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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings
The table below summarizes the Company’s borrowings, which include repurchase agreements with the Company’s customers and borrowings.
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)
Maturity Dates
Interest Rates (2)
As of June 30, 2025
Customer repurchase agreements$23,442 $— $23,442 $— N/A2.90 %
Short-term borrowings:
Secured borrowings:
FHLB50,000 — 50,000 1,363,585 July 11, 20254.40 %
FRB:
Discount window— — — 1,754,682 N/AN/A
Total50,000 — 50,000 3,118,267 
Long-term borrowings:
Senior notes
77,665 (1,401)76,264 — September 30, 202910.00 %
Total borrowings$151,107 $(1,401)$149,706 $3,118,267 
As of 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
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 and the FRB comprise pledged collateral that has not been borrowed against. As of June 30, 2025, the Company had total additional undrawn borrowing capacity of approximately $3.4 billion, comprising unencumbered securities available to be pledged of approximately $0.3 billion and undrawn financing on pledged assets of $3.1 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.