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v3.26.1

Borrowings | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Borrowings | Note 8 – Borrowings The table below summarizes the Company’s borrowings.
(dollars in thousands) |  | Borrowings - Principal |  | Unamortized Deferred Issuance Costs |  | Net Borrowings Outstanding |  | Available Capacity (1) |  | Maturity Dates |  | Interest Rates (2)
As of June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Secured borrowings: |  |  |  |  |  |  |  |  |  |  |  |
FHLB |  | $ | 100,000 |  |  | $ | — |  |  | $ | 100,000 |  |  | $ | 719,130 |  |  | July 7, 2026 (3) |  | 3.82 | %
FRB: Discount window |  | — |  |  | — |  |  | — |  |  | 1,195,914 |  |  | N/A |  | — | %
Total |  | 100,000 |  |  | — |  |  | 100,000 |  |  | 1,915,044 |  |  |  |  |
Long-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Senior notes |  | 77,665 |  |  | (1,072) |  |  | 76,593 |  |  | — |  |  | September 30, 2029 |  | 10.00 | %
Total borrowings |  | $ | 177,665 |  |  | $ | (1,072) |  |  | $ | 176,593 |  |  | $ | 1,915,044 |  |  |  |  |
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 notes |  | 77,665 |  |  | (1,237) |  |  | 76,428 |  |  | — |  |  | September 30, 2029 |  | 10.00%
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 $173.4 million as of June 30, 2026 and $12.4 million as of December 31, 2025 due to borrowing and the issuance of letters of credit. As of June 30, 2026, the Company had total additional undrawn borrowing capacity of approximately $3.5 billion, comprising unencumbered securities available to be pledged of approximately $1.6 billion and undrawn financing on pledged assets of $1.9 billion. (2)Represents the weighted average interest rate on borrowings outstanding and the coupon interest rate on the senior notes, which approximates the effective interest rate. (3)FHLB borrowings of $100 million were paid off upon its maturity on July 7, 2026. 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 June 30, 2026, the carrying value of these 2029 Senior Notes was $76.6 million which reflected $1.1 million in unamortized deferred financing costs that are being amortized over the life of the 2029 Senior Notes.

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