Borrowings

9 Months Ended

Sep. 30, 2019

Total borrowings of $3.2 billion at September 30, 2019 and $2.6 billion at December 31, 2018 are described in detail below.

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



	At September 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	$	190,692	0.42	%	$	236,874	0.35	%
Original maturity of greater than one year, non-callable	200,000		1.57		—		—
Total securities sold under agreements to repurchase	390,692		1.01		236,874		0.35
Fed funds purchased	820,000		1.91		345,000		2.52
Securities sold under agreements to repurchase and other borrowings	$	1,210,692	1.62		$	581,874	1.64


(1)	The Company has right of offset with respect to all repurchase agreement assets and liabilities. However, securities sold under agreements to repurchase represents the gross amount for these transactions, as only liabilities are outstanding for the periods presented.

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 or municipal customers through Webster’s Treasury Unit.

The following table provides information for FHLB advances:



	At September 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	$	1,109,295	2.07	%	$	1,403,026	2.55	%
After 1 but within 2 years	75,000		1.51		215,000		1.73
After 2 but within 3 years	150,036		3.03		200,000		3.16
After 3 but within 4 years	181		1.71		150		—
After 4 but within 5 years	50,150		1.59		242		2.95
After 5 years	8,187		2.65		8,390		2.65
FHLB advances and overall rate	$	1,392,849	2.13		$	1,826,808	2.52

Aggregate carrying value of assets pledged as collateral	$	7,208,616			$	6,689,761
Remaining borrowing capacity	3,393,626				2,568,664

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 September 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⁾	326,436			—
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 ⁽²⁾		77,320			77,320
Total notes and subordinated debt		553,756			227,320
Discount on senior fixed-rate notes		(1,467		)	(608		)
Debt issuance cost on senior fixed-rate notes		(3,131		)	(691		)
Long-term debt		$	549,158		$	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 3.62% at September 30, 2019. The $26.4 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 5.09% at September 30, 2019 and 5.74% at December 31, 2018.