Borrowings (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Repurchase Agreements

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

	At June 30, 2020				At December 31, 2019
(Dollars in thousands)	Amount		Rate		Amount		Rate
Securities sold under agreements to repurchase (1):
Original maturity of one year or less	$	312,691	0.20	%	$	240,431	0.19	%
Original maturity of greater than one year, non-callable	200,000		0.68		200,000		1.78
Total securities sold under agreements to repurchase	512,691		0.39		440,431		0.91
Fed funds purchased	740,000		0.08		600,000		1.59
Paycheck Protection Program Liquidity Facility	436,114		0.35		—		—
Securities sold under agreements to repurchase and other borrowings	$	1,688,805	0.24		$	1,040,431	1.30

Federal Home Loan Bank, Advances

The following table provides information for FHLB advances:

	At June 30, 2020				At December 31, 2019
(Dollars in thousands)	Amount		Weighted- Average Contractual Coupon Rate		Amount		Weighted- Average Contractual Coupon Rate
Maturing within 1 year	$	265,000	1.35	%	$	1,690,000	1.79	%
After 1 but within 2 years	150,000		1.24		200,000		2.53
After 2 but within 3 years	120		—		130		—
After 3 but within 4 years	222		2.95		229		2.95
After 4 but within 5 years	100,000		1.50		50,000		1.59
After 5 years	7,979		2.66		8,117		2.66
FHLB advances	$	523,321	1.37		$	1,948,476	1.87
Aggregate carrying value of assets pledged as collateral	$	7,168,851			$	7,318,748
Remaining borrowing capacity	4,166,323				2,937,644

Schedule of Long-term Debt Instruments

The following table summarizes long-term debt:

(Dollars in thousands)		At June 30, 2020		At December 31, 2019
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)	346,841		317,486
Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2)		77,320		77,320
Total notes and subordinated debt		574,161		544,806
Discount on senior fixed-rate notes		(1,303)		(1,412)
Debt issuance cost on senior fixed-rate notes		(2,829)		(3,030)
Long-term debt		$	570,029	$	540,364

(1)The Company has de-designated its fair value hedging relationship on the notes. A $46.8 million basis adjustment included in the carrying value will be amortized over the remaining life of the notes.

(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 3.25% at June 30, 2020 and 4.85% at December 31, 2019.