Other Borrowings and Subordinated Notes and Debentures (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt at September 30, 2023 and December 31, 2022 consisted of the following components: 

	September 30,		December 31,
(In thousands)	2023		2022
Other Borrowings
FHLB advances, net of discount, due 2023 to 2033, 4.56% to 5.61% secured by real estate loans	$	1,328,290	$	838,487
Other long-term debt	19,565		20,809
Total other borrowings	1,347,855		859,296
Subordinated Notes and Debentures
Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly)(1)	330,000		330,000
Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly)	37,199		37,285
Unamortized debt issuance costs	(1,096)		(1,296)
Total subordinated notes and debentures	366,103		365,989
Total other borrowings and subordinated debt	$	1,713,958	$	1,225,285

_________________________

(1)    The Company transitioned from the three month LIBOR rate to the three month Secured Overnight Financing Rate (“SOFR”), plus a comparable spread adjustment of 26.161 basis points, beginning with interest accrued on the notes from and after October 1, 2023.

Schedule of Aggregate Annual Maturities of Long-term Debt

Aggregate annual maturities of long-term debt at September 30, 2023, are as follows:

Year	(In thousands)
Remainder of 2023	$	441
2024	1,822
2025	1,822
2026	1,824
2027	1,920
Thereafter	381,128
Total	$	388,957