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Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 8 – Borrowings
The table below summarizes the Company’s borrowings.
(dollars in thousands)Borrowings - PrincipalUnamortized Deferred Issuance CostsNet Borrowings Outstanding
Available Capacity (1)
Maturity Dates
Interest Rates (2)
As of March 31, 2026
Short-term borrowings:
Secured borrowings:
FHLB$— $— $— $899,817 N/A— %
FRB:
Discount window— — — 1,184,055 N/A— %
Total— — — 2,083,872 
Long-term borrowings:
Senior notes77,665 (1,154)76,511 — September 30, 202910.00 %
Total borrowings$77,665 $(1,154)$76,511 $2,083,872 
As of December 31, 2025
Short-term borrowings:
Secured borrowings:
FHLB$— $— $— $1,349,351 N/A—%
FRB:
Discount window— — — 1,373,872 N/A—%
Total— — — 2,723,223 
Long-term borrowings:
Senior notes77,665 (1,237)76,428 — September 30, 202910.00%
Total borrowings$77,665 $(1,237)$76,428 $2,723,223 
(1)Available capacity on the Company's borrowings arrangements with the FHLB and the FRB comprise pledged collateral that has not been borrowed against. FHLB capacity was reduced by $23.0 million as of March 31, 2026 and $12.4 million as of December 31, 2025 due to the issuance of letters of credit. As of March 31, 2026, the Company had total additional undrawn borrowing capacity of approximately $3.8 billion, comprising unencumbered securities available to be pledged of approximately $1.7 billion and undrawn financing on pledged assets of $2.1 billion.
(2)Represents 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.
There are no prepayment penalties nor unused commitment fees on any of the Company’s borrowing arrangements.
The Company used to offer a sweep account, or "customer repurchase agreement," allowing qualifying businesses to earn interest on short-term excess funds, which were not suited for either a certificate of deposit or a money market account. The Company discontinued this product offering in November 2025.
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"). As of March 31, 2026, the carrying value of these 2029 Senior Notes was $76.5 million which reflected $1.2 million in unamortized deferred financing costs that are being amortized over the life of the 2029 Senior Notes.