v3.26.1
FHLB Advances, Other Borrowings and Subordinated Notes
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
FHLB Advances, Other Borrowings and Subordinated Notes FHLB Advances, Other Borrowings and Subordinated Notes
The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown:
(In thousands)March 31,
2026		December 31,
2025		March 31,
2025
FHLB advances$3,451,309 $3,451,309 $3,151,309 
Other borrowings:
Notes payable— — 135,632 
Secured borrowings340,647 422,107 337,065 
Other— 55,859 56,572 
Total other borrowings340,647 477,966 529,269 
Subordinated notes298,717 298,636 298,360 
Total FHLB advances, other borrowings and subordinated notes$4,090,673 $4,227,911 $3,978,938 

Descriptions of the Company’s FHLB advances, other borrowings, and subordinated notes are included in Note (11) “Federal Home Loan Bank Advances” Note (12) “Subordinated Notes” and Note (13) “Other Borrowings” of the 2025 Form 10-K.

Notes Payable
Notes payable balances represent the balances on the Company’s credit agreement with certain unaffiliated banks. The term loan facility was paid in full in December 2025. At March 31, 2026, there was no outstanding principal balance under the revolving credit facility. Borrowings under notes payable are secured by pledges of and first priority perfected security interests in the Company’s equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. At March 31, 2026, the Company was in compliance with all such covenants.
Secured Borrowings

The balance of secured borrowings primarily represents a third party Canadian transaction (“Canadian Secured Borrowing”). Under the Canadian Secured Borrowing, the Company, through its subsidiary, First Insurance Funding of Canada (“FIFC Canada”), sells an undivided co-ownership interest in all receivables owed to FIFC Canada to an unrelated third party in exchange for cash payments pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). On December 15, 2025, the Company entered into the Thirteenth Amending Agreement to the Receivables Purchase Agreement dated as of December 16, 2014. The amended Receivables Purchase Agreement provides for, among other things, an extension of the maturity date to December 15, 2026 and a decrease to the facility limit from C$650 million to C$580 million.

At March 31, 2026, the translated balance of the secured borrowings totaled $327.0 million compared to $408.0 million at December 31, 2025 and $319.6 million at March 31, 2025. The interest rate under the Receivables Purchase Agreement is the Canadian Commercial Paper Rate plus fee rate of 0.775%.

The remaining $13.7 million, $14.1 million and $17.5 million within secured borrowings at March 31, 2026, December 31, 2025 and March 31, 2025, respectively, represent other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties.

Other Borrowings

Other borrowings represented a promissory note (“Promissory Note”) issued by the Company in June 2017. The Promissory Note was paid in full in March 2026.

Subordinated Notes

At March 31, 2026, the Company had outstanding subordinated notes totaling $298.7 million compared to $298.6 million and $298.4 million at December 31, 2025 and March 31, 2025, respectively. The notes issued in 2019 have a stated interest rate of 4.85% and mature in June 2029.