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Borrowings (Tables)
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of repurchase agreements
Repurchase agreements accounted for as secured borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2024
December 31, 2023
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
30,581
$
16,931
After 30 to 90 days
18,504
18,369
After 90 days
-
8,292
Total U.S. Treasury
 
securities
49,085
43,592
Mortgage-backed securities
 
Within 30 days
11,550
27,171
 
After 30 to 90 days
5,228
20,394
Total mortgage-backed
 
securities
16,778
47,565
Collateralized mortgage obligations
 
Within 30 days
227
227
Total collateralized
 
mortgage obligations
227
227
Total
$
66,090
$
91,384
Notes payable
Notes Payable
The following table presents the composition of notes
 
payable at March 31, 2024 and December
 
31, 2023.
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2024
December 31, 2023
Advances with the FHLB with maturities ranging from
2024
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.44
% to
5.26
%
$
373,665
$
394,665
Unsecured senior debt securities maturing on
2028
 
paying interest
semiannually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
5,715
[1]
394,285
393,937
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 $
281
198,353
198,346
Total notes payable
$
966,303
$
986,948
Note: Refer to the 2023 Form 10-K for rates information
 
at December 31, 2023.
[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
2024
$
66,090
$
70,943
$
137,033
2025
-
144,214
144,214
2026
-
74,500
74,500
2028
-
438,636
438,636
Later years
-
238,010
238,010
Total borrowings
$
66,090
$
966,303
$
1,032,393