BORROWINGS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Borrowings [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BORROWINGS |
9. BORROWINGS Total short-term borrowings consist of the following as of December 31, (dollars in thousands):
The Company maintains federal funds lines with several correspondent banks; the available balance was $597.0 million and $682.0 million at December 31, 2024 and 2023, respectively. The Company also maintains an alternate line of credit at a correspondent bank; and the available balance was $25.0 million at both December 31, 2024 and 2023. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $7.4 billion at December 31, 2024 and $6.2 billion at December 31, 2023. The Company’s secured line of credit capacity totaled $2.8 billion and $1.7 billion, of which $2.4 billion and $988.7 million were available at December 31, 2024 and December 31, 2023, respectively. The Company also has the ability to borrow additional funds through the Federal Reserve Discount Window. The Company’s borrowing capacity with the Federal Reserve Discount Window totaled $3.0 billion and $295.4 million, none of which was used at December 31, 2024, and December 31, 2023, respectively. Refer to Note 10 “Commitments and Contingencies” in this Form 10-K for additional information on the Company’s pledged collateral. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and was in compliance with these covenants as of December 31, 2024 and December 31, 2023. The Company was eligible to borrow from the Federal Reserve's Bank Term Funding Program (“BTFP”), which provided additional contingent liquidity through the pledging of certain qualifying securities. The BTFP was a one-year program, which ended March 11, 2024. The Company had access to the funds and pledged assets during the qualifying period, however, the Company did not borrow funds under the BTFP program. Long-term Borrowings As part of the American National acquisition, in 2024, the Company assumed junior subordinated debenture obligations related to several trusts that issued the obligations to several trust preferred capital securities totaling $28.5 million in total principal amount. Refer to the table below for contractual rates and maturity terms.
Total long-term borrowings consist of the following as of December 31, 2024 (dollars in thousands):
(1) Three-Month Chicago Mercantile Exchange Secured Overnight Financing Rate (”) + 0.262%. (2) Three-Month Chicago Mercantile Exchange SOFR. (3) Rate as of December 31, 2024. Calculated using non-rounded numbers. (4) Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (5) Assumed in the American National acquisition and adjusted to fair value at the time of acquisition. (6) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (7) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 basis points through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (8) Remaining discounts of $14.0 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
Total long-term borrowings consist of the following as of December 31, 2023 (dollars in thousands):
(1) Three-month Chicago Mercantile Exchange + 0.262%. (2) Rate as of December 31, 2023. Calculated using non-rounded numbers. (3) Represents the junior subordinated debentures owned by the Company in trust and is reported in "Other assets" on the Company’s Consolidated Balance Sheets. (4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. (5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 basis points through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026. (6) Remaining discounts of $11.7 million and $2.5 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
As of December 31, 2024, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
(1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt. |
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