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Borrowings
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowings
Note 15 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted
 
to $
56
 
million at June 30, 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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2025
December 31, 2024
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
27,789
$
22,591
After 30 to 90 days
23,781
13,813
Total U.S. Treasury
 
securities
51,570
36,404
Mortgage-backed securities
 
Within 30 days
4,473
4,924
 
After 30 to 90 days
-
13,505
Total mortgage-backed
 
securities
4,473
18,429
Total
$
56,043
$
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 June 30,
 
2025 and December 31,
 
2024, other short-term
 
borrowings consisted of
 
$
550
 
million and $
225
 
million, respectively,
 
in
FHLB Advances.
Notes Payable
The following table presents the composition of notes
 
payable at June 30, 2025 and December
 
31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
June 30, 2025
December 31, 2024
Advances with the FHLB with maturities ranging from
2025
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.57
% to
4.17
%
$
214,200
$
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 $
4,135
395,865
395,198
Junior subordinated deferrable interest debentures (related to
 
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
%, net of debt issuance costs of $
248
198,386
198,373
Total notes payable
$
808,451
$
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 June 30, 2025 is included in the
 
table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
56,043
$
550,000
$
55,692
$
661,735
2026
-
-
74,500
74,500
2028
-
-
440,215
440,215
2029
-
-
39,658
39,658
Later years
-
-
198,386
198,386
Total borrowings
$
56,043
$
550,000
$
808,451
$
1,414,494
At June 30, 2025 and
 
December 31, 2024, the Corporation had FHLB borrowing facilities whereby
 
the Corporation could borrow up
to $
4.8
 
billion and $
4.7
 
billion, respectively,
 
of which $
0.8
 
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
 
June 30,
 
2025, the Corporation
 
had borrowing facilities
 
at the
 
discount window of
 
the Federal
 
Reserve Bank of
 
New York
amounting to
 
$
10.8
 
billion (December 31,
 
2024 -
 
$
7.0
 
billion), which remained
 
unused at June
 
30, 2025
 
and December
 
31, 2024.
 
The facilities are a collateralized source of credit
 
that is highly dependable even under difficult market conditions.