Borrowings and Subordinated Debentures (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of debt

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

	September 30, 2020				December 31, 2019
			Weighted				Weighted
			Average				Average
	Balance		Rate		Balance		Rate
	(Dollars in thousands)
FHLB secured advances	$	10,000	—	%	$	1,318,000	1.66	%
FHLB unsecured overnight advance	—		—	%	141,000		1.56	%
AFX short-term borrowings	50,000		0.06	%	300,000		1.61	%
Non-recourse debt	—		—	%	8		7.50	%
Total borrowings	$	60,000	0.05	%	$	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:

	September 30, 2020					December 31, 2019
					Maturity					Maturity
	Balance		Rate		Date	Balance		Rate		Date
	(Dollars in thousands)
Overnight advance	$	—	—	%	—	$	1,318,000	1.66	%	1/2/2020
Term advance	5,000		—	%	11/6/2020	—		—	%	—
Term advance	5,000		—	%	5/6/2021	—		—	%	—
Total FHLB secured advances	$	10,000	—	%		$	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:

	September 30, 2020				December 31, 2019				Date	Maturity	Rate Index
Series	Balance		Rate		Balance		Rate		Issued	Date	(Quarterly Reset)
	(Dollars in thousands)
Trust V	$	10,310	3.35	%	$	10,310	5.00	%	8/15/2003	9/17/2033	3-month LIBOR + 3.10
Trust VI	10,310		3.30	%	10,310		4.94	%	9/3/2003	9/15/2033	3-month LIBOR + 3.05
Trust CII	5,155		3.20	%	5,155		4.85	%	9/17/2003	9/17/2033	3-month LIBOR + 2.95
Trust VII	61,856		3.02	%	61,856		4.69	%	2/5/2004	4/23/2034	3-month LIBOR + 2.75
Trust CIII	20,619		1.94	%	20,619		3.58	%	8/15/2005	9/15/2035	3-month LIBOR + 1.69
Trust FCCI	16,495		1.85	%	16,495		3.49	%	1/25/2007	3/15/2037	3-month LIBOR + 1.60
Trust FCBI	10,310		1.80	%	10,310		3.44	%	9/30/2005	12/15/2035	3-month LIBOR + 1.55
Trust CS 2005-1	82,475		2.20	%	82,475		3.85	%	11/21/2005	12/15/2035	3-month LIBOR + 1.95
Trust CS 2005-2	128,866		2.22	%	128,866		3.89	%	12/14/2005	1/30/2036	3-month LIBOR + 1.95
Trust CS 2006-1	51,545		2.22	%	51,545		3.89	%	2/22/2006	4/30/2036	3-month LIBOR + 1.95
Trust CS 2006-2	51,550		2.22	%	51,550		3.89	%	9/27/2006	10/30/2036	3-month LIBOR + 1.95
Trust CS 2006-3 (1)	30,211		1.60	%	28,902		1.64	%	9/29/2006	10/30/2036	3-month EURIBOR + 2.05
Trust CS 2006-4	16,470		2.22	%	16,470		3.89	%	12/5/2006	1/30/2037	3-month LIBOR + 1.95
Trust CS 2006-5	6,650		2.22	%	6,650		3.89	%	12/19/2006	1/30/2037	3-month LIBOR + 1.95
Trust CS 2007-2	39,177		2.22	%	39,177		3.89	%	6/13/2007	7/30/2037	3-month LIBOR + 1.95
Gross subordinated debentures	541,999		2.30	%	540,690		3.87	%
Unamortized discount (2)	(78,717)				(82,481)
Net subordinated debentures	$	463,282			$	458,209

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(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.