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Borrowed Funds
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds are summarized as follows (dollars in thousands):
December 31,
20242023
AmountWeighted
Average
Rate		AmountWeighted
Average
Rate
FHLB advances$1,072,611 4.62 %$848,636 5.01 %
Securities sold under agreements to repurchase with customers60,567 2.29 73,148 2.10 
Other borrowings197,546 5.96 196,456 6.25 
Total borrowed funds$1,330,724 4.71 %$1,118,240 5.04 %
At December 31, 2024, there were $1.07 billion of FHLB term advances as compared to $848.6 million at December 31, 2023. There were no overnight borrowings from the FHLB for both December 31, 2024 and 2023.
FHLB advances and repurchase agreements had contractual maturities at December 31, 2024 as follows (in thousands):
FHLB AdvancesRepurchase Agreements
For the Year Ended December 31,
2025$447,110 $60,567 
2026425,000 — 
2027200,501 — 
Total$1,072,611 $60,567 
The other borrowings at December 31, 2024 included the following (in thousands):
Type of DebtStated ValueCarrying ValueInterest RateMaturity
Subordinated debt$125,000 $124,761 5.701 %
(1)
May 15, 2030
Trust preferred10,000 8,419 
3 month SOFR plus 2.51%
(2)
December 15, 2034
Trust preferred30,000 24,303 
3 month SOFR plus 1.61%
(2)
March 15, 2036
Trust preferred5,000 5,000 
3 month SOFR plus 1.91%
(2)
August 1, 2036
Trust preferred7,500 7,500 
3 month SOFR plus 1.92%
(2)
November 1, 2036
Trust preferred10,000 8,128 
3 month SOFR plus 1.79%
(2)
June 30, 2037
Trust preferred10,000 10,000 
3 month SOFR plus 2.01%
(2)
September 1, 2037
Trust preferred10,000 8,014 
3 month SOFR plus 1.65%
(2)
October 1, 2037
Finance lease1,421 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.
All of the trust preferred debt is currently callable.
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,
 202420232022
FHLB advances$35,686 $46,000 $10,365 
Securities sold under agreements to repurchase with customers1,893 931 159 
Other borrowings28,426 19,294 12,153 
Total interest expense on borrowings$66,005 $66,225 $22,677 
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):
LoansDebt SecuritiesTotal
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 
The securities that collateralize the repurchase agreements are delivered to the lender, with whom each transaction is executed, to a third-party custodian, or held at the Company. The lender agrees to resell to the Company substantially the same securities at the maturity of the repurchase agreements.