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Debt | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt [Abstract] |
Debt | Note 8—Debt The Company’s debt and borrowing arrangements consist of:
| December 31, |  | December 31,
| 2025 |  | 2024
| (Dollars in thousands)
Short-term borrowings | $ | 199,000 |  | $ | —
Senior debt: |  |  |  |  |
Senior notes due 2025 | $ | — |  | $ | 100,000
Senior notes due 2030 |  | 200,000 |  |  | —
Repurchased notes |  | — |  |  | (3,579)
Debt issuance costs |  | (3,747) |  |  | (207)
Senior debt, net | $ | 196,253 |  | $ | 96,214
Subordinated debentures | $ | 13,401 |  | $ | 13,401
Other long-term borrowings | $ | 13,712 |  | $ | 14,081
Assets pledged as collateral that are not available to pay the Company’s general obligations as of December 31, 2025 consisted of $4.68 billion of loans held for investment at amortized cost and $257.3 million of investment securities that were pledged for short-term-borrowing agreements. In addition, there were $13.7 million of loans held for investment at amortized cost that were pledged for long-term borrowings at December 31, 2025. Short-term borrowings The FHLB and FRB lines are periodically utilized to manage liquidity. The amount of loans and securities pledged varies and the collateral may be unpledged at any time to the extent the collateral exceeds advances. As of December 31, 2025, based on the amount of loans and securities pledged, as outlined above, total capacity was $3.39 billion, there was $199.0 million borrowed and $3.19 billion available capacity. Senior Debt On August 18, 2025, the Company completed the offering and sale of $200.0 million aggregate principal of 7.375% Senior Notes due 2030 (the “Senior Notes due 2030”). The notes mature on September 1, 2030, and interest is payable semi-annually in arrears on March 1 and September 1 each year. The notes are redeemable in whole or in part beginning on or after the 30 th day prior to the maturity date. The Senior Notes due 2030 are the Company’s direct, unsecured and unsubordinated obligations and rank in equal priority with all of the Company’s existing and future unsecured and unsubordinated indebtedness, and senior in right of payment to all the Company’s existing and future subordinated indebtedness. In August 2025, the Company used the proceeds of this issuance to repay at maturity the outstanding principal of the 4.75% Senior Notes due 2025 (the “Senior Notes due 2025”). The remainder of the net proceeds were used to fund the Company’s share repurchase program and for general corporate purposes. Subordinated Debentures As of December 31, 2025, 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, 2025, 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. Other Long-Term Borrowings Long-term borrowings consist of sold loans that are accounted for as secured borrowings, because they did not qualify for true sale accounting.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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