Borrowings and Subordinated Debentures (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes our borrowings as of the dates indicated:

	June 30, 2018				December 31, 2017
			Weighted				Weighted
			Average				Average
	Amount		Rate		Amount		Rate
	(Dollars in thousands)
Non‑recourse debt	$	226	7.04	%	$	342	6.87	%
FHLB secured advances	945,000		2.08	%	332,000		1.41	%
FHLB unsecured overnight advance	146,000		1.97	%	135,000		1.34	%
AFX borrowings	96,000		2.10	%	—		—	%
Total borrowings	$	1,187,226			$	467,342

Borrowings subordinated debentures and brokered deposits disclosure

The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:

	June 30, 2018					December 31, 2017					Date	Maturity	Rate Index
Series	Amount			Rate		Amount			Rate		Issued	Date	(Quarterly Reset)
	(Dollars in thousands)
Trust V	$	10,310		5.43	%	$	10,310		4.70	%	8/15/2003	9/17/2033	3 month LIBOR + 3.10
Trust VI	10,310			5.39	%	10,310			4.64	%	9/3/2003	9/15/2033	3 month LIBOR + 3.05
Trust CII	5,155			5.28	%	5,155			4.55	%	9/17/2003	9/17/2033	3 month LIBOR + 2.95
Trust VII	61,856			5.11	%	61,856			4.13	%	2/5/2004	4/23/2034	3 month LIBOR + 2.75
Trust CIII	20,619			4.03	%	20,619			3.28	%	8/15/2005	9/15/2035	3 month LIBOR + 1.69
Trust FCCI	16,495			3.94	%	16,495			3.19	%	1/25/2007	3/15/2037	3 month LIBOR + 1.60
Trust FCBI	10,310			3.89	%	10,310			3.14	%	9/30/2005	12/15/2035	3 month LIBOR + 1.55
Trust CS 2005-1	82,475			4.29	%	82,475			3.54	%	11/21/2005	12/15/2035	3 month LIBOR + 1.95
Trust CS 2005-2	128,866			4.31	%	128,866			3.33	%	12/14/2005	1/30/2036	3 month LIBOR + 1.95
Trust CS 2006-1	51,545			4.31	%	51,545			3.33	%	2/22/2006	4/30/2036	3 month LIBOR + 1.95
Trust CS 2006-2	51,550			4.31	%	51,550			3.33	%	9/27/2006	10/30/2036	3 month LIBOR + 1.95
Trust CS 2006-3 (1)	30,097			1.72	%	30,986			1.72	%	9/29/2006	10/30/2036	3 month EURIBOR + 2.05
Trust CS 2006-4	16,470			4.31	%	16,470			3.33	%	12/5/2006	1/30/2037	3 month LIBOR + 1.95
Trust CS 2006-5	6,650			4.31	%	6,650			3.33	%	12/19/2006	1/30/2037	3 month LIBOR + 1.95
Trust CS 2007-2	39,177			4.31	%	39,177			3.33	%	6/13/2007	7/30/2037	3 month LIBOR + 1.95
Trust I (2)	—			—	%	6,186			3.64	%	12/10/2004	3/15/2035	3 month LIBOR + 2.05
Trust II (2)	—			—	%	3,093			3.34	%	12/23/2005	3/15/2036	3 month LIBOR + 1.75
Trust III (2)	—			—	%	3,093			3.44	%	6/30/2006	9/18/2036	3 month LIBOR + 1.85
Gross subordinated debentures	541,885					555,146
Unamortized discount (3)	(90,007		)			(92,709		)
Net subordinated debentures	$	451,878				$	462,437

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(1) Denomination is in Euros with a value of €25.8 million.

(2) Acquired in the CUB acquisition on October 20, 2017 and redeemed in the first quarter of 2018.

(3) Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.