FHLBNY ADVANCES

3 Months Ended

Mar. 31, 2025

FHLBNY ADVANCES

FHLBNY ADVANCES

12. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY totaling $508.0 million and $608.0 million at March 31, 2025 and December 31, 2024, respectively, all of which were fixed rate. In accordance with FHLBNY advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank had remaining FHLBNY borrowing capacity of $1.91 billion as of March 31, 2025 and $1.84 billion as of December 31, 2024, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

For the three months ended March 31, 2025, the Company did not incur any prepayment penalty expense related to the extinguishment of debt. During the three months ended March 31, 2024, the Company had $453 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt.

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

	Three Months Ended March 31,
(Dollars in thousands)		2025			2024
FHLBNY advances extinguished	$	-		$	1,655,000
Weighted average rate		-	%		5.28	%
Loss on extinguishment of debt	$	-		$	453

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

(Dollars in thousands)	March 31, 2025		December 31, 2024
Overnight, fixed rate at 4.67%		—		100,000
2025, fixed rate at rates from 0.59% to 4.43%		400,000		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		60,000
Total FHLBNY advances	$	508,000	$	608,000

Total FHLBNY advances had a weighted average interest rate of 4.40% and 4.58% at March 31, 2025 and December 31, 2024, respectively.