FHLBNY ADVANCES

9 Months Ended

Sep. 30, 2024

FHLBNY ADVANCES

FHLBNY ADVANCES

12. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY totaling $508.0 million and $1.31 billion at September 30, 2024 and December 31, 2023, respectively, all of which were fixed rate. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank had remaining FHLBNY borrowing capacity of $1.98 billion as of September 30, 2024 and $1.19 billion as of December 31, 2023, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

The following table is a summary of FHLBNY extinguishments for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands)		2024			2023			2024			2023
FHLBNY advances extinguished	$	25,000		$	-		$	1,805,000		$	-
Weighted average rate		5.25	%		-	%		5.28	%		-	%
Loss on extinguishment of debt	$	1		$	-		$	454		$	-

The following table presents the contractual maturities of FHLBNY advances for each of the next five years.

(Dollars in thousands)	September 30, 2024		December 31, 2023
2024, fixed rate at rates from 5.25% to 5.55%		400,000		1,265,000
2027, fixed rate at 4.25%		36,000		36,000
2028, fixed rate at 4.04%		12,000		12,000
2029, fixed rate at rates from 3.98% to 4.03%		60,000		—
Total FHLBNY advances	$	508,000	$	1,313,000

Total FHLBNY advances had a weighted average interest rate of 5.10% and 5.23% at September 30, 2024 and December 31, 2023, respectively.