XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.23.1

Borrowings (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Long-Term Debt, Unclassified [Abstract] |
Schedules of Short-term Borrowings and Long-term Borrowings | The following table summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers, short-term borrowings and long-term borrowings, at March 31, 2023 and December 31, 2022:
(dollars in thousands) |  | Borrowings - Principal |  | Unamortized Deferred Issuance Costs |  | Net Borrowings Outstanding |  | Available Capacity (1)(2) |  | Maturity Dates |  | Interest Rates (3)
March 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Customer repurchase agreements |  | $ | 37,854 |  |  | $ | — |  |  | $ | 37,854 |  |  | $ | — |  |  | N/A |  | 3.27 | %
Short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
FHLB secured borrowings |  | 1,313,801 |  |  | — |  |  | 1,313,801 |  |  | 653,946 |  |  | May 24, 2023 - December 1, 2023 |  | 5.06 | %
FRB: |  |  |  |  |  |  |  |  |  |  |  |
BTFP secured borrowings |  | 800,000 |  |  | — |  |  | 800,000 |  |  | 37,182 |  |  | March 26, 2024 |  | 4.38 | %
Discount window secured borrowings |  | — |  |  | — |  |  | — |  |  | 606,201 |  |  | N/A |  | N/A
Raymond James repurchase agreement |  | — |  |  | — |  |  | — |  |  | 18,050 |  |  | N/A |  | N/A
Total |  | 2,113,801 |  |  | — |  |  | 2,113,801 |  |  | 1,315,379 |  |  |  |  |
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Subordinated notes, 5.75% |  | 70,000 |  |  | (175) |  |  | 69,825 |  |  | — |  |  | September 1, 2024 |  | 5.75 | %
Total borrowings |  | $ | 2,221,655 |  |  | $ | (175) |  |  | $ | 2,221,480 |  |  | $ | 1,315,379 |  |  |  |  |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Customer repurchase agreements |  | $ | 35,100 |  |  | $ | — |  |  | $ | 35,100 |  |  | $ | — |  |  | N/A |  | 2.94 | %
Short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
FHLB secured borrowings |  | 975,001 |  |  | — |  |  | 975,001 |  |  | 145,104 |  |  | December 1, 2023 |  | 4.57 | %
FRB discount window secured borrowings |  | — |  |  | — |  |  | — |  |  | 607,405 |  |  | N/A |  | N/A
Total |  | 975,001 |  |  | — |  |  | 975,001 |  |  | 752,509 |  |  |  |  |
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Subordinated notes, 5.75% |  | 70,000 |  |  | (206) |  |  | 69,794 |  |  | — |  |  | September 1, 2024 |  | 5.75 | %
Total borrowings |  | $ | 1,080,101 |  |  | $ | (206) |  |  | $ | 1,079,895 |  |  | $ | 752,509 |  |  |  |  |
(1)Available capacity on the Company's short-term borrowing arrangements with the FHLB, the FRB's BTFP program and the Raymond James repurchase line comprise pledged collateral that has not been borrowed against. At March 31, 2023, the Company had total additional undrawn borrowing capacity of approximately $1.7 billion, comprising unencumbered securities available to be pledged of approximately $1.1 billion and undrawn financing on pledged assets of $709.2 million, including $653.9 million with the FHLB, $37.2 million with the BTFP and $18.1 million with Raymond James. (2)As part of the Company's agreement governing its participation in the BTFP program and the Raymond James repurchase agreement, the borrowing capacity is determined based on the principal balance of the pledged assets. (3)Represent the weighted average interest rate on customer repurchase agreements and the short-term borrowings outstanding and the coupon interest rate on the subordinated notes, which approximates the effective interest rate.

X
- References No definition available. + Details
Name: | us-gaap_LongTermDebtAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration