Borrowings (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

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

	At June 30, 2019				At December 31, 2018
(In thousands)	Amount		Rate		Amount		Rate
Securities sold under agreements to repurchase (1):
Original maturity of one year or less	$	216,620	0.46	%	$	236,874	0.35	%
Original maturity of greater than one year, non-callable	100,000		1.86		—		—
Total securities sold under agreements to repurchase	316,620		0.90		236,874		0.35
Fed funds purchased	640,300		2.43		345,000		2.52
Securities sold under agreements to repurchase and other borrowings	$	956,920	1.92		$	581,874	1.64

Federal Home Loan Bank, Advances

The following table provides information for FHLB advances:

	At June 30, 2019				At December 31, 2018
(Dollars in thousands)	Amount		Weighted- Average Contractual Coupon Rate		Amount		Weighted- Average Contractual Coupon Rate
Maturing within 1 year	$	1,078,026	2.37	%	$	1,403,026	2.55	%
After 1 but within 2 years	190,000		1.71		215,000		1.73
After 2 but within 3 years	150,000		3.52		200,000		3.16
After 3 but within 4 years	140		—		150		—
After 4 but within 5 years	236		2.95		242		2.95
After 5 years	8,254		2.65		8,390		2.65
FHLB advances and overall rate	$	1,426,656	2.40		$	1,826,808	2.52
Aggregate carrying value of assets pledged as collateral	$	6,379,552			$	6,689,761
Remaining borrowing capacity	2,633,480				2,568,664

Schedule of Long-term Debt Instruments

The following table summarizes long-term debt:

(Dollars in thousands)		At June 30, 2019			At December 31, 2018
4.375%	Senior fixed-rate notes due February 15, 2024	$	150,000		$	150,000
4.100%	Senior fixed-rate notes due March 25, 2029 (1)	315,812			—
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)		77,320			77,320
Total notes and subordinated debt		543,132			227,320
Discount on senior fixed-rate notes		(1,521		)	(608		)
Debt issuance cost on senior fixed-rate notes		(3,232		)	(691		)
Long-term debt		$	538,379		$	226,021

(1) In March 2019, the Company completed a $300.0 million senior fixed-rate notes issuance. The fixed interest rate has been designated in a fair value hedging relationship and swapped to a weighted-average variable rate of 4.01% at June 30, 2019. The $15.8 million basis adjustment included in the carrying value reflects the changes in the benchmark rate.

(2)

The interest rate on Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month London Interbank Offered Rate plus 2.95%, was 5.36% at June 30, 2019 and 5.74% at December 31, 2018.