Borrowings and Subordinated Debentures (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt

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

	March 31, 2020				December 31, 2019
			Weighted				Weighted
			Average				Average
	Balance		Rate		Balance		Rate
	(Dollars in thousands)
FHLB secured advances	$	1,904,000	0.51	%	$	1,318,000	1.66	%
FHLB unsecured overnight advance	141,000		0.11	%	141,000		1.56	%
AFX short-term borrowings	250,000		0.18	%	300,000		1.61	%
Non‑recourse debt	—		—	%	8		7.50	%
Total borrowings	$	2,295,000	0.45	%	$	1,759,008	1.64	%

Federal Home Loan Bank, Advances

The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:

	March 31, 2020					December 31, 2019
					Maturity					Maturity
	Balance		Rate		Date	Balance		Rate		Date
	(Dollars in thousands)
Overnight advance	$	1,154,000	0.21	%	4/1/2020	$	1,318,000	1.66	%	1/2/2020
Term advance	250,000		0.98	%	3/2/2021	—		—	%	—
Term advance	250,000		0.96	%	9/2/2021	—		—	%	—
Term advance	250,000		0.94	%	3/2/2022	—		—	%	—
Total FHLB secured advances	$	1,904,000	0.51	%		$	1,318,000	1.66	%

Schedule of Subordinated Borrowing

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

	March 31, 2020					December 31, 2019					Date	Maturity	Rate Index
Series	Balance			Rate		Balance			Rate		Issued	Date	(Quarterly Reset)
	(Dollars in thousands)
Trust V	$	10,310		3.94	%	$	10,310		5.00	%	8/15/2003	9/17/2033	3-month LIBOR + 3.10
Trust VI	10,310			3.79	%	10,310			4.94	%	9/3/2003	9/15/2033	3-month LIBOR + 3.05
Trust CII	5,155			3.79	%	5,155			4.85	%	9/17/2003	9/17/2033	3-month LIBOR + 2.95
Trust VII	61,856			4.52	%	61,856			4.69	%	2/5/2004	4/23/2034	3-month LIBOR + 2.75
Trust CIII	20,619			2.43	%	20,619			3.58	%	8/15/2005	9/15/2035	3-month LIBOR + 1.69
Trust FCCI	16,495			2.34	%	16,495			3.49	%	1/25/2007	3/15/2037	3-month LIBOR + 1.60
Trust FCBI	10,310			2.29	%	10,310			3.44	%	9/30/2005	12/15/2035	3-month LIBOR + 1.55
Trust CS 2005-1	82,475			2.69	%	82,475			3.85	%	11/21/2005	12/15/2035	3-month LIBOR + 1.95
Trust CS 2005-2	128,866			3.72	%	128,866			3.89	%	12/14/2005	1/30/2036	3-month LIBOR + 1.95
Trust CS 2006-1	51,545			3.72	%	51,545			3.89	%	2/22/2006	4/30/2036	3-month LIBOR + 1.95
Trust CS 2006-2	51,550			3.72	%	51,550			3.89	%	9/27/2006	10/30/2036	3-month LIBOR + 1.95
Trust CS 2006-3 (1)	28,432			1.65	%	28,902			1.64	%	9/29/2006	10/30/2036	3-month EURIBOR + 2.05
Trust CS 2006-4	16,470			3.72	%	16,470			3.89	%	12/5/2006	1/30/2037	3-month LIBOR + 1.95
Trust CS 2006-5	6,650			3.72	%	6,650			3.89	%	12/19/2006	1/30/2037	3-month LIBOR + 1.95
Trust CS 2007-2	39,177			3.72	%	39,177			3.89	%	6/13/2007	7/30/2037	3-month LIBOR + 1.95
Gross subordinated debentures	540,220			3.43	%	540,690			3.87	%
Unamortized discount (2)	(81,226		)			(82,481		)
Net subordinated debentures	$	458,994				$	458,209

___________________

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

(2)

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