15. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (''Advances'') totaling $1,125,350 and $1,170,000 at December 31, 2018 and 2017, respectively, all of which were fixed rate. The average interest cost of FHLBNY Advances was 1.93%, 1.63%, and 1.45% during the years ended December 31, 2018, 2017 and 2016, respectively. The average interest rate on outstanding FHLBNY Advances was 2.27% and 1.67% at December 31, 2018 and 2017, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $2,145,563 as of December 31, 2018 and $1,770,671 as of December 31, 2017, 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, 2018 and 2017. Certain FHLBNY Advances may contain call features that may be exercised by the FHLBNY. At December 31, 2018 there were no callable Advances. Prepayment penalties were associated with all fixed-rate Advances outstanding as of December 31, 2018 and 2017.

There were no prepayments of FHLBNY Advances during the years ended December 31, 2018, 2017 or 2016.

The following table presents a summary of scheduled maturities of FHLBNY Advances outstanding at December 31, 2018:

	Maturing Balance		Weighted Average Interest Rate
2019		613,150		2.36	%
2020		333,750		1.99	%
2021		140,500		2.40	%
2022		21,175		2.96	%
2023		16,775		3.00	%
TOTAL	$	1,125,350		2.27	%