XML 48 R32.htm IDEA: XBRL DOCUMENT v3.22.2
Subsequent Event
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventOn July 28, 2022, the Bancorp issued and sold $1 billion of fixed-rate/floating-rate senior notes which will mature on July 28, 2030. The senior notes bear a fixed rate interest of 4.772% per annum to, but excluding, July 28, 2029. From, and including July 28, 2029 until, but excluding July 28, 2030, the senior notes will have an interest rate of compounded SOFR plus 2.127%. The Bancorp entered into interest rate swaps designated as fair value hedges to convert the fixed-rate period of the notes to a floating rate of compounded SOFR plus 2.132%. The senior notes are redeemable in whole at par plus accrued and unpaid interest one year prior to its maturity date, or may be wholly or partially redeemed 60 days prior to maturity.