FHLBNY ADVANCES

12 Months Ended

Dec. 31, 2024

FHLBNY ADVANCES

FHLBNY ADVANCES

12. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $608.0 million and $1.31 billion at December 31, 2024 and 2023, respectively, all of which were fixed rate. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $3.87 billion as of December 31, 2024 and $4.09 billion as of December 31, 2023, and maintained sufficient qualifying collateral, as defined by the FHLBNY. We pledge real estate loans including Residential, Multifamily and CRE. At December 31, 2024 there were no callable Advances and the Bank had $1.84 billion of remaining borrowing capacity through the FHLBNY.

During the year ended December 31, 2024, the Company had $454 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt. During the years ended December 31, 2023 and 2022, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt.

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

	Year Ended December 31,
(Dollars in thousands)		2024			2023			2022
FHLBNY advances extinguished	$	1,805,000		$	-		$	-
Weighted average rate		5.28	%		-	%		-	%
Loss on extinguishment of debt	$	454		$	-		$	-

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

(Dollars in thousands)	December 31, 2024		December 31, 2023
2024, fixed rate at rates from 4.85% to 5.67%		—		1,265,000
Overnight, fixed rate at 4.67%		100,000		—
2025, fixed rate at rates from 4.54% to 4.84%		400,000		—
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	$	608,000	$	1,313,000

Total FHLBNY advances had a weighted average interest rate of 4.58% and 5.23% at December 31, 2024 and December 31, 2023, respectively.