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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-Term and Long-Term Borrowings
The following table summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers and borrowings at December 31, 2023 and 2022:
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)(2)
Maturity Dates
Interest Rates (3)
December 31, 2023:
Customer repurchase agreements$30,587 $— $30,587 $— N/A3.42 %
FHLB secured borrowings— — — 1,271,846 N/AN/A
FRB:
BTFP secured borrowings (4)
1,300,000 — 1,300,000 598,870 March 22, 20244.53 %
Discount window secured borrowings— — — 601,504 N/AN/A
Raymond James repurchase agreement— — — 17,993 N/AN/A
Subordinated notes, 5.75%
70,000 (82)69,918 — September 1, 20245.75 %
Total borrowings$1,400,587 $(82)$1,400,505 $2,490,213 
December 31, 2022:
Customer repurchase agreements$35,100 $— $35,100 $— N/A2.94 %
FHLB secured borrowings975,001 — 975,001 145,104 December 1, 20234.57 %
FRB discount window secured borrowings— — — 607,405 N/AN/A
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 borrowings 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 December 31, 2023, the Company had total additional undrawn borrowing capacity of approximately $2.2 billion, comprising unencumbered securities available to be pledged of approximately $292.3 million and undrawn financing on pledged assets of $1.9 billion, including $1.3 billion with the FHLB, $598.9 million with the BTFP and $18.0 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, borrowings outstanding and the coupon interest rate on the subordinated notes, which approximates the effective interest rate.
(4)In January 2024, the Company borrowed an additional $500.0 million through the BTFP and refinanced $500.0 million under the program at an interest rate of 4.76% and a maturity date in January 2025. The remaining $800.0 million matures in March 2024.