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Borrowings (Tables)
12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of repurchase agreements
Repurchase agreements accounted for as secured borrowings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
December 31, 2023
Repurchase liability
Repurchase liability
Repurchase
 
weighted average
Repurchase
 
weighted average
(Dollars in thousands)
 
liability
interest rate
 
liability
interest rate
U.S. Treasury securities
 
Within 30 days
$
22,591
5.04
%
$
16,931
5.56
%
 
After 30 to 90 days
13,813
4.71
18,369
5.60
 
After 90 days
-
-
8,292
5.73
Total U.S. Treasury
 
securities
36,404
4.92
43,592
5.61
Mortgage-backed securities
 
Within 30 days
4,924
4.90
27,171
5.49
 
After 30 to 90 days
13,505
4.88
20,394
5.71
Total mortgage-backed
 
securities
18,429
4.89
47,565
5.58
Collateralized mortgage obligations
 
Within 30 days
-
-
227
5.25
Total collateralized
 
mortgage obligations
-
-
227
5.25
Total
$
54,833
4.91
%
$
91,384
5.59
%
Schedule Of Maximum Aggregate Balance Average Aggregate Balance And Weighted Average Interest Rate [Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2024
2023
Maximum aggregate balance outstanding at any month-end
$
105,684
$
150,692
Average monthly aggregate balance outstanding
$
76,156
$
115,808
Weighted average interest rate:
For the year
5.54
%
5.20
%
At December 31
4.99
%
5.68
%
The following table presents additional information related
 
to the Corporation’s other short-term
borrowings at December 31, 2024 and December 31,
 
2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands)
2024
2023
Maximum aggregate balance outstanding at any month-end
$
225,000
$
65,000
Average monthly aggregate balance outstanding
$
8,402
$
27,302
Weighted average interest rate:
For the year
5.40
%
4.80
%
At December 31
4.67
%
5.60
%
Notes payable
The following table presents the composition of notes
 
payable at December 31, 2024 and December
 
31, 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
December 31, 2024
December 31, 2023
Advances with the FHLB with maturities ranging from
2025
 
through
2029
 
paying interest at monthly
fixed rates ranging from
0.54
% to
5.26
%
 
(2023 -
0.41
% to
5.26
%)
$
302,722
$
394,665
Unsecured senior debt securities maturing on
2028
 
paying interest
semiannually
 
at a fixed rate of
7.25
% (2023-
7.25
%), net of debt issuance costs of $
4,082
 
(2023 - $
6,063
)
[1]
395,198
393,937
Junior subordinated deferrable interest debentures (related to
 
trust preferred securities) maturing on
2034
 
with fixed interest rates ranging from
6.125
% to
6.564
% (2023 -
6.125
% to
6.564
%), net of debt
issuance costs of $
261
 
(2023 - $
288
)
198,373
198,346
Total notes payable
$
896,293
$
986,948
[1] On March 13, 2023, the Corporation issued $
400
 
million aggregate principal amount of
7.25
% Senior Notes due
2028
 
(the “2028 Notes”) in an
underwritten public offering. The Corporation used a
 
portion of the net proceeds of the 2028 Notes offering
 
to redeem, on August 14, 2023, the
outstanding $
300
 
million aggregate principal amount of its
6.125
% Senior Notes which were due on September
2023
. The redemption price was
equal to
100
% of the principal amount plus accrued and unpaid
 
interest through the redemption date.
Borrowings by contractual maturities
A breakdown of borrowings by contractual maturities
 
at December 31, 2024 is included in
 
the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets sold under
 
Short-term
(In thousands)
agreements to
repurchase
borrowings
Notes payable
Total
2025
$
54,833
$
225,000
$
144,215
$
424,048
2026
-
-
74,500
74,500
2027
-
-
-
-
2028
-
-
439,548
439,548
2029
-
-
39,657
39,657
Later years
-
-
198,373
198,373
Total borrowings
$
54,833
$
225,000
$
896,293
$
1,176,126