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Borrowings and Subordinated Debentures (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes our borrowings as of the dates indicated:

			March 31, 2024												December 31, 2023
									Weighted												Weighted
									Average												Average
			Balance						Rate						Balance						Rate
			(Dollars in thousands)
Bank Term Funding Program			$	1,545,000					5.40		%				$	2,618,300					4.37		%
Senior notes			174,000						5.25		%				174,000						5.25		%
Credit-linked notes			123,824						16.03		%				123,116						16.02		%
FHLB secured advances			300,000						4.45		%				—						—		%
Total borrowings			2,142,824						5.87		%				2,915,416						4.92		%
Acquisition discount on senior notes			(3,326)												(4,094)
Total borrowings, net			$	2,139,498											$	2,911,322

Schedule of Subordinated Borrowing

The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:

			March 31, 2024												December 31, 2023												Date						Maturity						Rate Index
Series			Balance						Rate (1)						Balance						Rate (1)						Issued						Date						(Quarterly Reset)
			(Dollars in thousands)
Subordinated notes, net (2)			$	380,783					3.25		%				$	380,651					3.25		%				4/30/2021						5/1/2031						Fixed rate (3)
Subordinated notes			75,000						4.375		%				75,000						4.375		%				10/30/2020						10/30/2030						Fixed rate (6)
Trust V			10,310						8.69		%				10,310						8.74		%				8/15/2003						9/17/2033						3-month Term SOFR + 3.10
Trust VI			10,310						8.64		%				10,310						8.70		%				9/3/2003						9/15/2033						3-month Term SOFR + 3.05
Trust CII			5,155						8.54		%				5,155						8.59		%				9/17/2003						9/17/2033						3-month Term SOFR + 2.95
Trust VII			61,856						8.33		%				61,856						8.40		%				2/5/2004						4/23/2034						3-month Term SOFR + 2.75
Trust CIII			20,619						7.28		%				20,619						7.34		%				8/15/2005						9/15/2035						3-month Term SOFR + 1.69
Trust FCCI			16,495						7.19		%				16,495						7.25		%				1/25/2007						3/15/2037						3-month Term SOFR + 1.60
Trust FCBI			10,310						7.14		%				10,310						7.20		%				9/30/2005						12/15/2035						3-month Term SOFR + 1.55
Trust CS 2005-1			82,475						7.54		%				82,475						7.60		%				11/21/2005						12/15/2035						3-month Term SOFR + 1.95
Trust CS 2005-2			128,866						7.53		%				128,866						7.60		%				12/14/2005						1/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-1			51,545						10.45		%				51,545						10.45		%				2/22/2006						4/30/2036						Prime + 1.95
Trust CS 2006-2			51,550						7.53		%				51,550						7.60		%				9/27/2006						10/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-3 (4)			27,811						5.94		%				28,453						6.00		%				9/29/2006						10/30/2036						3-month EURIBOR + 2.05
Trust CS 2006-4			16,470						10.55		%				16,470						10.45		%				12/5/2006						1/30/2037						Prime + 1.95
Trust CS 2006-5			6,650						7.53		%				6,650						7.60		%				12/19/2006						1/30/2037						3-month Term SOFR + 1.95
Trust CS 2007-2			39,177						7.53		%				39,177						7.60		%				6/13/2007						7/30/2037						3-month Term SOFR + 1.95
PMB Statutory Trust III			7,217						8.97		%				7,217						9.02		%				9/16/2002						9/26/2032						3-month Term SOFR + 3.40
PMB Capital Trust III			10,310						7.60		%				10,310						7.66		%				10/4/2004						10/8/2034						3-month Term SOFR + 2.00
Total subordinated debt			1,012,909						5.90		%				1,013,419						5.93		%
Acquisition discount (5)			(75,192)												(76,820)
Net subordinated debt			$	937,717											$	936,599

___________________

(1)    Rates do not include the effects of discounts and issuance costs.

(2)    Net of unamortized issuance costs of $4.2 million.

(3)    Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly at a benchmark rate plus 252 basis points.

(4)    Denomination is in Euros with a value of €25.8 million.

(5)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.

(6)    Interest rate is fixed until October 30, 2025, when it changes to a floating rate equal to a benchmark rate, which is expected to be 3-month Term SOFR, plus a spread of 419.5 basis points.

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480876/942-470-45-1

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