Borrowings and Subordinated Debentures (Tables)

9 Months Ended

Sep. 30, 2023

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


	September 30, 2023				December 31, 2022
			Weighted				Weighted
			Average				Average
	Balance		Rate		Balance		Rate
	(Dollars in thousands)
Bank Term Funding Program	$	4,910,000	4.38	%	$	—	—	%
Repurchase agreement (1)	1,260,743		8.50	%	—		—	%
Credit-linked notes	123,782		16.00	%	132,030		14.56	%
FHLB secured advances	—		—	%	1,270,000		4.62	%
AFX short-term borrowings	—		—	%	250,000		4.68	%
FHLB unsecured overnight advance	—		—	%	112,000		4.37	%

Total borrowings	$	6,294,525	5.43	%	$	1,764,030	5.36	%

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(1) Balance is net of unamortized issuance costs of $10.9 million and $4.8 million of accrued exit fees. Rate calculation does not include the effects of issuance costs and exit fees.

Schedule of Subordinated Borrowing

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


	September 30, 2023				December 31, 2022				Date	Maturity	Rate Index
Series	Balance		Rate (1)		Balance		Rate (1)		Issued	Date	(Quarterly Reset) (6)
	(Dollars in thousands)
Subordinated notes, net (2)	$	395,520	3.25	%	$	395,134	3.25	%	4/30/2021	5/1/2031	Fixed rate (3)
Trust V	10,310		8.77	%	10,310		7.84	%	8/15/2003	9/17/2033	3-month Term SOFR + 3.10
Trust VI	10,310		8.72	%	10,310		7.82	%	9/3/2003	9/15/2033	3-month Term SOFR + 3.05
Trust CII	5,155		8.62	%	5,155		7.69	%	9/17/2003	9/17/2033	3-month Term SOFR + 2.95
Trust VII	61,856		8.38	%	61,856		7.16	%	2/5/2004	4/23/2034	3-month Term SOFR + 2.75
Trust CIII	20,619		7.36	%	20,619		6.46	%	8/15/2005	9/15/2035	3-month Term SOFR + 1.69
Trust FCCI	16,495		7.27	%	16,495		6.37	%	1/25/2007	3/15/2037	3-month Term SOFR + 1.60
Trust FCBI	10,310		7.22	%	10,310		6.32	%	9/30/2005	12/15/2035	3-month Term SOFR + 1.55
Trust CS 2005-1	82,475		7.62	%	82,475		6.72	%	11/21/2005	12/15/2035	3-month Term SOFR + 1.95
Trust CS 2005-2	128,866		7.58	%	128,866		6.36	%	12/14/2005	1/30/2036	3-month Term SOFR + 1.95
Trust CS 2006-1	51,545		10.45	%	51,545		6.36	%	2/22/2006	4/30/2036	Prime + 1.95
Trust CS 2006-2	51,550		7.58	%	51,550		6.36	%	9/27/2006	10/30/2036	3-month Term SOFR + 1.95
Trust CS 2006-3 (4)	27,252		5.76	%	27,592		3.66	%	9/29/2006	10/30/2036	3-month EURIBOR + 2.05
Trust CS 2006-4	16,470		10.45	%	16,470		6.36	%	12/5/2006	1/30/2037	Prime + 1.95
Trust CS 2006-5	6,650		7.58	%	6,650		6.36	%	12/19/2006	1/30/2037	3-month Term SOFR + 1.95
Trust CS 2007-2	39,177		7.58	%	39,177		6.36	%	6/13/2007	7/30/2037	3-month Term SOFR + 1.95
Total subordinated debt	934,560		5.96	%	934,514		5.08	%
Acquisition discount (5)	(63,664)				(67,427)
Net subordinated debt	$	870,896			$	867,087

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(1) Rates do not include the effects of discounts and issuance costs.

(2) Net of unamortized issuance costs of $4.5 million.

(3) Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly at a benchmark rate plus 252 basis points.

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

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

(6) On July 1, 2023, interest rates transitioned to Term SOFR or Prime plus the relevant spread adjustment as the applicable benchmark upon the cessation of LIBOR on June 30, 2023.