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Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Borrowings |
NOTE 10 - BORROWINGS
Borrowings as of December 31, 2023 and 2022 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 |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
| (dollars in thousands)
Federal funds purchased | $ | 240,000 |  |  | $ | 191,000 |  |  | $ | 862,000 |  |  | $ | 292,000 |  |  |  |  |
Federal Home Loan Bank advances | 1,100,000 |  |  | 1,250,000 |  |  | 1,720,000 |  |  | 1,250,000 |  |  |  |  |
Other borrowings: |  |  |  |  |  |  |  |  |  |  |
Short-term promissory notes issued to customers and customer repurchase agreements | 611,304 |  |  | 574,394 |  |  | 646,439 |  |  | 574,394 |  |  |  |  |
Other repurchase agreements | — |  |  | 315,000 |  |  | — |  |  | 315,000 |  |  |  |  |
Other borrowings | 838 |  |  | 1,179 |  |  | 1,151 |  |  | — |  |  |  |  |
Total other borrowings | $ | 612,142 |  |  | $ | 890,573 |  |  |  |  |  |  |  |  |
As of December 31, 2023, the Corporation had aggregate federal funds lines borrowing capacity of $2.6 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. The Corporation had $1.3 billion of collateralized borrowing availability at the FRB discount window with no amount outstanding as of December 31, 2023. The Corporation had $1.9 billion of borrowing capacity at the Bank Term Funding Program facility with no amount outstanding as of December 31, 2023. As of December 31, 2023, the Corporation had total borrowing capacity of $8.2 billion with remaining borrowing capacity of approximately $4.9 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:
| 2023 |  | 2022
| (dollars in thousands)
Subordinated debt | $ | 538,778 |  |  | $ | 543,601 |
Unamortized discounts and issuance costs | (3,394) |  |  | (3,967) |
Total senior debt and subordinated debt | $ | 535,384 |  |  | $ | 539,634 |
The following table summarizes the scheduled maturities of senior and subordinated debt with an original maturity of one year or more as of December 31, 2023 (dollars in thousands):
Year |
2024 | $ | 168,778 |
2025 | — |
2026 | — |
2027 | — |
2028 | — |
Thereafter | 370,000 |
Unamortized discounts and issuance costs | (3,394) |
Total | $ | 535,384 |
In December 2023, the Corporation retired $5.0 million of subordinated debt with a fixed-to-floating rate of 3.25% and effective rate of 3.35% maturing in 2030. On March 16, 2022, $65.0 million of senior notes with a fixed rate of 3.60% were repaid upon their maturity. 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. 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.

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