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Debt | 12 Months Ended
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Dec. 31, 2024
Debt [Abstract] |
Debt | Note I—Debt 1.Short-term borrowings The Bank has overnight borrowing capacity with the FHLB of Des Moines which amounted to $1.02 billion at December 31, 2024, collateralized by loans. The Bank also had a $1.99 billion line with the Federal Reserve as of that date, also collateralized by loans. Borrowings under these arrangements have been made with one day terms at rates which vary daily. As of December 31, 2024, the Bank did not have any borrowings outstanding on these lines. The details for such daily borrowings are presented below:
|  | As of or for the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  |  | (Dollars in thousands)
Short-term borrowings |  |  |  |  |  |  |  |  |
Balance at year-end |  | $ | — |  | $ | — |  | $ | —
Average during the year |  |  | 44,220 |  |  | 5,739 |  |  | 60,312
Maximum month-end balance |  |  | 455,000 |  |  | 450,000 |  |  | 495,000
Weighted average rate during the year |  |  | 5.58% |  |  | 4.72% |  |  | 2.55%
Rate at December 31 |  |  | — |  |  | — |  |  | —
2.Securities sold under agreements to repurchase Securities sold under agreements to repurchase generally mature within 30 days from the date of the transactions. The detail of securities sold under agreements to repurchase is presented below:
|  | As of or for the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  |  | (Dollars in thousands)
Securities sold under repurchase agreements |  |  |  |  |  |  |  |  |
Balance at year-end |  | $ | — |  | $ | 42 |  | $ | 42
Average during the year |  |  | 3 |  |  | 41 |  |  | 41
Maximum month-end balance |  |  | — |  |  | 42 |  |  | 42
Weighted average rate during the year |  |  | — |  |  | — |  |  | —
Rate at December 31 |  |  | — |  |  | — |  |  | —
3. Guaranteed preferred beneficiary interest in the Company’s subordinated debt As of December 31, 2023, the Company held two statutory business trusts: The Bancorp Capital Trust II and The Bancorp Capital Trust III (the “Trusts”). In each case, the Company owns all the common securities of the Trust. The Trusts issued preferred capital securities to investors and invested the proceeds in the Company through the purchase of junior subordinated debentures issued by the Company (the “2038 Debentures”). The 2038 Debentures are the sole assets of the Trusts. The $10.3 million of 2038 Debentures issued to The Bancorp Capital Trust II and the $3.1 million of 2038 Debentures issued to The Bancorp Capital Trust III were both issued on November 28, 2007, mature on March 15, 2038 and bear interest at the Secured Overnight Financing Rate (“SOFR”) plus 3.51%. As of December 31, 2024, the Trusts qualify as VIEs under ASC 810, Consolidation. However, the Company is not considered the primary beneficiary and, therefore, the Trusts are not consolidated in the Company’s consolidated financial statements. The Trusts are accounted for under the equity method of accounting. 4. Senior debt On August 13, 2020, the Company issued $100.0 million of 2025 Senior Notes, which have a maturity date of August 15, 2025, and a 4.75% interest rate, with interest paid semi-annually on March 15 and September 15. The 2025 Senior Notes are the Company’s direct, unsecured and unsubordinated obligations and rank equal in priority with all of the Company’s existing and future unsecured and unsubordinated indebtedness and senior in right of payment to all of the Company’s existing and future subordinated indebtedness.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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