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Borrowings | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Borrowings |
NOTE 10 – BORROWINGS
Borrowings as of December 31, 2022 and 2021 and the related maximum amounts outstanding at the end of any month in each of the two years then ended are presented below.
| December 31 |  | Maximum Outstanding |  |  |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
| (dollars in thousands)
Federal funds purchased | $ | 191,000 |  |  | $ | — |  |  | $ | 292,000 |  |  | $ | — |  |  |  |  |
Federal Home Loan Bank advances | 1,250,000 |  |  | — |  |  | 1,250,000 |  |  | 535,969 |  |  |  |  |
Other borrowings: |  |  |  |  |  |  |  |  |  |  |
Customer repurchase agreements | 574,394 |  |  | 416,764 |  |  | 574,394 |  |  | 552,547 |  |  |  |  |
Other repurchase agreements | 315,000 |  |  | — |  |  | 315,000 |  |  | — |  |  |  |  |
Other borrowings | 1,179 |  |  | 939 |  |  | N/A |  | N/A |  |  |  |
Total other borrowings | $ | 890,573 |  |  | $ | 417,703 |  |  |  |  |  |  |  |  |
In connection with the Merger, the Corporation assumed $253.5 million of Prudential Bancorp FHLB advances. As of December 31, 2022, the Corporation had aggregate availability under federal funds lines of $2.3 billion, with $0.2 billion of outstanding borrowings against that amount. A combination of commercial real estate loans, commercial loans, consumer loans and investment securities were pledged to the FRB to provide access to the FRB discount window borrowings. As of December 31, 2022 and 2021, the Corporation had $1.3 billion and $0.9 billion, respectively, of collateralized borrowing availability at the FRB discount window and no outstanding borrowings. As of December 31, 2022, the Corporation had additional borrowing capacity of approximately $4.6 billion with the FHLB. Advances from the FHLB, when utilized, are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The following is included in senior and subordinated debt as of December 31:
| 2022 |  | 2021
| (dollars in thousands)
Subordinated debt | $ | 543,601 |  |  | $ | 608,519 |
Junior subordinated deferrable interest debentures | — |  |  | 16,496 |
Unamortized discounts and issuance costs | (3,967) |  |  | (4,609) |
Total senior debt and subordinated debt | $ | 539,634 |  |  | $ | 620,406 |
The following table summarizes the scheduled maturities with an original maturity of one year or more as of December 31, 2022 (dollars in thousands):
Year |
2023 | $ | — |
2024 | 168,778 |
2025 | — |
2026 | — |
2027 | — |
Thereafter | 375,000 |
Unamortized discounts and issuance costs | (4,144) |
| $ | 539,634 |
On March 16, 2022, $65.0 million of senior notes with a fixed rate of 3.60% were repaid upon their maturity. On March 30, 2021, pursuant to a cash tender offer, the Corporation purchased $75.0 million and $60.0 million of its subordinated notes that are scheduled to mature on November 15, 2024 and its senior notes which matured on March 16, 2022, respectively. The Corporation incurred $11.3 million in debt extinguishment costs and expensed $0.8 million of unamortized discount costs. In addition, during the first quarter of 2021, the Corporation prepaid $536.0 million of FHLB advances and incurred $20.9 million in prepayment penalties. In March 2020, the Corporation issued $200.0 million and $175.0 million of subordinated notes due in 2030 and 2035, respectively. The subordinated notes maturing in 2030 were issued with a fixed-to-floating rate of 3.25% and an effective rate of 3.35%, due to issuance costs, and the subordinated notes maturing in 2035 were issued with a fixed-to-floating rate of 3.75% and an effective rate of 3.85%, due to issuance costs. In June 2015, the Corporation issued $150.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. In November 2014, the Corporation issued $100.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.87% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. The Corporation owned all of the common stock of the Columbia Bancorp Statutory Trust, Columbia Bancorp Statutory Trust II and Columbia Bancorp Statutory Trust III, each of which issued TruPS in conjunction with the Corporation issuing junior subordinated deferrable interest debentures to these trusts. In September 2022, the Corporation redeemed all of the outstanding junior subordinated deferrable interest debentures issued to these trusts, totaling approximately $17.2 million, and these trusts redeemed all of the outstanding TruPS in a like amount, after which the subsidiary trusts were canceled.

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