Borrowings

9 Months Ended

Sep. 30, 2020

Total borrowings of $2.3 billion at September 30, 2020 and $3.5 billion at December 31, 2019 are described in detail below.

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


	At September 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	$	278,122	0.19	%	$	240,431	0.19	%
Original maturity of greater than one year, non-callable	200,000		0.57		200,000		1.78
Total securities sold under agreements to repurchase	478,122		0.35		440,431		0.91
Fed funds purchased	823,700		0.08		600,000		1.59

Securities sold under agreements to repurchase and other borrowings	$	1,301,822	0.18		$	1,040,431	1.30

(1)The Company has right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross 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/municipal customers through the Corporate Treasury function.

The following table provides information for FHLB advances:


	At September 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	$	175,000	0.88	%	$	1,690,000	1.79	%
After 1 but within 2 years	150,024		1.15		200,000		2.53
After 2 but within 3 years	169		1.73		130		—
After 3 but within 4 years	50,141		1.59		229		2.95
After 4 but within 5 years	50,000		1.42		50,000		1.59
After 5 years	7,909		2.66		8,117		2.66
FHLB advances	$	433,243	1.15		$	1,948,476	1.87

Aggregate carrying value of assets pledged as collateral	$	7,561,287			$	7,318,748
Remaining borrowing capacity	4,506,213				2,937,644

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, 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)	345,502		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		572,822		544,806
Discount on senior fixed-rate notes		(1,247)		(1,412)
Debt issuance cost on senior fixed-rate notes		(2,729)		(3,030)
Long-term debt		$	568,846	$	540,364

(1)The Company has de-designated its fair value hedging relationship on these notes. The $45.5 million basis adjustment included in the carrying value at September 30, 2020 is being 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 3.20% at September 30, 2020 and 4.85% at December 31, 2019.