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Long-Term Debt and Other Borrowed Funds | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt and Other Borrowed Funds | A summary of long-term debt follows:
| June 30, 2025 |  | December 31, 2024
Parent Company: |  |  |
Fixed to floating subordinated notes, 5.25% fixed rate effective May 2020 through May 14, 2025. Effective May 15, 2025, floating Three-Month Term Secured Overnight Financing Rate plus 518.0 basis points. | $ | 99.3 |  |  | $ | 99.1 |
Fixed to floating subordinated notes, 7.625% fixed rate effective June 2025 through June 2030 | 122.3 |  |  | — |
Subsidiaries: |  |  |
0.00% FHLB borrowings maturing in August 2029 | 3.9 |  |  | 3.9 |
8.00% finance lease obligation with term ending October 31, 2029 | 0.7 |  |  | 0.8 |
Note payable maturing March 31, 2038, interest only payable at 1.30% monthly until March 31, 2025 and then principal and interest at 3.25% until maturity | — |  |  | 2.0 |
1.30% note payable maturing June 1, 2034, interest only payable monthly until March 31, 2025 and then principal and interest until maturity | — |  |  | 0.6 |
1.12% note payable maturing December 31, 2045, interest only payable annually until December 31, 2028 and then principal and interest until maturity | 6.8 |  |  | 6.8 |
1.35% note payable maturing December 31, 2046 interest only payable annually until December 31, 2025 and then principal and interest until maturity | 6.4 |  |  | 6.4 |
1.26% note payable maturing December 31, 2051 interest only payable annually until December 31, 2031 and then principal and interest until maturity | 12.6 |  |  | 12.6 |
Total long-term debt | $ | 252.0 |  |  | $ | 132.2 |
The Company’s outstanding $100.0 million of aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2030 (the “2020 Subordinated Notes”) set forth in the table above have been called for redemption on August 15, 2025, as further described in Note 15 – Subsequent Events herein. On June 10, 2025, the Company completed a public offering of $125.0 million fixed-to-floating rate subordinated notes due June 15, 2035 (the “Notes”). The Company may elect to redeem the Notes, in whole or in part, on any early redemption date which is any interest payment date on or after June 15, 2030 at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. The Company may also redeem the Notes, in whole but not in part, upon certain conditions as defined in the indenture governing the Notes. Any early redemption of the Notes will be subject to regulatory approval to the extent then required under applicable laws or regulations, including capital regulations. From and including the date of issuance to, but excluding, June 15, 2030, or earlier redemption date, the Notes will bear interest at an initial fixed rate of 7.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2025. From and including June 15, 2030 to, but excluding, June 15, 2035, or earlier redemption date, the Notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term Secured Overnight Financing Rate (“SOFR”) (as defined in the indenture governing the Notes), plus 398.0 basis points, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2030. Notwithstanding the foregoing, if the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero. At June 30, 2025, the Company had $250.0 million in outstanding FHLB borrowings with remaining tenors of up to twelve-months at an average rate of 4.72%, as compared to $1,567.5 million of outstanding FHLB fixed rate borrowings with tenors of up to three-months at an average rate of 4.77% at December 31, 2024. As of June 30, 2025 and December 31, 2024, the Company had no other material outstanding borrowings classified as other borrowed funds. At June 30, 2025, the Company has remaining available lines of credit with the FHLB of approximately $4,940.0 million, subject to collateral availability. The available line of credit and outstanding borrowings with the FHLB are collateralized by certain loans and securities with an advance equivalent collateral value of $5,193.9 million. The following table presents outstanding FHLB borrowings by original maturity classification for the dates indicated:
As of June 30, 2025 | Average Rate | Outstanding Balance
Fixed rate borrowings with tenors over twelve-months | 4.72 | % | $ | 250.0 |
Total outstanding FHLB borrowings |  | $ | 250.0 |
As of December 31, 2024 | Average Rate | Outstanding Balance
Fixed rate borrowings with tenors of up to twelve-months | 4.78 | % | $ | 1,317.5 |
Fixed rate borrowings with tenors over twelve-months | 4.72 |  | 250.0 |
Total outstanding FHLB borrowings |  | $ | 1,567.5 |

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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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