12. FHLBNY ADVANCES

The Bank had borrowings (''Advances'') from the FHLBNY totaling $1,173,725 and $910,000 at December 31, 2014 and 2013, respectively, all of which were fixed rate. The average interest cost of FHLBNY Advances was 2.28%, 2.89%, and 2.96% during the years ended December 31, 2014, 2013 and 2012, respectively. The average interest rate on outstanding FHLBNY Advances was 1.74% and 2.35% at December 31, 2014 and 2013, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible

to borrow up to $1,568,197 as of December 31, 2014 and $1,203,939 as of December 31, 2013, 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, 2014 and 2013. Certain of the FHLBNY Advances outstanding at December 31, 2014 contained call features that may be exercised by the FHLBNY. Prepayment penalties were associated with all fixed rate Advances outstanding as of December 31, 2014 and 2013.

The following table presents a summary of future maturities of FHLBNY Advances outstanding at December 31, 2014:

Year Ending December 31,	Maturing Balance		Weighted Average Interest Rate
2015	$	569,500		1.48	%
2016		151,000		2.03
2017		302,075		2.04
2018		77,100		1.63
2019		36,250		1.80
After 2019		37,800		2.46
TOTAL	$	1,173,725		1.74	%