Borrowings |
9 Months Ended |
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Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Borrowings | Borrowings The Bank's FHLB advances were $3.3 billion as of September 30, 2026, as compared to $3.2 billion at December 31, 2025. These advances have fixed interest rates ranging from 3.95% to 4.37% and all mature in 2026. The FHLB requires the Bank to maintain a specified level of investment in FHLB stock and to pledge sufficient eligible collateral to support secured borrowings. Refer to Note 4 – Loans and Leases for additional information on loans pledged as collateral. The Company had subordinated debentures and junior subordinated debentures with carrying values of $696 million at September 30, 2026, as compared to $435 million at December 31, 2025. In September 2026, the Bank issued $250 million in aggregate principal amount of subordinated notes due in 2036. The notes bear interest at a fixed annual rate of 6.721% for the first five years, after which they will reset to the Five-Year U.S. Treasury Rate plus 195 basis points. Debt issuance cost associated with the issuance was approximately $4 million, resulting in a carrying value of approximately $246 million at September 30, 2026. The Company intends to use a portion of the proceeds to redeem approximately $240 million in aggregate principal amount of the Company's junior subordinated debentures associated with certain trust preferred securities structures, with redemptions expected to occur during the fourth quarter of 2026 and early 2027.
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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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