Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of repurchase agreements

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

%

Schedule Of Maximum Aggregate Balance Average Aggregate Balance And Weighted Average Interest Rate [Text Block]

(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

%

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

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

Borrowings by contractual maturities

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