v3.25.1
Borrowings
 3 Months Ended
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.