11. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (''Advances'') totaling $1,166,725 and $1,173,725 at December 31, 2015 and 2014, respectively, all of which were fixed rate. The average interest cost of FHLBNY Advances was 1.65%, 2.28%, and 2.89% during the years ended December 31, 2015, 2014 and 2013, respectively. The average interest rate on outstanding FHLBNY Advances was 1.32% and 1.74% at December 31, 2015 and 2014, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $1,754,957 as of December 31, 2015 and $1,568,197 as of December 31, 2014, 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, 2015 and 2014. Certain of the FHLBNY Advances outstanding at December 31, 2015 contained call features that may be exercised by the FHLBNY. Prepayment penalties were associated with all fixed rate Advances outstanding as of December 31, 2015 and 2014.

During the year ended December 31, 2015, the Company prepaid $25,000 of FHLBNY Advances, incurring a prepayment cost of $1,362. The prepayment cost was recognized in interest expense. There were no prepayments of FHLBNY Advances during the years ended December 31, 2014 and 2013.

The following table presents a summary of future maturities of FHLBNY Advances outstanding at December 31, 2015:

Year Ending December 31,	Maturing Balance		Weighted Average Interest Rate
2016	$	613,500		0.79	%
2017		302,075		2.04
2018		92,100		1.56
2019		96,250		1.65
2020		49,800		2.02
2021 and beyond		13,000		2.68
TOTAL	$	1,166,725		1.32	%