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Borrowings | 12 Months Ended
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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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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