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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Borrowed Funds | Borrowed funds are summarized as follows (dollars in thousands):
|  | December 31,
|  | 2024 |  | 2023
|  | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
FHLB advances |  | $ | 1,072,611 |  |  | 4.62 | % |  | $ | 848,636 |  |  | 5.01 | %
Securities sold under agreements to repurchase with customers |  | 60,567 |  |  | 2.29 |  |  | 73,148 |  |  | 2.10 |
Other borrowings |  | 197,546 |  |  | 5.96 |  |  | 196,456 |  |  | 6.25 |
Total borrowed funds |  | $ | 1,330,724 |  |  | 4.71 | % |  | $ | 1,118,240 |  |  | 5.04 | %
Schedule of FHLB Advances and Repurchase Agreements by Contractual Maturities | FHLB advances and repurchase agreements had contractual maturities at December 31, 2024 as follows (in thousands):
|  | FHLB Advances |  | Repurchase Agreements
For the Year Ended December 31, |  |  |  |
2025 |  | $ | 447,110 |  |  | $ | 60,567 |
2026 |  | 425,000 |  |  | — |
2027 |  | 200,501 |  |  | — |
Total |  | $ | 1,072,611 |  |  | $ | 60,567 |
Schedule of Other Borrowings | The other borrowings at December 31, 2024 included the following (in thousands):
Type of Debt |  | Stated Value |  | Carrying Value |  | Interest Rate |  | Maturity
Subordinated debt |  | $ | 125,000 |  |  | $ | 124,761 |  |  | 5.701 | % | (1) | May 15, 2030
Trust preferred |  | 10,000 |  |  | 8,419 |  |  | 3 month SOFR plus 2.51% | (2) | December 15, 2034
Trust preferred |  | 30,000 |  |  | 24,303 |  |  | 3 month SOFR plus 1.61% | (2) | March 15, 2036
Trust preferred |  | 5,000 |  |  | 5,000 |  |  | 3 month SOFR plus 1.91% | (2) | August 1, 2036
Trust preferred |  | 7,500 |  |  | 7,500 |  |  | 3 month SOFR plus 1.92% | (2) | November 1, 2036
Trust preferred |  | 10,000 |  |  | 8,128 |  |  | 3 month SOFR plus 1.79% | (2) | June 30, 2037
Trust preferred |  | 10,000 |  |  | 10,000 |  |  | 3 month SOFR plus 2.01% | (2) | September 1, 2037
Trust preferred |  | 10,000 |  |  | 8,014 |  |  | 3 month SOFR plus 1.65% | (2) | October 1, 2037
Finance lease |  | 1,421 |  |  | 1,421 |  |  | 5.625 | % |  | July 31, 2029
Total |  | $ | 208,921 |  |  | $ | 197,546 |  |  |  |  |
(1)Adjusts to a floating rate of 5.095% over 3 month Secured Overnight Financing Rate (“SOFR”) on May 15, 2025. (2)All trust preferred debts carry interest rates which adjust to a spread over SOFR. The 3-month tenor increased 0.26% related to the conversion from London Inter-Bank Offered Rate (“LIBOR”) to SOFR.
Schedule of Interest Expense on Borrowings | Interest expense on borrowings for the years ended December 31, 2024, 2023, and 2022 was as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
FHLB advances |  | $ | 35,686 |  |  | $ | 46,000 |  |  | $ | 10,365 |
Securities sold under agreements to repurchase with customers |  | 1,893 |  |  | 931 |  |  | 159 |
Other borrowings |  | 28,426 |  |  | 19,294 |  |  | 12,153 |
Total interest expense on borrowings |  | $ | 66,005 |  |  | $ | 66,225 |  |  | $ | 22,677 |
Schedule of Pledged Assets | The following table presents the assets pledged to secure borrowings, borrowing capacity, repurchase agreements, letters of credit, and for other purposes required by law at carrying value (in thousands):
|  | Loans |  | Debt Securities |  | Total
December 31, 2024 |  |  |  |  |  |
FHLB and FRB |  | $ | 7,427,247 |  |  | $ | 984,515 |  |  | $ | 8,411,762 |
Repurchase agreements |  | — |  |  | 85,529 |  |  | 85,529 |
Total pledged assets |  | $ | 7,427,247 |  |  | $ | 1,070,044 |  |  | $ | 8,497,291 |
December 31, 2023 |  |  |  |  |  |
FHLB and FRB |  | $ | 7,255,671 |  |  | $ | 1,051,558 |  |  | $ | 8,307,229 |
Repurchase agreements |  | — |  |  | 103,416 |  |  | 103,416 |
Total pledged assets |  | $ | 7,255,671 |  |  | $ | 1,154,974 |  |  | $ | 8,410,645 |

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