FHLBNY ADVANCES

12 Months Ended

Dec. 31, 2012

FHLBNY ADVANCES [Abstract]

FHLBNY ADVANCES

12.   FHLBNY ADVANCES

The Bank had borrowings (''Advances'') from the FHLBNY totaling $842,500 and $939,775 at December 31, 2012 and 2011, respectively, all of which were fixed rate. The average interest cost of FHLBNY Advances was 2.96%, 3.17%, and 3.51% during the years ended December 31, 2012, 2011 and 2010, respectively.  The average interest rate on outstanding FHLBNY Advances was 2.68% and 2.88% at December 31, 2012 and 2011, respectively.  In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $1,362,495 as of December 31, 2012 and $1,403,533 as of December 31, 2011, and maintained sufficient qualifying collateral, as defined by the FHLBNY, with the FHLBNY (principally real estate loans), to secure Advances in excess of its borrowing limit at both December 31, 2012 and 2011.  Certain of the FHLBNY Advances outstanding at December 31, 2012 contained call features that may be exercised by the FHLBNY.  Prepayment penalties were associated with all fixed rate advances outstanding as of December 31, 2012 and 2011.

The following table presents a summary of future maturities of FHLBNY Advances outstanding at December 31, 2012:

Year Ending December 31,	Maturing Balance		Weighted Average Interest Rate
2013	$	218,500		1.77	%
2014		199,500		2.92
2015		284,500		2.55
2016		50,000		4.36
2017		90,000		3.87
2018 and beyond		-		-
TOTAL	$	842,500		2.68	%