Borrowings (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

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

Federal Home Loan Bank, Advances

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

Schedule of Long-term Debt Instruments

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.