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Borrowings (Tables) | 3 Months Ended
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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

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