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Borrowings | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Borrowings | Note 15 – Borrowings Assets sold under agreements to repurchase Assets sold under agreements to repurchase amounted to $ 57 million at March 31, 2025 and $ 55 million at December 31, 2024. 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, and 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 March 31, 2025 December 31, 2024 Repurchase Repurchase (In thousands) liability liability U.S. Treasury securities Within 30 days $ 27,378 $ 22,591 After 30 to 90 days 18,827 13,813 Total U.S. Treasury securities 46,205 36,404 Mortgage-backed securities Within 30 days 4,609 4,924 After 30 to 90 days 6,454 13,505 Total mortgage-backed securities 11,063 18,429 Total $ 57,268 $ 54,833 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. Other short-term borrowings At March 31, 2025 and December 31, 2024, other short-term borrowings consisted of $ 200 million and $ 225 million, respectively, in FHLB Advances. Notes Payable The following table presents the composition of notes payable at March 31, 2025 and December 31, 2024. (In thousands) March 31, 2025 December 31, 2024 Advances with the FHLB with maturities ranging from 2025 through 2029 paying interest at monthly fixed rates ranging from 0.55 % to 4.17 % $ 239,199 $ 302,722 Unsecured senior debt securities maturing on 2028 paying interest semi-annually at a fixed rate of 7.25 %, net of debt issuance costs of $ 4,430 395,570 395,198 Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on 2034 with fixed interest rates ranging from 6.125 % to 6.56 4%, net of debt issuance costs of $ 254 198,380 198,373 Total notes payable $ 833,149 $ 896,293 Note: Refer to the 2024 Form 10-K for rates information at December 31, 2024. A breakdown of borrowings by contractual maturities at March 31, 2025 is included in the table below. Assets sold under Short-term (In thousands) agreements to repurchase borrowings Notes payable Total 2025 $ 57,268 $ 200,000 $ 80,692 $ 337,960 2026 - - 74,500 74,500 2028 - - 439,920 439,920 2029 - - 39,657 39,657 Later years - - 198,380 198,380 Total borrowings $ 57,268 $ 200,000 $ 833,149 $ 1,090,417 At March 31, 2025 and December 31, 2024, the Corporation had FHLB borrowing facilities whereby the Corporation could borrow up to $ 4.5 billion and $ 4.7 billion, respectively, of which $ 0.4 billion and $ 0.5 billion, respectively, were used. In addition, at December 31, 2024, the Corporation had placed $ 0.3 billion of the available FHLB credit facility as collateral for municipal letters of credit to secure deposits. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio, and do not have restrictive covenants or callable features. Also, at March 31, 2025, the Corporation had borrowing facilities at the discount window of the Federal Reserve Bank of New York amounting to $ 7.2 billion (December 31, 2024 - $ 7.0 billion), which remained unused at March 31, 2025 and December 31, 2024. The facilities are a collateralized source of credit that is highly reliable even under difficult market conditions.

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