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v3.25.1

Borrowings and Subordinated Debentures (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of debt | The following table summarizes our borrowings as of the dates indicated:
| March 31, 2025 |  | December 31, 2024
|  |  | Weighted |  |  |  | Weighted
|  |  | Average |  |  |  | Average
| Balance |  | Rate |  | Balance |  | Rate
| (Dollars in thousands)
FHLB secured advances | $ | 1,379,842 |  |  | 4.07 | % |  | $ | 1,100,000 |  |  | 3.93 | %
Senior Notes | 174,000 |  |  | 5.25 | % |  | 174,000 |  |  | 5.25 | %
Credit-linked notes | 117,196 |  |  | 15.07 | % |  | 118,838 |  |  | 15.29 | %
Total borrowings | 1,671,038 |  |  | 4.96 | % |  | 1,392,838 |  |  | 5.06 | %
Acquisition discount on senior notes | (256) |  |  |  |  | (1,024) |  |  |
Total borrowings, net (1) | $ | 1,670,782 |  |  |  |  | $ | 1,391,814 |  |  |
___________________ (1) All borrowings were held at the Bank level with the exception of the 5.25% Senior Notes due April 2025 ("Senior Notes"), which were issued at the holding company level.
Schedule of Subordinated Borrowing | The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:
| March 31, 2025 |  | December 31, 2024 |  | Date |  | Maturity |  | Rate Index
Series | Balance |  | Rate (1) |  | Balance |  | Rate (1) |  | Issued |  | Date |  | (Quarterly Reset)
| (Dollars in thousands) |  |  |  |  |  |
Subordinated notes, net (2)(7) | $ | 381,321 |  |  | 3.25 | % |  | $ | 381,185 |  |  | 3.25 | % |  | 04/30/2021 |  | 05/01/2031 |  | 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 |  |  | 7.66 | % |  | 10,310 |  |  | 7.71 | % |  | 08/15/2003 |  | 09/17/2033 |  | 3-month Term SOFR + 3.10
Trust VI | 10,310 |  |  | 7.61 | % |  | 10,310 |  |  | 7.67 | % |  | 09/03/2003 |  | 09/15/2033 |  | 3-month Term SOFR + 3.05
Trust CII | 5,155 |  |  | 7.51 | % |  | 5,155 |  |  | 7.56 | % |  | 09/17/2003 |  | 09/17/2033 |  | 3-month Term SOFR + 2.95
Trust VII | 61,856 |  |  | 7.30 | % |  | 61,856 |  |  | 7.60 | % |  | 02/05/2004 |  | 04/23/2034 |  | 3-month Term SOFR + 2.75
Trust CIII | 20,619 |  |  | 6.25 | % |  | 20,619 |  |  | 6.31 | % |  | 08/15/2005 |  | 09/15/2035 |  | 3-month Term SOFR + 1.69
Trust FCCI | 16,495 |  |  | 6.16 | % |  | 16,495 |  |  | 6.22 | % |  | 01/25/2007 |  | 03/15/2037 |  | 3-month Term SOFR + 1.60
Trust FCBI | 10,310 |  |  | 6.11 | % |  | 10,310 |  |  | 6.17 | % |  | 09/30/2005 |  | 12/15/2035 |  | 3-month Term SOFR + 1.55
Trust CS 2005-1 | 82,475 |  |  | 6.51 | % |  | 82,475 |  |  | 6.57 | % |  | 11/21/2005 |  | 12/15/2035 |  | 3-month Term SOFR + 1.95
Trust CS 2005-2 | 128,866 |  |  | 6.50 | % |  | 128,866 |  |  | 6.80 | % |  | 12/14/2005 |  | 01/30/2036 |  | 3-month Term SOFR + 1.95
Trust CS 2006-1 | 51,545 |  |  | 9.45 | % |  | 51,545 |  |  | 9.95 | % |  | 02/22/2006 |  | 04/30/2036 |  | Prime + 1.95
Trust CS 2006-2 | 51,550 |  |  | 6.50 | % |  | 51,550 |  |  | 6.80 | % |  | 09/27/2006 |  | 10/30/2036 |  | 3-month Term SOFR + 1.95
Trust CS 2006-3 (4) | 27,878 |  |  | 4.67 | % |  | 26,687 |  |  | 5.10 | % |  | 09/29/2006 |  | 10/30/2036 |  | 3-month EURIBOR + 2.05
Trust CS 2006-4 | 16,470 |  |  | 9.45 | % |  | 16,470 |  |  | 9.95 | % |  | 12/05/2006 |  | 01/30/2037 |  | Prime + 1.95
Trust CS 2006-5 | 6,650 |  |  | 6.50 | % |  | 6,650 |  |  | 6.80 | % |  | 12/19/2006 |  | 01/30/2037 |  | 3-month Term SOFR + 1.95
Trust CS 2007-2 | 39,177 |  |  | 6.50 | % |  | 39,177 |  |  | 6.80 | % |  | 06/13/2007 |  | 07/30/2037 |  | 3-month Term SOFR + 1.95
PMB Statutory Trust III | 7,217 |  |  | 7.96 | % |  | 7,217 |  |  | 7.99 | % |  | 09/16/2002 |  | 09/26/2032 |  | 3-month Term SOFR + 3.40
PMB Capital Trust III | 10,310 |  |  | 6.55 | % |  | 10,310 |  |  | 6.89 | % |  | 10/04/2004 |  | 10/08/2034 |  | 3-month Term SOFR + 2.00
Total subordinated debt | 1,013,514 |  |  | 5.33 | % |  | 1,012,187 |  |  | 5.48 | % |  |  |  |  |  |
Acquisition discount (5) | (68,606) |  |  |  |  | (70,264) |  |  |  |  |  |  |  |  |
Total subordinated debt, net | $ | 944,908 |  |  |  |  | $ | 941,923 |  |  |  |  |  |  |  |  |
___________________ (1) Rates do not include the effects of discounts and issuance costs. (2) Net of unamortized issuance costs of $3.7 million. (3) Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly equal to 3-month Term SOFR, plus a spread of 252 basis points. (4) Denomination is in Euros with a value of €25.8 million. (5) Amount represents the fair value adjustment on subordinated debt assumed in acquisitions. (6) Interest rate is fixed until October 30, 2025, when it changes to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points. (7) Subordinated notes, net, issued at the Bank level rather than the holding company level.
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:
| March 31, 2025 |  |
|  |  |  |  | Maturity |  |  |  |  |  |
| Balance |  | Rate |  | Date |  |  |  |  |  |
| (Dollars in thousands)
Overnight advance | $ | 100,000 |  |  | 4.65 | % |  | 04/01/2025 |  |  |  |  |  |
Term advance | 179,842 |  |  | 4.57 | % |  | 05/01/2025 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.59 | % |  | 06/26/2026 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.63 | % |  | 05/28/2027 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.63 | % |  | 06/03/2027 |  |  |  |  |  |
Term advance | 150,000 |  |  | 4.39 | % |  | 06/03/2027 |  |  |  |  |  |
Callable term advance | 500,000 |  |  | 3.18 | % |  | 09/18/2034 |  |  |  |  |  |
Total FHLB secured advances | $ | 1,379,842 |  |  | 4.07 | % |  |  |  |  |  |  |  |

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