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Borrowings and Subordinated Debentures (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of debt | The following table summarizes our borrowings as of the dates indicated:
| June 30, 2024 |  | December 31, 2023
|  |  | Weighted |  |  |  | Weighted
|  |  | Average |  |  |  | Average
| Balance |  | Rate |  | Balance |  | Rate
| (Dollars in thousands)
FHLB secured advances | $ | 600,000 |  |  | 4.56 | % |  | $ | — |  |  | — | %
Bank Term Funding Program | 545,000 |  |  | 5.40 | % |  | 2,618,300 |  |  | 4.37 | %
Senior notes | 174,000 |  |  | 5.25 | % |  | 174,000 |  |  | 5.25 | %
Credit-linked notes | 124,434 |  |  | 16.05 | % |  | 123,116 |  |  | 16.02 | %
Total borrowings | 1,443,434 |  |  | 5.95 | % |  | 2,915,416 |  |  | 4.92 | %
Acquisition discount on senior notes | (2,559) |  |  |  |  | (4,094) |  |  |
Total borrowings, net | $ | 1,440,875 |  |  |  |  | $ | 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:
| June 30, 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) | $ | 380,916 |  |  | 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 |  |  | 8.70 | % |  | 10,310 |  |  | 8.74 | % |  | 8/15/2003 |  | 9/17/2033 |  | 3-month Term SOFR + 3.10
Trust VI | 10,310 |  |  | 8.65 | % |  | 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 |  |  | 8.34 | % |  | 61,856 |  |  | 8.40 | % |  | 2/5/2004 |  | 4/23/2034 |  | 3-month Term SOFR + 2.75
Trust CIII | 20,619 |  |  | 7.29 | % |  | 20,619 |  |  | 7.34 | % |  | 8/15/2005 |  | 9/15/2035 |  | 3-month Term SOFR + 1.69
Trust FCCI | 16,495 |  |  | 7.20 | % |  | 16,495 |  |  | 7.25 | % |  | 1/25/2007 |  | 3/15/2037 |  | 3-month Term SOFR + 1.60
Trust FCBI | 10,310 |  |  | 7.15 | % |  | 10,310 |  |  | 7.20 | % |  | 9/30/2005 |  | 12/15/2035 |  | 3-month Term SOFR + 1.55
Trust CS 2005-1 | 82,475 |  |  | 7.55 | % |  | 82,475 |  |  | 7.60 | % |  | 11/21/2005 |  | 12/15/2035 |  | 3-month Term SOFR + 1.95
Trust CS 2005-2 | 128,866 |  |  | 7.54 | % |  | 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 |  |  | 7.54 | % |  | 51,550 |  |  | 7.60 | % |  | 9/27/2006 |  | 10/30/2036 |  | 3-month Term SOFR + 1.95
Trust CS 2006-3 (4) | 27,613 |  |  | 5.92 | % |  | 28,453 |  |  | 6.00 | % |  | 9/29/2006 |  | 10/30/2036 |  | 3-month EURIBOR + 2.05
Trust CS 2006-4 | 16,470 |  |  | 10.45 | % |  | 16,470 |  |  | 10.45 | % |  | 12/5/2006 |  | 1/30/2037 |  | Prime + 1.95
Trust CS 2006-5 | 6,650 |  |  | 7.54 | % |  | 6,650 |  |  | 7.60 | % |  | 12/19/2006 |  | 1/30/2037 |  | 3-month Term SOFR + 1.95
Trust CS 2007-2 | 39,177 |  |  | 7.54 | % |  | 39,177 |  |  | 7.60 | % |  | 6/13/2007 |  | 7/30/2037 |  | 3-month Term SOFR + 1.95
PMB Statutory Trust III | 7,217 |  |  | 9.00 | % |  | 7,217 |  |  | 9.02 | % |  | 9/16/2002 |  | 9/26/2032 |  | 3-month Term SOFR + 3.40
PMB Capital Trust III | 10,310 |  |  | 7.59 | % |  | 10,310 |  |  | 7.66 | % |  | 10/4/2004 |  | 10/8/2034 |  | 3-month Term SOFR + 2.00
Total subordinated debt | 1,012,844 |  |  | 5.91 | % |  | 1,013,419 |  |  | 5.93 | % |  |  |  |  |  |
Acquisition discount (5) | (73,557) |  |  |  |  | (76,820) |  |  |  |  |  |  |  |  |
Net subordinated debt | $ | 939,287 |  |  |  |  | $ | 936,599 |  |  |  |  |  |  |  |  |
___________________ (1) Rates do not include the effects of discounts and issuance costs. (2) Net of unamortized issuance costs of $4.1 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.
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank | The following table presents the interest rates and maturity dates of FHLB secured advances as of the date indicated:
| June 30, 2024 |  |
|  |  |  |  | Maturity |  |  |  |  |  |
| Balance |  | Rate |  | Date |  |  |  |  |  |
| (Dollars in thousands)
Term advance | $ | 150,000 |  |  | 4.59 | % |  | 6/26/2026 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.63 | % |  | 5/28/2027 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.63 | % |  | 6/3/2027 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.39 | % |  | 6/3/2027 |  |  |  |  |  |
Total FHLB secured advances | $ | 600,000 |  |  | 4.56 | % |  |  |  |  |  |  |  |

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