XML 23 R13.htm IDEA: XBRL DOCUMENT v3.25.1
Borrowed Funds
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds as of March 31, 2025 and December 31, 2024 are summarized as follows (in thousands):
March 31, 2025December 31, 2024
Securities sold under repurchase agreements$114,132 113,224 
FHLBNY line of credit555,000 385,000 
FHLBNY advances1,663,897 1,518,497 
Purchase accounting adjustment ("PAA") on borrowed funds3,162 3,714 
Total Borrowed Funds$2,336,191 2,020,435 
Total long-term borrowings totaled $510.6 million and $513.9 million as of March 31, 2025 and December 31, 2024, respectively, while total short-term borrowings totaled $1.83 billion and $1.51 billion for the same periods.
As of March 31, 2025, FHLBNY advances were at fixed rates and mature between April 2025 and September 2027, and as of December 31, 2024, FHLBNY advances were at fixed rates with maturities between January 2025 and September 2027. These advances are secured by loans receivable under a blanket collateral agreement.
Scheduled maturities of FHLBNY advances and lines of credit, including purchase accounting adjustments resulting from the Lakeland merger as of March 31, 2025 are as follows (in thousands):
 2025
Due in one year or less$1,708,290 
Due after one year through two years157,445 
Due after two years through three years353,162 
Due after three years through four years— 
Thereafter— 
Purchase accounting adjustment on borrowed funds3,162 
Total FHLBNY advances and overnight borrowings$2,222,059 
Scheduled maturities of securities sold under repurchase agreements as of March 31, 2025 are as follows (in thousands):
 2025
Due in one year or less$114,132 
Thereafter— 
Total securities sold under repurchase agreements$114,132 
The following tables set forth certain information as to borrowed funds for the periods ended March 31, 2025 and December 31, 2024 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
March 31, 2025
Securities sold under repurchase agreements$117,946 113,407 2.06 %
FHLBNY overnight borrowings555,000 319,278 4.53 
FHLBNY advances1,732,427 1,481,860 3.88 
December 31, 2024
Securities sold under repurchase agreements$117,323 102,043 2.03 %
FHLBNY overnight borrowings567,000 115,902 5.45 
FHLBNY advances1,518,497 1,290,836 3.41 
FRBNY BTFP Borrowing550,000 472,077 4.78 
Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. As of March 31, 2025 and December 31, 2024, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $1.19 billion and $1.12 billion, respectively.
Interest expense on borrowings for the three months ended March 31, 2025 and 2024, was $18.3 million and $17.4 million, respectively, while amortization expense related to purchase accounting adjustments for the three months ended March 31, 2025 and 2024 amounted to a benefit of $552,000 and $15,000, respectively.