Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Note 8. Borrowings

The Bank had outstanding term advances from the FHLBNY and the FRBNY at March 31, 2024 and December 31, 2023 as indicated below.

FHLBNY Advances: As a member of the FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $480.4 million and $380.4 million of outstanding term advances from the FHLBNY at March 31, 2024 and December 31, 2023, respectively. The Bank had no overnight line of credit advance from the FHLBNY at March 31, 2024 and December 31, 2023.

FRBNY Advances: The Bank also has additional borrowing capacity under a secured line with the FRBNY secured by 36.7% of our total securities portfolio with amortized cost of $216.8 million at March 31, 2024. The Bank had $200.0 million and $304.0 million of outstanding term advances from the FRBNY at March 31, 2024 and December 31, 2023, respectively.

Borrowed funds at March 31, 2024 and December 31, 2023 consist of the following and are summarized by maturity and call date below:

	March 31,							December 31,
	2024							2023
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
	(Dollars in thousands)
Term advances ending:
2024	$	109,321	$	109,321		5.15	%	$	363,321	$	363,321		4.55	%
2025		250,000		250,000		4.69			50,000		50,000		4.41
2026		50,000		50,000		4.83			—		—		—
2027		212,000		212,000		3.44			212,000		212,000		3.44
2028		9,100		9,100		3.84			9,100		9,100		3.84
Thereafter		50,000		50,000		3.35			50,000		50,000		3.35
	$	680,421	$	680,421		4.28	%	$	684,421	$	684,421		4.10	%

Interest expense on term advances totaled $7.9 million and $3.9 million for the three months ended March 31, 2024 and 2023, respectively.