Borrowings (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
Debt Disclosure [Abstract] |
|
Schedule of Repurchase Agreements |
Repurchase agreements accounted for as secured borrowings
|
|
December 31, 2021 |
December 31, 2020 |
|
|
|
|
Repurchase liability |
|
|
Repurchase liability |
|
|
|
Repurchase |
weighted average |
|
Repurchase |
weighted average |
(Dollars in thousands) |
|
liability |
interest rate |
|
liability |
interest rate |
U.S. Treasury securities |
|
|
|
|
|
|
|
|
|
Within 30 days |
$ |
19,538 |
0.30 |
% |
$ |
67,157 |
1.16 |
% |
|
After 30 to 90 days |
|
30,295 |
0.21 |
|
|
39,318 |
1.20 |
|
|
After 90 days |
|
29,036 |
0.29 |
|
|
9,979 |
0.33 |
|
Total U.S. Treasury securities |
|
78,869 |
0.26 |
|
|
116,454 |
1.10 |
|
Mortgage-backed securities |
|
|
|
|
|
|
|
|
|
Within 30 days |
|
11,733 |
0.26 |
|
|
3,778 |
0.28 |
|
|
After 30 to 90 days |
|
- |
- |
|
|
268 |
1.50 |
|
|
After 90 days |
|
722 |
0.16 |
|
|
- |
- |
|
Total mortgage-backed securities |
|
12,455 |
0.26 |
|
|
4,046 |
0.36 |
|
Collateralized mortgage obligations |
|
|
|
|
|
|
|
|
|
Within 30 days |
|
279 |
0.25 |
|
|
803 |
0.24 |
|
Total collateralized mortgage obligations |
|
279 |
0.25 |
|
|
803 |
0.24 |
|
Total |
$ |
91,603 |
0.26 |
% |
$ |
121,303 |
1.07 |
% |
|
Schedule Of Maximum Aggregate Balance Average Aggregate Balance And Weighted Average Interest Rate [Text Block] |
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2021 |
|
|
2020 |
|
Maximum aggregate balance outstanding at any month-end |
$ |
92,101 |
|
$ |
195,498 |
|
Average monthly aggregate balance outstanding |
$ |
91,394 |
|
$ |
143,718 |
|
Weighted average interest rate: |
|
|
|
|
|
|
|
For the year |
|
0.35 |
% |
|
1.63 |
% |
|
At December 31 |
|
0.26 |
% |
|
1.11 |
% | . The following table presents additional information related to the Corporation’s other short-term borrowings for the years ended December 31, 2021 and December 31, 2020.
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
2021 |
|
|
2020 |
|
Maximum aggregate balance outstanding at any month-end |
$ |
75,000 |
|
$ |
100,000 |
|
Average monthly aggregate balance outstanding |
$ |
343 |
|
$ |
21,557 |
|
Weighted average interest rate: |
|
|
|
|
|
|
|
For the year |
|
0.35 |
% |
|
0.56 |
% |
|
At December 31 |
|
0.35 |
% |
|
0.73 |
% |
|
Notes Payable |
Notes Payable The following table presents the composition of notes payable at December 31, 2021 and December 31, 2020.
(In thousands) |
December 31, 2021 |
|
December 31, 2020 |
Advances with the FHLB with maturities ranging from 2022 through 2029 paying interest at monthly fixed rates ranging from 0.39% to 3.18% (2020 - 0.39% to 4.19%) |
$ |
492,429 |
|
$ |
542,469 |
Advances with the FRB maturing on 2022 paying interest at annual fixed rate of 0.35%[1] |
|
- |
|
|
1,009 |
Unsecured senior debt securities maturing on 2023 paying interest semiannually at a fixed rate of 6.125%, net of debt issuance costs of $2,158 (2020 - $3,426) |
|
297,842 |
|
|
296,574 |
Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on 2034 with fixed interest rates ranging from 6.125% to 6.564% (2020 - 6.125% to 6.70%), net of debt issuance costs of $342 (2020 - $369) |
|
198,292 |
|
|
384,929 |
Total notes payable |
$ |
988,563 |
|
$ |
1,224,981 |
[1] During the second quarter of 2021, the Paycheck Protection Program Liquidity Facility advance was prepaid. |
|
Maturity distribution of debt securities |
A breakdown of borrowings by contractual maturities at December 31, 2021 is included in the table below.
|
|
Assets sold under |
|
Short-term |
|
|
|
(In thousands) |
|
agreements to repurchase |
|
borrowings |
|
Notes payable |
Total |
2022 |
$ |
91,603 |
|
75,000 |
$ |
103,148 |
$ |
269,751 |
2023 |
|
- |
|
- |
|
341,103 |
|
341,103 |
2024 |
|
- |
|
- |
|
91,943 |
|
91,943 |
2025 |
|
- |
|
- |
|
139,920 |
|
139,920 |
2026 |
|
- |
|
- |
|
74,500 |
|
74,500 |
Later years |
|
- |
|
- |
|
237,949 |
|
237,949 |
Total borrowings |
$ |
91,603 |
|
75,000 |
$ |
988,563 |
$ |
1,155,166 |
|