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Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of repurchase agreements | Repurchase agreements accounted for as secured borrowings September 30, 2024 December 31, 2023 Repurchase Repurchase (In thousands) liability liability U.S. Treasury securities Within 30 days $ 21,956 $ 16,931 After 30 to 90 days 13,882 18,369 After 90 days - 8,292 Total U.S. Treasury securities 35,838 43,592 Mortgage-backed securities Within 30 days 5,206 27,171 After 30 to 90 days 14,316 20,394 Total mortgage-backed securities 19,522 47,565 Collateralized mortgage obligations Within 30 days - 227 Total collateralized mortgage obligations - 227 Total $ 55,360 $ 91,384
Notes payable | The following table presents the composition of notes payable at September 30, 2024 and December 31, 2023. (In thousands) September 30, 2024 December 31, 2023 Advances with the FHLB with maturities ranging from 2024 through 2029 paying interest at monthly fixed rates ranging from 0.54 % to 5.26 % $ 325,095 $ 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 $ 5,085 [1] 394,915 393,937 Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on 2034 with fixed interest rates ranging from 6.13 % to 6.56 %, net of debt issuance costs of $ 268 198,366 198,346 Total notes payable $ 918,376 $ 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 | A breakdown of borrowings by contractual maturities at September 30, 2024 is included in the table below. Assets sold under (In thousands) agreements to repurchase Notes payable Total 2024 $ 55,360 $ 22,373 $ 77,733 2025 - 144,214 144,214 2026 - 74,500 74,500 2028 - 439,265 439,265 Later years - 238,024 238,024 Total borrowings $ 55,360 $ 918,376 $ 973,736

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