Borrowings

6 Months Ended

Jun. 30, 2017

Total borrowings of $2.9 billion at June 30, 2017 and $4.0 billion at December 31, 2016 are described in detail below.

The following table summarizes securities sold under agreements to repurchase and other borrowings:



	At June 30, 2017				At December 31, 2016
(In thousands)	Amount		Rate		Amount		Rate
Securities sold under agreements to repurchase:
Original maturity of one year or less	$	310,967	0.17	%	$	340,526	0.16	%
Original maturity of greater than one year, non-callable	400,000		3.04		400,000		3.09
Total securities sold under agreements to repurchase	710,967		1.79		740,526		1.82
Fed funds purchased	161,725		1.13		209,000		0.46
Securities sold under agreements to repurchase and other borrowings	$	872,692	1.66	%	$	949,526	1.53	%

Repurchase agreements are used as a source of borrowed funds and are collateralized by U.S. Government agency mortgage-backed securities. Repurchase agreement counterparties are limited to primary dealers in government securities and commercial/municipal customers through Webster’s Treasury Unit. Dealer counterparties have the right to pledge, transfer, or hypothecate purchased securities during the term of the transaction. The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase represents the gross amount for these transactions, as only liabilities are outstanding for the periods presented.

The following table provides information for FHLB advances:



	At June 30, 2017				At December 31, 2016
(Dollars in thousands)	Amount		Weighted- Average Contractual Coupon Rate		Amount		Weighted- Average Contractual Coupon Rate
Maturing within 1 year	$	1,105,500	1.21	%	$	2,130,500	0.71	%
After 1 but within 2 years	175,000		1.45		200,000		1.36
After 2 but within 3 years	153,026		1.78		128,026		1.73
After 3 but within 4 years	175,000		1.72		175,000		1.77
After 4 but within 5 years	150,000		2.23		200,000		1.81
After 5 years	9,225		2.59		9,370		2.59
	1,767,751		1.43	%	2,842,896		0.95	%
Premiums on advances	6				12
Federal Home Loan Bank advances	$	1,767,757			$	2,842,908

Aggregate carrying value of assets pledged as collateral	$	5,835,397			$	5,967,318
Remaining borrowing capacity	2,066,318				1,192,758

Webster Bank is in compliance with FHLB collateral requirements for the periods presented. Eligible collateral, primarily certain residential and commercial real estate loans, has been pledged to secure FHLB advances.

The following table summarizes long-term debt:



(Dollars in thousands)		At June 30, 2017			At December 31, 2016
4.375%	Senior fixed-rate notes due February 15, 2024	$	150,000		$	150,000
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 ⁽¹⁾		77,320			77,320
Total notes and subordinated debt		227,320			227,320
Discount on senior fixed-rate notes		(786		)	(845		)
Debt issuance cost on senior fixed-rate notes		(894		)	(961		)
Long-term debt		$	225,640		$	225,514

(1)

The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 4.22% at June 30, 2017 and 3.94% at December 31, 2016.