v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings
Note 13 – Borrowings
Assets sold under agreements to repurchase
Assets sold under agreements to repurchase amounted
 
to $
35
 
million at March 31, 2026 and $
39
 
million at December 31, 2025.
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, 2026
December 31, 2025
Repurchase
Repurchase
(In thousands)
 
liability
 
liability
U.S. Treasury securities
Within 30 days
$
15,083
$
29,356
After 30 to 90 days
19,493
9,645
Total U.S. Treasury
 
securities
34,576
39,001
Total
$
34,576
$
39,001
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, 2026 and December 31, 2025,
 
other short-term borrowings consisted of $
350
 
million and $
650
 
million, respectively, in
FHLB Advances.
Notes Payable
The following table presents the composition of notes
 
payable at March 31, 2026 and December
 
31, 2025.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
March 31, 2026
December 31, 2025
Advances with the FHLB with maturities ranging from
2026
 
through
2029
 
paying interest at
monthly
fixed rates ranging from
0.69
% to
4.17
%
$
139,620
$
164,620
Unsecured senior debt securities maturing on
2028
 
paying interest
semi-annually
 
at a fixed rate of
7.25
%, net of debt issuance costs of $
3,045
396,955
396,558
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 $
227
198,406
198,399
Total notes payable
$
734,981
$
759,577
Note: Refer to the 2025 Form 10-K for rates information
 
at December 31, 2025.
A breakdown of borrowings by contractual maturities
 
at March 31, 2026 is included in the table
 
below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2026
34,576
350,000
49,500
434,076
2027
-
-
6,113
6,113
2028
-
-
441,305
441,305
2029
-
-
39,657
39,657
Later years
-
-
198,406
198,406
Total borrowings
$
34,576
$
350,000
$
734,981
$
1,119,557
At March
 
31, 2026
 
and December 31,
 
2025, the
 
Corporation had FHLB
 
borrowing facilities whereby
 
the Corporation could
 
borrow
up to
 
$
4.7
 
billion and $
4.8
 
billion, respectively,
 
of which $
0.5
 
billion and $
0.8
 
billion, respectively,
 
were used. 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,
 
2026, the Corporation had borrowing
 
facilities at the discount
 
window of the Federal Reserve
 
Bank of New York
amounting to $
12.2
 
billion (December 31, 2025 - $
12.1
 
billion), which remained unused at March 31, 2026 and December 31, 2025.
 
The facilities are a collateralized source of credit that
 
is highly dependable even under difficult market
 
conditions.