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Borrowings (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2023 and December 31, 2022:
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)(2)
Maturity Dates
Interest Rates (3)
September 30, 2023:
Customer repurchase agreements$25,689 $— $25,689 $— N/A3.43 %
Short-term borrowings:
FHLB secured borrowings— — — 1,736,759 N/AN/A
FRB:
BTFP secured borrowings1,300,001 — 1,300,001 253,133 March 26, 20244.53 %
Discount window secured borrowings— — — 606,178 N/AN/A
Raymond James repurchase agreement— — — 17,162 N/AN/A
Total1,300,001 — 1,300,001 2,613,232 
Long-term borrowings:
Subordinated notes, 5.75%
70,000 (113)69,887 — September 1, 20245.75 %
Total borrowings$1,395,690 $(113)$1,395,577 $2,613,232 
December 31, 2022:
Customer repurchase agreements$35,100 $— $35,100 $— N/A2.94 %
Short-term borrowings:
FHLB secured borrowings975,001 — 975,001 145,104 December 1, 20234.57 %
FRB discount window secured borrowings— — — 607,405 N/AN/A
Total975,001 — 975,001 752,509 
Long-term borrowings:
Subordinated notes, 5.75%
70,000 (206)69,794 — September 1, 20245.75 %
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 September 30, 2023, the Company had total additional undrawn borrowing capacity of approximately $2.3 billion, comprising unencumbered securities available to be pledged of approximately $269.9 million and undrawn financing on pledged assets of $2.0 billion, including $1.7 billion with the FHLB, $253.1 million with the BTFP and $17.2 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.