| Schedule of debt |
The following table summarizes our borrowings as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | | Weighted | | | | Weighted | | | | | | | | | | Borrowing Type | Balance | | Average Rate | | Balance | | Average Rate | | (Dollars in thousands) | | FHLB secured advances | $ | 2,000,000 | | | 3.91 | % | | $ | 1,710,185 | | | 3.90 | % | | Other short-term borrowings | 440,000 | | | 3.68 | % | | 240,000 | | | 3.69 | % | | Credit-linked notes | 111,250 | | | 14.41 | % | | 113,634 | | | 14.63 | % | | Total borrowings, net | $ | 2,551,250 | | | 4.33 | % | | $ | 2,063,819 | | | 4.47 | % |
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| Federal Home Loan Bank, Advance, Branch of FHLBank |
The following table presents the interest rates and maturity dates of FHLB secured advances as of the date indicated: | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | | | | | | Maturity | | | | | | | | FHLB Secured Advances | Balance | | Rate | | Date | | | | | | | | (Dollars in thousands) | | | | | | | | | | | | | | Term advance | $ | 100,000 | | | 3.95 | % | | 05/21/2026 | | | | | | | | Term advance | 150,000 | | | 3.95 | % | | 05/26/2026 | | | | | | | | Term advance | 100,000 | | | 3.94 | % | | 07/27/2026 | | | | | | | | Term advance | 150,000 | | | 3.95 | % | | 07/30/2026 | | | | | | | Term advance (1) | 150,000 | | | 4.59 | % | | 06/26/2026 | | | | | | | | Term advance | 100,000 | | | 3.79 | % | | 02/01/2027 | | | | | | | | Term advance | 100,000 | | | 3.79 | % | | 03/01/2027 | | | | | | | | Term advance | 100,000 | | | 3.78 | % | | 04/01/2027 | | | | | | | Term advance (1) | 150,000 | | | 4.63 | % | | 05/28/2027 | | | | | | | Term advance (1) | 150,000 | | | 4.63 | % | | 06/03/2027 | | | | | | | Term advance (1) | 150,000 | | | 4.39 | % | | 06/03/2027 | | | | | | | | Term advance | 100,000 | | | 3.88 | % | | 06/24/2027 | | | | | | | Term advance (1) | 500,000 | | | 3.18 | % | | 09/18/2034 | | | | | | | | Total FHLB secured advances | $ | 2,000,000 | | | 3.91 | % | | | | | | | | |
___________________ (1) Represents FHLB term advances that include a put feature, which allows the FHLB to terminate the advance before its scheduled maturity date.
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| Schedule of Subordinated Borrowing |
The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Date | | Maturity | | Rate Index | | Series | Balance | | Rate (1) | | Balance | | Rate (1) | | Issued | | Date | | (Quarterly Reset) | | (Dollars in thousands) | | | | | | | Subordinated notes, net (2)(3) | $ | 381,877 | | | 3.25 | % | | $ | 381,737 | | | 3.25 | % | | 04/30/2021 | | 05/01/2031 | | Fixed rate | Subordinated notes (4) | 75,000 | | | 7.86 | % | | 75,000 | | | 8.05 | % | | 10/30/2020 | | 10/30/2030 | | 3-month Term SOFR + 4.195% | | Trust V | 10,310 | | | 7.04 | % | | 10,310 | | | 7.07 | % | | 08/15/2003 | | 09/17/2033 | | 3-month Term SOFR + 3.10 | | Trust VI | 10,310 | | | 6.99 | % | | 10,310 | | | 7.03 | % | | 09/03/2003 | | 09/15/2033 | | 3-month Term SOFR + 3.05 | | Trust CII | 5,155 | | | 6.89 | % | | 5,155 | | | 6.92 | % | | 09/17/2003 | | 09/17/2033 | | 3-month Term SOFR + 2.95 | | Trust VII | 61,856 | | | 6.68 | % | | 61,856 | | | 6.85 | % | | 02/05/2004 | | 04/23/2034 | | 3-month Term SOFR + 2.75 | | Trust CIII | 20,619 | | | 5.63 | % | | 20,619 | | | 5.67 | % | | 08/15/2005 | | 09/15/2035 | | 3-month Term SOFR + 1.69 | | Trust FCCI | 16,495 | | | 5.54 | % | | 16,495 | | | 5.58 | % | | 01/25/2007 | | 03/15/2037 | | 3-month Term SOFR + 1.60 | | Trust FCBI | 10,310 | | | 5.49 | % | | 10,310 | | | 5.53 | % | | 09/30/2005 | | 12/15/2035 | | 3-month Term SOFR + 1.55 | | Trust CS 2005-1 | 82,475 | | | 5.89 | % | | 82,475 | | | 5.93 | % | | 11/21/2005 | | 12/15/2035 | | 3-month Term SOFR + 1.95 | | Trust CS 2005-2 | 128,866 | | | 5.88 | % | | 128,866 | | | 6.05 | % | | 12/14/2005 | | 01/30/2036 | | 3-month Term SOFR + 1.95 | | Trust CS 2006-1 | 51,545 | | | 8.70 | % | | 51,545 | | | 9.20 | % | | 02/22/2006 | | 04/30/2036 | | Prime + 1.95 | | Trust CS 2006-2 | 51,550 | | | 5.88 | % | | 51,550 | | | 6.05 | % | | 09/27/2006 | | 10/30/2036 | | 3-month Term SOFR + 1.95 | Trust CS 2006-3 (5) | 29,778 | | | 4.08 | % | | 30,275 | | | 4.12 | % | | 09/29/2006 | | 10/30/2036 | | 3-month EURIBOR + 2.05 | | Trust CS 2006-4 | 16,470 | | | 8.70 | % | | 16,470 | | | 9.20 | % | | 12/05/2006 | | 01/30/2037 | | Prime + 1.95 | | Trust CS 2006-5 | 6,650 | | | 5.88 | % | | 6,650 | | | 6.05 | % | | 12/19/2006 | | 01/30/2037 | | 3-month Term SOFR + 1.95 | | Trust CS 2007-2 | 39,177 | | | 5.88 | % | | 39,177 | | | 6.05 | % | | 06/13/2007 | | 07/30/2037 | | 3-month Term SOFR + 1.95 | | PMB Statutory Trust III | 7,217 | | | 7.37 | % | | 7,217 | | | 7.35 | % | | 09/16/2002 | | 09/26/2032 | | 3-month Term SOFR + 3.40 | | PMB Capital Trust III | 10,310 | | | 5.93 | % | | 10,310 | | | 6.15 | % | | 10/04/2004 | | 10/08/2034 | | 3-month Term SOFR + 2.00 | | Total subordinated debt | 1,015,970 | | | 5.24 | % | | 1,016,327 | | | 5.35 | % | | | | | | | Acquisition discount (6) | (61,898) | | | | | (63,587) | | | | | | | | | | | Total subordinated debt, net | $ | 954,072 | | | | | $ | 952,740 | | | | | | | | | |
___________________ (1) Rates do not include the effects of discounts and issuance costs. (2) Net of unamortized issuance costs of $3.1 million at March 31, 2026 and $3.3 million at December 31, 2025. (3) The subordinated notes, which were issued at the Bank level rather than the holding company level, carried a fixed interest rate until May 1, 2026. On that date, the Company redeemed the outstanding principal amount of $385 million. The balance reflected in the table above differs from the redemption amount due to the carrying value of the subordinated notes, which includes the impact of unamortized debt issuance discount at the reporting date. For more information see “Note 17. Subsequent Events” in Item 1 of this Form 10‑Q. (4) Interest rate was fixed at 4.375% until October 30, 2025, when it changed to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points. (5) Denomination is in Euros with a value of €25.8 million (6) Amount represents the fair value adjustment on subordinated debt assumed in acquisitions.
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