Short and Long-Term Funding (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Breakdown of short & long-term debt balances

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):

($ in thousands)	Mar 31, 2024		Dec 31, 2023
Short-term funding
Federal funds purchased	$	175,135	$	220,160
Securities sold under agreements to repurchase	90,536		106,620
Federal funds purchased and securities sold under agreements to repurchase	265,671		326,780
BTFP funding	500,000		—
Total short-term funding	$	765,671	$	326,780
Long-term funding
Corporation subordinated notes, at par	$	550,000	$	550,000
Discount and capitalized costs	(7,468)		(7,748)
Subordinated debt fair value hedge(a)	(6,838)		(1,366)
Finance leases	361		383
Total long-term funding	$	536,055	$	541,269
Total short and long-term funding, excluding FHLB advances	$	1,301,726	$	868,049
FHLB advances
Short-term FHLB advances	$	138,000	$	740,000
Long-term FHLB advances	1,209,862		1,209,907
FHLB advances fair value hedge(a)	(14,451)		(9,713)
Total FHLB advances	$	1,333,411	$	1,940,194
Total short and long-term funding	$	2,635,137	$	2,808,243

(a) For additional information on the fair value hedges, see Note 9.

Remaining contractual maturity of securities sold under agreements to repurchase

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 are presented in the following table:

	Overnight and Continuous
($ in thousands)	Mar 31, 2024		Dec 31, 2023
Repurchase agreements
Agency mortgage-related securities	$	90,536	$	106,620