| Components of Borrowed Funds |
The components of the Company’s borrowed funds are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Long-term debt: |
|
|
|
|
|
|
Trust preferred securities |
|
$ |
222,345 |
|
|
$ |
220,034 |
|
Subordinated notes 6.25%, net of issuance costs |
|
|
109,468 |
|
|
|
109,255 |
|
Subordinated notes 2.75% |
|
|
148,313 |
|
|
|
144,940 |
|
Total long-term debt |
|
|
480,126 |
|
|
|
474,229 |
|
Total borrowed funds |
|
$ |
480,126 |
|
|
$ |
474,229 |
|
|
| Components of Borrowed Funds |
The following table presents details of outstanding trust preferred securities as of June 30, 2026 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Outstanding |
|
|
Issuance Date |
|
Interest Rate |
|
Interest Rate as of June 30, 2026 |
|
|
Maturity Date |
Marquette Capital Trust I |
|
$ |
19,517 |
|
|
12/28/2005 |
|
1.33% over 3-month term SOFR |
|
|
5.26 |
% |
|
1/7/2036 |
Marquette Capital Trust II |
|
|
19,974 |
|
|
12/28/2005 |
|
1.33% over 3-month term SOFR |
|
|
5.26 |
% |
|
1/7/2036 |
Marquette Capital Trust III |
|
|
7,841 |
|
|
5/30/2006 |
|
1.50% over 3-month term SOFR |
|
|
5.46 |
% |
|
6/23/2036 |
Marquette Capital Trust IV |
|
|
31,616 |
|
|
6/30/2006 |
|
1.60% over 3-month term SOFR |
|
|
5.53 |
% |
|
9/15/2036 |
Heartland Financial Statutory Trust IV |
|
|
9,755 |
|
|
3/17/2004 |
|
2.75% over 3-month term SOFR |
|
|
6.68 |
% |
|
3/17/2034 |
Heartland Financial Statutory Trust V |
|
|
17,717 |
|
|
1/27/2006 |
|
1.33% over 3-month term SOFR |
|
|
5.26 |
% |
|
4/7/2036 |
Heartland Financial Statutory Trust VI |
|
|
17,153 |
|
|
6/21/2007 |
|
1.48% over 3-month term SOFR |
|
|
5.41 |
% |
|
9/15/2037 |
Heartland Financial Statutory Trust VII |
|
|
15,008 |
|
|
6/26/2007 |
|
1.48% over 3-month term SOFR |
|
|
5.40 |
% |
|
9/1/2037 |
Morrill Statutory Trust I |
|
|
10,054 |
|
|
12/19/2002 |
|
3.25% over 3-month term SOFR |
|
|
7.26 |
% |
|
12/26/2032 |
Morrill Statutory Trust II |
|
|
9,819 |
|
|
12/17/2003 |
|
2.85% over 3-month term SOFR |
|
|
6.78 |
% |
|
12/17/2033 |
Sheboygan Statutory Trust I |
|
|
7,411 |
|
|
9/17/2003 |
|
2.95% over 3-month term SOFR |
|
|
6.88 |
% |
|
9/17/2033 |
CBNM Capital Trust I |
|
|
4,883 |
|
|
9/10/2004 |
|
3.25% over 3-month term SOFR |
|
|
7.18 |
% |
|
12/15/2034 |
Citywide Capital Trust III |
|
|
6,861 |
|
|
12/19/2003 |
|
2.80% over 3-month term SOFR |
|
|
6.73 |
% |
|
12/19/2033 |
Citywide Capital Trust IV |
|
|
4,749 |
|
|
9/30/2004 |
|
2.20% over 3-month term SOFR |
|
|
6.10 |
% |
|
9/30/2034 |
Citywide Capital Trust V |
|
|
13,282 |
|
|
5/31/2006 |
|
1.54% over 3-month term SOFR |
|
|
5.47 |
% |
|
7/25/2036 |
OCGI Statutory Trust III |
|
|
3,040 |
|
|
6/27/2002 |
|
3.65% over 3-month term SOFR |
|
|
7.58 |
% |
|
9/30/2032 |
OCGI Statutory Trust IV |
|
|
5,722 |
|
|
9/23/2004 |
|
2.50% over 3-month term SOFR |
|
|
6.43 |
% |
|
12/15/2034 |
BVBC Capital Trust II |
|
|
7,506 |
|
|
4/10/2003 |
|
3.25% over 3-month term SOFR |
|
|
7.17 |
% |
|
4/24/2033 |
BVBC Capital Trust III |
|
|
10,437 |
|
|
7/29/2005 |
|
1.60% over 3-month term SOFR |
|
|
5.59 |
% |
|
9/30/2035 |
Total trust preferred securities |
|
$ |
222,345 |
|
|
|
|
|
|
|
|
|
|
|
| Remaining Contractual Maturities Of Repurchase Agreements |
The table below presents the remaining contractual maturities of repurchase agreements outstanding at June 30, 2026 and December 31, 2025, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
|
Remaining Contractual Maturities of the Agreements |
|
|
|
Overnight |
|
|
2-29 Days |
|
|
30-90 Days |
|
|
Over 90 Days |
|
|
Total |
|
Repurchase agreements, secured by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
369,417 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
369,417 |
|
U.S. Agencies |
|
|
1,838,295 |
|
|
|
152,245 |
|
|
|
685,573 |
|
|
|
13,550 |
|
|
|
2,689,663 |
|
Total repurchase agreements |
|
$ |
2,207,712 |
|
|
$ |
152,245 |
|
|
$ |
685,573 |
|
|
$ |
13,550 |
|
|
$ |
3,059,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Remaining Contractual Maturities of the Agreements |
|
|
|
2-29 Days |
|
|
30-90 Days |
|
|
Over 90 Days |
|
|
Total |
|
Repurchase agreements, secured by: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury |
|
$ |
1,355,233 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,355,233 |
|
U.S. Agencies |
|
|
1,177,072 |
|
|
|
759,500 |
|
|
|
1,000 |
|
|
|
1,937,572 |
|
Total repurchase agreements |
|
$ |
2,532,305 |
|
|
$ |
759,500 |
|
|
$ |
1,000 |
|
|
$ |
3,292,805 |
|
|