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Borrowings and Subordinated Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of debt

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

			September 30, 2025												December 31, 2024
									Weighted												Weighted
									Average												Average
			Balance						Rate						Balance						Rate
			(Dollars in thousands)
FHLB secured advances			$	1,700,000					3.96		%				$	1,100,000					3.93		%
Other short-term borrowings			190,000						4.18		%				—						—		%
Credit-linked notes			115,022						15.09		%				118,838						15.29		%
Senior Notes			—						—		%				174,000						5.25		%
Total borrowings			2,005,022						4.62		%				1,392,838						5.06		%
Acquisition discount on Senior Notes			—												(1,024)
Total borrowings, net (1)			$	2,005,022											$	1,391,814

___________________

(1)    All borrowings were held at the Bank level with the exception of the Senior Notes. The Senior Notes were repaid in full in April 2025.

Federal Home Loan Bank, Advance, Branch of FHLBank

The following table presents the interest rates and maturity dates of FHLB secured advances as of the date indicated:

			September 30, 2025
															Maturity
FHLB Secured Advances			Balance						Rate						Date
			(Dollars in thousands)
Term advance			$	200,000					4.42		%				10/06/2025
Term advance (1)			150,000						4.59		%				06/26/2026
Term advance			100,000						3.79		%				02/01/2027
Term advance			100,000						3.79		%				03/01/2027
Term advance			100,000						3.78		%				04/01/2027
Term advance (1)			150,000						4.63		%				05/28/2027
Term advance (1)			150,000						4.63		%				06/03/2027
Term advance (1)			150,000						4.39		%				06/03/2027
Term advance			100,000						3.88		%				06/24/2027
Term advance (1)			500,000						3.18		%				09/18/2034
Total FHLB secured advances			$	1,700,000					3.96		%

___________________

(1)    Represents FHLB term advances that include a put feature.which allows the FHLB to terminate the advance before its scheduled maturity date.

Schedule of Subordinated Borrowing

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

			September 30, 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)(3)(4)			$	381,597					3.25		%				$	381,185					3.25		%				04/30/2021						05/01/2031						Fixed rate
Subordinated notes (5)			75,000						4.375		%				75,000						4.375		%				10/30/2020						10/30/2030						Fixed rate
Trust V			10,310						7.38		%				10,310						7.71		%				08/15/2003						09/17/2033						3-month Term SOFR + 3.10
Trust VI			10,310						7.35		%				10,310						7.67		%				09/03/2003						09/15/2033						3-month Term SOFR + 3.05
Trust CII			5,155						7.23		%				5,155						7.56		%				09/17/2003						09/17/2033						3-month Term SOFR + 2.95
Trust VII			61,856						7.32		%				61,856						7.60		%				02/05/2004						04/23/2034						3-month Term SOFR + 2.75
Trust CIII			20,619						5.99		%				20,619						6.31		%				08/15/2005						09/15/2035						3-month Term SOFR + 1.69
Trust FCCI			16,495						5.90		%				16,495						6.22		%				01/25/2007						03/15/2037						3-month Term SOFR + 1.60
Trust FCBI			10,310						5.85		%				10,310						6.17		%				09/30/2005						12/15/2035						3-month Term SOFR + 1.55
Trust CS 2005-1			82,475						6.25		%				82,475						6.57		%				11/21/2005						12/15/2035						3-month Term SOFR + 1.95
Trust CS 2005-2			128,866						6.52		%				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						6.52		%				51,550						6.80		%				09/27/2006						10/30/2036						3-month Term SOFR + 1.95
Trust CS 2006-3 (6)			30,244						4.07		%				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						6.52		%				6,650						6.80		%				12/19/2006						01/30/2037						3-month Term SOFR + 1.95
Trust CS 2007-2			39,177						6.52		%				39,177						6.80		%				06/13/2007						07/30/2037						3-month Term SOFR + 1.95
PMB Statutory Trust III			7,217						7.66		%				7,217						7.99		%				09/16/2002						09/26/2032						3-month Term SOFR + 3.40
PMB Capital Trust III			10,310						6.59		%				10,310						6.89		%				10/04/2004						10/08/2034						3-month Term SOFR + 2.00
Total subordinated debt			1,016,156						5.28		%				1,012,187						5.48		%
Acquisition discount (7)			(65,268)												(70,264)
Total subordinated debt, net			$	950,888											$	941,923

___________________

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

(2)    Net of unamortized issuance costs of $3.4 million at September 30, 2025 and $3.8 million at December 31, 2024.

(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)    Subordinated notes, net, issued at the Bank level rather than the holding company level.

(5)    Interest rate was fixed until October 30, 2025, when it changed to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points.

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

(7)    Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.

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Tabular disclosure of advance from Federal Home Loan Bank (FHLBank).

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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.

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