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Borrowings (Tables)
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of repurchase agreements
Repurchase agreements accounted for as secured borrowings
September 30, 2023
December 31, 2022
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
12,736
$
410
After 30 to 90 days
13,199
30,739
After 90 days
18,180
17,521
Total U.S. Treasury
 
securities
44,115
48,670
Mortgage-backed securities
 
Within 30 days
28,211
98,984
 
After 30 to 90 days
-
791
 
After 90 days
20,499
-
Total mortgage-backed
 
securities
48,710
99,775
Collateralized mortgage obligations
 
Within 30 days
246
164
Total collateralized
 
mortgage obligations
246
164
Total
$
93,071
$
148,609
Notes payable
Notes Payable
The following table presents the composition of notes
 
payable at September 30, 2023 and December
 
31, 2022.
(In thousands)
September 30, 2023
December 31, 2022
Advances with the FHLB with maturities ranging from
2023
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.39
% to
4.17
%
$
412,632
$
389,282
Unsecured senior debt securities
 
maturing on
2028
 
paying interest
semiannually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
6,322
[1]
393,678
299,109
Junior subordinated deferrable interest debentures (related to
 
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
%, net of debt issuance costs of $
295
198,339
198,319
Total notes payable
$
1,004,649
$
886,710
Note: Refer to the 2022 Form 10-K for rates information
 
at December 31, 2022.
[1] On March 13, 2023, the Corporation issued $
400
 
million aggregate principal amount of
7.25
% Senior Notes due
2028
 
(the “2028 Notes”) in an
underwritten public offering. The Corporation used a
 
portion of the net proceeds of the 2028 Notes offering
 
to redeem, on August 14, 2023, the
outstanding $
300
 
million aggregate principal amount of its
6.125
% Senior Notes which were due on September
2023
. The redemption price was
equal to
100
% of the principal amount plus accrued and unpaid
 
interest through the redemption date.
Borrowings by contractual maturities
Assets sold under
 
(In thousands)
agreements to
repurchase
Notes payable
Total
2023
$
54,393
$
22,261
$
76,654
2024
38,678
91,943
130,621
2025
-
139,920
139,920
2026
-
74,500
74,500
Later years
-
676,025
676,025
Total borrowings
$
93,071
$
1,004,649
$
1,097,720