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Borrowings | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Borrowings | NOTE 10 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At September 30, 2016, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to the Company the same or similar securities at the maturity of the se agreements. At September 30, 2016 and December 31, 2015, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $1.6 million and $2.2 million, respectively, were as follows:
| September 30, |  | December 31,
| 2016 |  | 2015
|  |  |  | Fair Value of |  |  |  |  | Fair Value of
| Borrowing |  | Underlying |  | Borrowing |  | Underlying
| Balance |  | Collateral |  | Balance |  | Collateral
| (In thousands)
Federal Home Loan Bank of NY |  | 42,135 |  |  | 44,883 |  |  | - |  |  | -
JP Morgan Chase Bank NA | $ | 212,500 |  | $ | 231,967 |  | $ | 262,500 |  | $ | 283,483
Credit Suisse Securities (USA) LLC |  | 402,000 |  |  | 429,111 |  |  | 670,000 |  |  | 737,887
Total | $ | 656,635 |  | $ | 705,961 |  | $ | 932,500 |  | $ | 1,021,370
The following table shows a summary of the Company’s repurchase agreements and their terms, excluding accrued interest in the amount of $1.6 million, at September 30, 2016:
|  |  |  |  | Weighted- |  |  |  |
|  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  | (In thousands) |  |  |  |  |  |
2016 |  | $ | 21,635 |  | 0.570% |  | 09/20/16 |  | 10/07/16
|  |  | 20,500 |  | 0.510% |  | 09/30/16 |  | 10/07/16
|  |  | 170,000 |  | 1.500% |  | 12/06/12 |  | 12/08/16
2017 |  |  | 232,000 |  | 4.780% |  | 3/2/2007 |  | 3/2/2017
2018 |  |  | 212,500 |  | 1.420% |  | 12/10/2012 |  | 04/29/18
|  | $ | 656,635 |  | 2.57% |  |  |  |
A repurchase agreement in the original amount of $500 million with an original term of ten years, maturing on March 2, 2017, was modified in February 2016 to terminate, before maturity, $268.0 million of this repurchase agreement at a cost of $12.0 million, included as a loss on early extinguishment of debt in the unaudited statements of operations. The remaining balance of this repurchase agreement was $232.0 million at September 30, 2016. The following table presents the repurchase liability associated with the repurchase agreement transactions (excluding accrued interest) by maturity. Also, it includes the carrying value and approximate market value of collateral (excluding accrued interest) at September 30, 2016 and December 31, 2015. There was no cash collateral at September 30, 2016 and December 31, 2015.
| September 30, 2016
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |  |  | US Treasury |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  | Treasury |  |
| Liability |  | Rate |  | Certificates |  | Certificates |  | Notes |  | Total
| (Dollars in thousands)
Less than 90 days | $ | 212,135 |  |  | 1.31% |  | $ | 197,936 |  | $ | 437 |  | $ | 23,817 |  | $ | 222,190
Over 90 days | $ | 444,500 |  |  | 3.17% |  | $ | 481,455 |  | $ | 1,115 |  | $ | 1,201 |  | $ | 483,771
Total | $ | 656,635 |  |  | 2.57% |  | $ | 679,391 |  | $ | 1,552 |  | $ | 25,018 |  | $ | 705,961
| December 31, 2015
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |  |  | US Treasury |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  | Treasury |  |
| Liability |  | Rate |  | Certificates |  | Certificates |  | Notes |  | Total
| (Dollars in thousands)
Less than 90 days | $ | 30,000 |  |  | 0.70% |  | $ | 31,961 |  | $ | - |  | $ | - |  | $ | 31,961
Over 90 days |  | 902,500 |  |  | 3.18% |  |  | 974,698 |  |  | 2,131 |  |  | 12,580 |  |  | 989,409
Total | $ | 932,500 |  |  | 3.10% |  | $ | 1,006,659 |  | $ | 2,131 |  | $ | 12,580 |  | $ | 1,021,370
Advances from the Federal Home Loan Bank of New York Advances are received from the Federal Home Loan Bank of New York (the “FHLB-NY”) under an agreement whereby the Company is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2016 and December 31, 2015, these advances were secured by mortgage and commercial loans amounting to $1.5 billion and $1.3 billion, respectively. Also, at September 30, 2016 and December 31, 2015, the Company had an additional borrowing capacity with the FHLB-NY of $1.1 b illion and $770.6 million, respectively. At September 30, 2016 and December 31, 2015, the weighted average remaining maturity of FHLB’s advances was 12.5 months and 6.3 months, respectively. The original terms of these advances range s between one month and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of September 30, 2016. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $293 thousand, at September 30, 2016:
|  |  |  |  | Weighted- |  |  |  |
|  |  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  |  | (In thousands) |  |  |  |  |  |
2016 |  | $ | 36,938 |  | 0.57% |  | 9/1/2016 |  | 10/3/2016
2017 |  |  | 4,091 |  | 1.24% |  | 4/3/2012 |  | 4/3/2017
2018 |  |  | 30,000 |  | 2.19% |  | 1/16/2013 |  | 1/16/2018
|  |  | 25,000 |  | 2.18% |  | 1/16/2013 |  | 1/16/2018
|  |  | 55,000 |  |  |  |  |  |
2020 |  |  | 9,623 |  | 2.59% |  | 7/19/2013 |  | 7/20/2020
|  | $ | 105,652 |  | 1.61% |  |  |  |
All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. Subordinated Capital Notes Outstanding s ubordinated capital notes amounted to $36.1 million and $102.6 million at September 30, 2016 and December 31, 2015, respectively. On September 29, 2016, the Company repaid $67.0 million of subordinated capital notes at maturity.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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