Borrowings as of December 31, 2025 and 2024 and the related maximum amounts outstanding at the end of any month in each of the two years then ended are presented below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31 | | Maximum Outstanding | | | | |
| 2025 | | 2024 | | 2025 | | 2024 | | | | |
| (dollars in thousands) |
| Federal funds purchased | $ | — | | | $ | — | | | $ | — | | | $ | 125,000 | | | | | |
| FHLB advances | 250,000 | | | 850,000 | | | 800,000 | | | 1,706,621 | | | | | |
| Other borrowings: | | | | | | | | | | | |
| Short-term promissory notes issued to customers and customer repurchase agreements | 678,822 | | | 563,831 | | | 686,669 | | | 625,829 | | | | | |
| | | | | | | | | | | |
| Other borrowings | 916 | | | 901 | | | 1,282 | | | 1,155 | | | | | |
| Total other borrowings | $ | 679,738 | | | $ | 564,732 | | | | | | | | | |
As of December 31, 2025, the Corporation had aggregate federal funds line borrowing capacity of $2.6 billion, with no amount outstanding. A combination of commercial real estate loans, commercial loans, consumer loans and investment securities were pledged to the FRB to provide access to the FRB discount window borrowings. The Corporation had $3.9 billion of collateralized borrowing availability at the FRB discount window with no amount outstanding as of December 31, 2025.
As of December 31, 2025, the Corporation had total FHLB borrowing capacity of $11.6 billion, consisting of $250.0 million in outstanding advances and $4.2 billion in letters of credit issued to collateralize municipal deposits, resulting in a remaining borrowing capacity of approximately $7.1 billion. Advances from the FHLB, when utilized, are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets.
The following is included in senior and subordinated debt as of December 31:
| | | | | | | | | | | |
| 2025 | | 2024 |
| | (dollars in thousands) |
| Subordinated debt | $ | 370,000 | | | $ | 370,000 | |
| | | |
| | | |
| Unamortized discounts and issuance costs | (2,363) | | | (2,684) | |
| Total senior debt and subordinated debt | $ | 367,637 | | | $ | 367,316 | |
The following table summarizes the scheduled maturities of senior and subordinated debt with an original maturity of one year or more as of December 31, 2025 (dollars in thousands):
| | | | | |
| Year | |
| 2026 | $ | — | |
| 2027 | — | |
| 2028 | — | |
| 2029 | — | |
| 2030 | 195,000 | |
| Thereafter | 175,000 | |
| Unamortized discounts and issuance costs | (2,363) | |
| Total | $ | 367,637 | |
In November 2024, the Corporation retired $168.8 million of subordinated notes issued in June 2015 and November 2014 which matured on November 15, 2024. The subordinated notes issued June 2015 carried a fixed rate of 4.50% and an effective rate of 4.69% as a result of discounts and issuance costs. Interest was paid semi-annually in May and November. The subordinated notes issued November 2014, carried a fixed rate of 4.50% and an effective rate of 4.87% as a result of discounts and issuance costs. Interest was paid semi-annually in May and November.
In December 2023, the Corporation retired $5.0 million of subordinated debt with a fixed-to-floating rate of 3.25% and effective rate of 3.35% maturing in 2030.
In March 2020, the Corporation issued $200.0 million and $175.0 million of subordinated notes due in 2030 and 2035, respectively. The subordinated notes maturing in 2030 were issued with a fixed-to-floating rate of 3.25% and an effective rate of 3.35%, due to issuance costs, and the subordinated notes maturing in 2035 were issued with a fixed-to-floating rate of 3.75% and an effective rate of 3.85%, due to issuance costs. The subordinated notes due in 2030 converted to a floating rate based on the three-month term SOFR, plus 230 bps on March 15, 2025.