Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings

On March 16, 2022, $65.0 million of senior notes with a fixed rate of 3.60% were repaid upon their maturity.

On March 30, 2021, pursuant to a cash tender offer, the Corporation purchased $75.0 million and $60.0 million of its subordinated notes which are scheduled to mature on November 15, 2024 and its senior notes which matured on March 16, 2022, respectively. The Corporation incurred $11.3 million in debt extinguishment costs and expensed $0.8 million of unamortized discount costs. In addition, during the first quarter of 2021, the Corporation prepaid $536.0 million of FHLB advances and incurred $20.9 million in prepayment penalties.

In connection with the Merger, the Corporation assumed $253.5 million of Prudential Bancorp FHLB advances.

The Corporation owned all of the common securities of three unconsolidated subsidiary trusts that issued TruPS in conjunction with the Corporation issuing junior subordinated deferrable interest debentures to the trusts. In September 2022, the Corporation redeemed all of the outstanding junior subordinated deferrable interest debentures issued to the trusts, totaling approximately $17.0 million, and the trusts redeemed all of the outstanding TruPS in a like amount, after which the subsidiary trusts were terminated.