Borrowings |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | - Borrowings Assets sold under agreements to repurchase Assets sold under agreements to repurchase amounted to $77.5 million at June 30, 2026 and $39 million at December 31, 2025. The Corporation’s repurchase transactions are overcollateralized with the securities detailed in the table below. The Corporation’s repurchase agreements have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. Pursuant to the Corporation’s accounting policy, the repurchase agreements are not offset with other repurchase agreements held with the same counterparty. The following table presents information related to the Corporation’s repurchase transactions accounted for as secured borrowings that are collateralized with debt securities available-for-sale, debt securities held-to-maturity, and other assets held-for-trading purposes or which have been obtained under agreements to resell. It is the Corporation’s policy to maintain effective control over assets sold under agreements to repurchase; accordingly, such securities continue to be carried on the Consolidated Statements of Financial Condition. Repurchase agreements accounted for as secured borrowings
Repurchase agreements in this portfolio are generally short-term, often overnight. As such our risk is very limited. We manage the liquidity risks arising from secured funding by sourcing funding globally from a diverse group of counterparties, providing a range of securities collateral and pursuing longer durations, when appropriate. Other short-term borrowings At June 30, 2026 and December 31, 2025, other short-term borrowings consisted of $675.0 million and $650.0 million, respectively, in FHLB Advances. Notes Payable The following table presents the composition of notes payable at June 30, 2026 and December 31, 2025.
Note: Refer to the 2025 Form 10-K for rates information at December 31, 2025. A breakdown of borrowings by contractual maturities at June 30, 2026 is included in the table below.
At June 30, 2026 and December 31, 2025, the Corporation had FHLB borrowing facilities whereby the Corporation could borrow up to $4.9 billion and $4.8 billion, respectively, of which $0.8 billion and $0.8 billion, respectively, were used. The FHLB borrowing facilities are collateralized with securities and loans held-in-portfolio, and do not have restrictive covenants or callable features. Also, at June 30, 2026, the Corporation had borrowing facilities at the discount window of the Federal Reserve Bank of New York amounting to $11.9 billion (December 31, 2025 - $12.1 billion), which remained unused at June 30, 2026 and December 31, 2025. The facilities are a collateralized source of credit that is highly dependable even under difficult market conditions.
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