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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
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 as of March 31, 2025 and December 31, 2024:
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)
Maturity Dates
Interest Rates (2)
March 31, 2025
Customer repurchase agreements$32,357 $— $32,357 $— N/A2.87 %
Short-term borrowings:
Secured borrowings:
FHLB490,000 — 490,000 1,070,435 
Various(3)
4.80 %
FRB:
Discount window— — — 1,806,205 N/AN/A
Total490,000 — 490,000 2,876,640 
Long-term borrowings:
Senior notes
77,665 (1,484)76,181 — September 30, 202910.00 %
Total borrowings$600,022 $(1,484)$598,538 $2,876,640 
December 31, 2024
Customer repurchase agreements$33,157 $— $33,157 $— N/A2.67 %
Short-term borrowings:
Secured borrowings:
FHLB490,000 — 490,000 874,270 Various4.81%
FRB:
Discount window— — — 1,800,646 N/AN/A
Raymond James repurchase agreement— — — — 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 
(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. As of March 31, 2025, the Company had total additional undrawn borrowing capacity of approximately $4.2 billion, comprising unencumbered securities available to be pledged of approximately $1.3 billion and undrawn financing on pledged assets of $2.9 billion.
(2)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.
(3)FHLB borrowings of $240.0 million were paid off on April 1, 2025 and a balance of $250.0 million remains outstanding as of the filing of this report.