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Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
The following table summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers and borrowings at December 31, 2024 and 2023:
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)(2)
Maturity Dates
Interest Rates (4)
December 31, 2024:
Customer repurchase agreements$33,157 $— $33,157 $— N/A2.67 %
Short-term borrowings:
Secured borrowings:
FHLB490,000 — 490,000 874,270 
Various(3)
4.81 %
FRB:
Discount window— — — 1,800,646 N/AN/A
Subordinated notes— — — — N/AN/A
Total490,000 — 490,000 2,674,916 
Long-term borrowings:
Senior notes
77,665 (1,557)76,108 — September 30, 202910.00 %
Total borrowings$600,822 $(1,557)$599,265 $2,674,916 
December 31, 2023:
Customer repurchase agreements$30,587 $— $30,587 $— N/A3.42 %
Short-term borrowings:
Secured borrowings:
FHLB— — — 1,271,846 N/AN/A
FRB:
BTFP1,300,000 — 1,300,000 598,870 March 22, 20244.53 %
Discount window— — — 601,504 N/AN/A
Raymond James repurchase agreement— — — 17,993 N/AN/A
Subordinated notes70,000 (82)69,918 — September 1, 20245.75 %
Total1,370,000 (82)1,369,918 2,490,213 
Long-term borrowings:
Senior notes
— — — — N/AN/A
Total borrowings$1,400,587 $(82)$1,400,505 $2,490,213 
(1)Available capacity on the Company's borrowings arrangements with the FHLB, the FRB and the Raymond James repurchase line comprise pledged collateral that has not been borrowed against. At December 31, 2024, the Company had total additional undrawn borrowing capacity of approximately $4.0 billion, comprising unencumbered securities available to be pledged of approximately $1.3 billion and undrawn financing on pledged assets of $2.7 billion.
(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)FHLB borrowing of $250.0 million matures January 31, 2025 while the remaining $240.0 million matures April 1, 2025.
(4)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.
The Company offers its business customers a repurchase agreement sweep account in which it collateralizes these funds with U.S. agency and MBS segregated in its investment portfolio for this purpose. The Company’s repurchase agreements operate on a rolling basis and do not contain contractual maturity dates. By entering into the agreement, the customer agrees to have the Bank repurchase the designated securities on the business day following the initial transaction in consideration of the payment of interest at the rate prevailing on the day of the transaction. The contractual maturity dates on FHLB secured borrowings represent the maturity dates of current advances and are not evidence of a termination date on the line.
The Bank can purchase up to $145 million in federal funds on an unsecured basis from its correspondents, against which there were no amounts outstanding at December 31, 2024 and can place brokered funds under one-way CDARS and ICS deposits in the amount of $1.1 billion, against which there was $73.4 million outstanding at December 31, 2024. The Bank also had $894.7 million of brokered deposits placed with the Insured Network Deposits ("IND") program from IntraFi Network, LLC ("IntraFi") at December 31, 2024.
At December 31, 2024, the Bank was also eligible to take advances from the FHLB up to $1.4 billion based on collateral at the FHLB, of which there was $490.0 million outstanding at December 31, 2024. The Bank may enter into repurchase agreements as well as obtain additional borrowing capabilities from the FHLB provided adequate collateral exists to secure these lending relationships. The Bank also has a back-up borrowing facility through the Discount Window at the Federal Reserve Bank. This facility, which amounts to approximately $1.8 billion, is collateralized with specific loan assets pledged to the Federal Reserve Bank. It is anticipated that, except for periodic testing, this facility would be utilized for contingency funding only. The contractual maturity dates on FHLB secured borrowings represent the maturity dates of current advances and are not evidence of a termination date on the line.
There are no prepayment penalties nor unused commitment fees on any of the Company’s borrowing arrangements.

Bank Term Funding Program (“BTFP”)
On March 12, 2023, the FRB, Department of Treasury and the Federal Deposit Insurance Corporation ("FDIC") issued a joint statement outlining actions they had taken to protect the U.S. economy by strengthening public confidence in the banking system as a result of and in response to recently announced bank closures. Among other actions, the Federal Reserve Board announced that it would make available additional funding to eligible depository institutions through the creation of a new BTFP. The BTFP provides eligible depository institutions, including the Company's subsidiary bank, EagleBank, an additional source of liquidity.
Borrowings are funded based on a percentage of the principal of eligible collateral posted, as defined within the terms of the program. Interest is payable at a fixed rate over the term of the borrowing and there are no prepayment penalties. The Federal Reserve announced in January 2024 that the BTFP would stop originating new loans on March 11, 2024, as scheduled. The Federal Reserve also modified the terms of the program so that the interest rate for new loans will be no lower than the interest rate on reserve balances in effect on the day the loan is made. In January 2024, the Company borrowed an additional $500.0 million through the BTFP and refinanced $500.0 million under the program, both at an interest rate of 4.76% and with maturity dates of January 2025. The Company repaid $500.0 million in November 2024, and the remaining $500.0 million was repaid in December 2024.
Senior Notes
On September 30, 2024, the Company closed a private placement of its 10.00% senior unsecured debt totaling $77.7 million maturing on September 30, 2029 (the "2029 Senior Notes" or "Original Notes"). At December 31, 2024, the carrying value of these 2029 Senior Notes was $76.1 million which reflected $1.6 million in unamortized deferred financing costs that are being amortized over the life of the 2029 Senior Notes.
In connection with the issuance of the 2029 Senior Notes, the Company also entered into a registration rights agreement dated September 30, 2024 with the purchasers of the 2029 Senior Notes (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company filed an exchange offer registration statement with the SEC to exchange the Senior Notes for substantially identical notes registered under the Securities Act (the "Exchange Notes"). The terms of the Exchange Notes are identical to the terms of the Original Notes, except that the transfer restrictions and registration rights applicable to the Original Notes do not apply to the Exchange Notes. The Company completed the exchange offer on January 16, 2025.
Subordinated Notes
On August 5, 2014, the Company completed the sale of $70 million of its 5.75% subordinated notes, which matured and were fully repaid in September 2024. These subordinated notes were offered to the public at par, and qualified as Tier 2 capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements, and were fully phased out of regulatory capital as of December 31, 2023 as they approached maturity.