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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of repurchase agreements | Repurchase agreements accounted for as secured borrowings December 31, 2023 December 31, 2022 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 $ 16,931 5.56 % $ 410 4.40 % After 30 to 90 days 18,369 5.60 30,739 3.79 After 90 days 8,292 5.73 17,521 4.39 Total U.S. Treasury securities 43,592 5.61 48,670 4.01 Mortgage-backed securities Within 30 days 27,171 5.49 98,984 4.27 After 30 to 90 days 20,394 5.71 791 3.27 Total mortgage-backed securities 47,565 5.58 99,775 4.26 Collateralized mortgage obligations Within 30 days 227 5.25 164 4.25 Total collateralized mortgage obligations 227 5.25 164 4.25 Total $ 91,384 5.59 % $ 148,609 4.18 %
Schedule Of Maximum Aggregate Balance Average Aggregate Balance And Weighted Average Interest Rate [Text Block] | (Dollars in thousands) 2023 2022 Maximum aggregate balance outstanding at any month-end $ 150,692 $ 162,450 Average monthly aggregate balance outstanding $ 115,808 $ 107,305 Weighted average interest rate: For the year 5.20 % 2.15 % At December 31 5.68 % 4.23 % The following table presents additional information related to the Corporation’s other short-term borrowings for the years ended December 31, 2023 and December 31, 2022. (Dollars in thousands) 2023 2022 Maximum aggregate balance outstanding at any month-end $ 65,000 $ 375,000 Average monthly aggregate balance outstanding $ 27,302 $ 99,083 Weighted average interest rate: For the year 4.80 % 3.46 % At December 31 5.60 % 4.47 %
Notes payable | Notes Payable The following table presents the composition of notes payable at December 31, 2023 and December 31, 2022. (In thousands) December 31, 2023 December 31, 2022 Advances with the FHLB with maturities ranging from 2024 through 2029 paying interest at monthly fixed rates ranging from 0.41 % to 5.26 % (2022 - 0.39 % to 3.18 %) $ 394,665 $ 389,282 Unsecured senior debt securities maturing on 2028 paying interest semiannually at a fixed rate of 7.25 % (2022- 6.125 %), net of debt issuance costs of $ 6,063 (2022 - $ 891 ) [1] 393,937 299,109 Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on 2034 with fixed interest rates ranging from 6.125 % to 6.564 % (2022 - 6.125 % to 6.564 %), net of debt issuance costs of $ 288 (2022 - $ 315 ) 198,346 198,319 Total notes payable $ 986,948 $ 886,710 [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 $ 91,384 $ 91,943 $ 183,327 2025 - 144,214 144,214 2026 - 74,500 74,500 2028 - 438,288 438,288 Later years - 238,003 238,003 Total borrowings $ 91,384 $ 986,948 $ 1,078,332

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