Borrowings |
6 Months Ended |
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Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Borrowings | Borrowings In May 2026, the Corporation issued $300.0 million of subordinated notes due May 15, 2036 with a fixed-to-floating rate of 5.95% and an effective rate of 6.27% due to issuance costs. The subordinated notes convert to a floating rate based on three-month term SOFR, plus 217 bps, on May 15, 2031. Net proceeds from the issuance, after underwriting discounts and offering expenses, were approximately $296.0 million. In June 2026, the Corporation used $195.0 million of these proceeds to redeem the Subordinated Notes due 2030. The issuance and redemption of these subordinated notes is reflected in senior debt and subordinated debt on the Consolidated Balance Sheets. The Corporation recognized debt extinguishment costs of $0.8 million in connection with the redemption of the Subordinated Notes due 2030, consisting of the write-off of unamortized capitalized debt issuance costs and professional fees. These debt extinguishment costs are included in other non-interest expense in the Consolidated Statement of Income.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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