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Borrowings (Tables) | 9 Months Ended
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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

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