027,297 |  | $ | 1,853,807 |
Total short and long-term funding | $ | 2,930,015 |  | $ | 3,161,811 |
(a) For additional information on the fair value hedges, see Note 9. Securities Sold Under Agreements to Repurchase The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At March 31, 2025, the Corporation had pledged securities valued at 201% of the gross outstanding balance of repurchase agreements to manage this risk. The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets is presented in the following table:
| Overnight and Continuous |  |  |  |
($ in thousands) | Mar 31, 2025 | Dec 31, 2024 |  |  |  |
Repurchase agreements |  |  |  |  |  |
Agency mortgage-related securities | $ | 85,950 |  | $ | 100,044 |  |  |  |  |
Long-Term Funding Senior Notes In August 2024, the Corporation issued $300 million in aggregate principal amount of 6.455% Fixed Rate / Floating Rate Senior Notes Due August 29, 2030. Up to, but excluding, August 29, 2024, to, but excluding, August 29, 2029, the senior notes will have a fixed coupon interest rate of 6.455% per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029, to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR (as defined in the Global Note issued in connection with the senior notes) plus 3.030%, payable quarterly in arrears. Prior to August 29, 2029, the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the aggregate principal amount of the notes to be redeemed plus a "make whole" premium plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029, the Corporation may redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or after July 30, 2030 (30 days prior to the maturity date), the Corporation may redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The senior notes were issued at a discount. Subordinated Notes In February 2023, the Corporation issued $300 million of 10-year subordinated notes, due March 1, 2033 and redeemable (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event (as defined in the Global Note). The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount. In January 2025, $250 million of 10-year subordinated notes issued in November 2014 by the Corporation matured and were repaid. Finance Leases Finance leases are used in conjunction with branch operations. See Note 16 for additional disclosure regarding the Corporation’s leases.

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