12. FHLBNY ADVANCES

The Bank had borrowings (''Advances'') from the FHLBNY totaling $910,000 and $842,500 at December 31, 2013 and 2012, respectively, all of which were fixed rate. The average interest cost of FHLBNY Advances was 2.89%, 2.96%, and 3.17% during the years ended December 31, 2013, 2012 and 2011, respectively. The average interest rate on outstanding FHLBNY Advances was 2.35% and 2.68% at December 31, 2013 and 2012, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $1,203,939 as of December 31, 2013 and $1,362,495 as of December 31, 2012, 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, 2013 and 2012. Certain of the FHLBNY Advances outstanding at December 31, 2013 contained call features that may be exercised by the FHLBNY. Prepayment penalties were associated with all fixed rate Advances outstanding as of December 31, 2013 and 2012.

The following table presents a summary of future maturities of FHLBNY Advances outstanding at December 31, 2013:

Year Ending December 31,	Maturing Balance		Weighted Average Interest Rate
2014	$	299,500		2.08	%
2015		284,500		2.55
2016		151,000		2.03
2017		132,500		3.07
2018		42,500		1.80
TOTAL	$	910,000		2.35	%