Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Note 17 – Borrowings

Assets sold under agreements to repurchase

Assets sold under agreements to repurchase amounted to $

149

 million at December 31, 2022 and $

92

 million at December 31,

2021.

The Corporation’s repurchase transactions are overcollateralized with the securities detailed in the table below. The Corporation’s

repurchase agreements have a right of set-off with the respective counterparty under the supplemental terms of the master

repurchase agreements. In an event of default each party has a right of set-off against the other party for amounts owed in the

related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them.

Pursuant to the Corporation’s accounting policy, the repurchase agreements are not offset with other repurchase agreements held

with the same counterparty.

The following table presents information related to the Corporation’s repurchase transactions accounted for as secured borrowings

that are collateralized with debt securities available-for-sale, debt securities held-to-maturity, other assets held-for-trading purposes

or which have been obtained under agreements to resell. It is the Corporation’s policy to maintain effective control over assets sold

under agreements to repurchase; accordingly, such securities continue to be carried on the Consolidated Statements of Financial

Condition.

Repurchase agreements accounted for as secured borrowings

December 31, 2022

December 31, 2021

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

$

410

4.40

%

$

19,538

0.30

%

 After 30 to 90 days

30,739

3.79

30,295

0.21

 After 90 days

17,521

4.39

29,036

0.29

Total U.S. Treasury securities

48,670

4.01

78,869

0.26

Mortgage-backed securities

 Within 30 days

98,984

4.27

11,733

0.26

 After 30 to 90 days

791

3.27

-

-

 After 90 days

-

-

722

0.16

Total mortgage-backed securities

99,775

4.26

12,455

0.26

Collateralized mortgage obligations

 Within 30 days

164

4.25

279

0.25

Total collateralized mortgage obligations

164

4.25

279

0.25

Total

$

148,609

4.18

%

$

91,603

0.26

%

Repurchase agreements in this portfolio are generally short-term, often overnight. As such our risk is very limited. We manage the

liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a range of

securities collateral and pursuing longer durations, when appropriate.

(Dollars in thousands)

2022

2021

Maximum aggregate balance outstanding at any month-end

$

162,450

$

92,101

Average monthly aggregate balance outstanding

$

107,305

$

91,394

Weighted average interest rate:

For the year

2.15

%

0.35

%

At December 31

4.23

%

0.26

%

Other short-term borrowings

At December 31, 2022 and December 31, 2021, other short-term borrowings consisted of $

365

 million and $

75

 million, respectively,

in FHLB Advances.

The following table presents additional information related to the Corporation’s other short-term borrowings for

the years ended December 31, 2022 and December 31, 2021.

(Dollars in thousands)

2022

2021

Maximum aggregate balance outstanding at any month-end

$

375,000

$

75,000

Average monthly aggregate balance outstanding

$

99,083

$

343

Weighted average interest rate:

For the year

3.46

%

0.35

%

At December 31

4.47

%

0.35

%

Notes Payable

The following table presents the composition of notes payable at December 31, 2022 and December 31, 2021.

(In thousands)

December 31, 2022

December 31, 2021

Advances with the FHLB with maturities ranging from

2023

 through

2029

 paying interest at monthly

fixed rates ranging from

0.39

% to

3.18

% (2021 -

0.39

% to

3.18

%)

$

389,282

$

492,429

Unsecured senior debt securities maturing on September

2023

 paying interest

semiannually

 at a fixed

rate of

6.125

%, net of debt issuance costs of $

891

 (2021 - $

2,158

)

299,109

297,842

Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on

2034

 with fixed interest rates ranging from

6.125

% to

6.564

% (2021 -

6.125

% to

6.564

%), net of debt

issuance costs of $

315

 (2021 - $

342

)

198,319

198,292

Total notes payable

$

886,710

$

988,563

A breakdown of borrowings by contractual maturities at December 31, 2022 is included in the table below.

Assets sold under 

Short-term

(In thousands)

agreements to

repurchase

borrowings

Notes payable

Total

2023

$

148,609

$

365,000

$

342,370

$

855,979

2024

-

-

91,944

91,944

2025

-

-

139,920

139,920

2026

-

-

74,500

74,500

Later years

-

-

237,976

237,976

Total borrowings

$

148,609

$

365,000

$

886,710

$

1,400,319

At December 31, 2022 and December 31, 2021, the Corporation had FHLB borrowing facilities whereby the Corporation could

borrow up to $

3.3

 billion and $

3.0

 billion, respectively, of which $

0.8

 billion and $

0.6

 billion, respectively, were used. In addition, at

December 31, 2022 and December 31, 2021, the Corporation had placed $

0.4

 billion and $

1.2

 billion, respectively, of the available

FHLB credit facility as collateral for municipal letters of credit to secure deposits. The FHLB borrowing facilities are collateralized

with loans held-in-portfolio, and do not have restrictive covenants or callable features. 

Also, at December 31, 2022, the Corporation has a borrowing facility at the discount window of the Federal Reserve Bank of New

York amounting to $

1.4

 billion (December 31, 2021 - $

1.3

 billion), which remained unused at December 31, 2022 and December 31,

2021. The facility is a collateralized source of credit that is highly reliable even under difficult market conditions.