Borrowings

The following table summarizes our borrowings at the dates indicated.



	At December 31,
	2014					2013
(Dollars in Thousands)	Amount		Weighted Average Rate			Amount		Weighted Average Rate
Federal funds purchased	$	455,000		0.31	%	$	335,000		0.28	%
Reverse repurchase agreements	1,100,000			3.62		1,100,000			3.87
FHLB-NY advances	2,384,000			1.72		2,454,000			1.79
Other borrowings, net	248,691			5.00		248,161			5.00
Total borrowings, net	$	4,187,691		2.26	%	$	4,137,161		2.41	%

Through the Federal Reserve Bank of New York discount window we have the ability to borrow additional funds should the need arise on a short-term basis, primarily overnight. Our borrowing capacity through the discount window totaled approximately $350.0 million at December 31, 2014. In order to have the ability to borrow through the discount window, the Federal Reserve Bank of New York requires that collateral is pledged. In accordance with such requirements, at December 31, 2014, we had pledged as collateral with the Federal Reserve Bank of New York securities with an amortized cost of $102.1 million and commercial real estate mortgage loans with an unpaid principal balance of $601.2 million. We view the discount window as a secondary source of liquidity and, during 2014 and 2013, we did not utilize this source.

Federal Funds Purchased

The outstanding federal funds purchased at December 31, 2014 and 2013 were due overnight. During the year ended December 31, 2014, federal funds purchased averaged $377.1 million with a weighted average interest rate of 0.30% and the maximum amount outstanding at any month end was $455.0 million. During the year ended December 31, 2013, federal funds purchased averaged $209.4 million with a weighted average interest rate of 0.28% and the maximum outstanding at any month end was $335.0 million. There were no federal funds purchased outstanding at or during the year ended December 31, 2012.

Reverse Repurchase Agreements

The outstanding reverse repurchase agreements at December 31, 2014 and 2013 were fixed rate and had original contractual maturities ranging from four to ten years. Securities collateralizing these agreements, which were primarily mortgage-backed securities, had an amortized cost of $1.26 billion and an estimated fair value of $1.26 billion, including accrued interest, at December 31, 2014 and an amortized cost of $1.26 billion and an estimated fair value of $1.24 billion, including accrued interest, at December 31, 2013 and are classified as encumbered securities in the consolidated statements of financial condition.

The following table summarizes information relating to reverse repurchase agreements.



	At or For the Year Ended December 31,
(Dollars in Thousands)	2014			2013			2012
Average balance during the year	$	1,100,000		$	1,100,000		$	1,422,678
Maximum balance at any month end during the year	1,100,000			1,100,000			1,700,000
Balance outstanding at end of year	1,100,000			1,100,000			1,100,000
Weighted average interest rate during the year	3.82		%	4.06		%	4.28		%
Weighted average interest rate at end of year	3.62			3.87			4.32

The following table details the contractual maturities of our reverse repurchase agreements at December 31, 2014.



Year		Amount
	(In Thousands)
2018		$	200,000	(1	)
2019		600,000		(1	)
2020		300,000		(2	)
Total		$	1,100,000


(1)	Callable in 2015.


(2)	Includes $100.0 million of borrowings which are callable in 2015, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017.

FHLB-NY Advances

Pursuant to a blanket collateral agreement with the FHLB-NY, advances are secured by all of our stock in the FHLB-NY, certain qualifying mortgage loans and mortgage-backed and other securities not otherwise pledged.

The following table summarizes information relating to FHLB-NY advances.



	At or For the Year Ended December 31,
(Dollars in Thousands)	2014			2013			2012
Average balance during the year	$	2,332,718		$	2,512,425		$	2,765,985
Maximum balance at any month end during the year	2,617,000			2,881,000			3,215,000
Balance outstanding at end of year	2,384,000			2,454,000			2,897,000
Weighted average interest rate during the year	1.78		%	2.00		%	2.24		%
Weighted average interest rate at end of year	1.72			1.79			2.07

The following table details the contractual maturities of FHLB-NY advances at December 31, 2014.



Year	Amount
	(In Thousands)
2015		$	984,000	(1	)
2016		550,000
2020		850,000		(2	)
Total		$	2,384,000


(1)	Includes $209.0 million of borrowings due overnight, $475.0 million of borrowings due in less than 30 days and $300.0 million of borrowings due after 90 days.


(2)	Callable in 2017.

Other Borrowings

On June 19, 2012, we completed the sale of $250.0 million aggregate principal amount of 5.00% senior unsecured notes due 2017, or 5.00% Senior Notes. The notes are registered with the Securities and Exchange Commission, or SEC, bear a fixed rate of interest of 5.00% and mature on June 19, 2017. We may redeem all or part of the 5.00% Senior Notes at any time, subject to a 30 day minimum notice requirement, at par together with accrued and unpaid interest to the redemption date. The carrying amount of the notes was $248.7 million at December 31, 2014 and $248.2 million at December 31, 2013. The terms of these notes subject us to certain debt covenants. We were in compliance with such covenants at December 31, 2014.

Our former finance subsidiary, Astoria Capital Trust I, was formed for the purpose of issuing $125.0 million aggregate liquidation amount of 9.75% Capital Securities due November 1, 2029, or Capital Securities, and $3.9 million of common securities (which were the only voting securities of Astoria Capital Trust I and were owned by Astoria Financial Corporation) and used the proceeds to acquire 9.75% Junior Subordinated Debentures, due November 1, 2029, issued by Astoria Financial Corporation totaling $128.9 million. The Junior Subordinated Debentures were the sole assets of Astoria Capital Trust I. The Junior Subordinated Debentures were prepayable, in whole or in part, at our option at declining premiums to November 1, 2019, after which the Junior Subordinated Debentures were prepayable at par value. The Capital Securities had the same prepayment provisions as the Junior Subordinated Debentures. On May 10, 2013, we prepaid in whole our Junior Subordinated Debentures, which were included in other borrowings, net, pursuant to the optional prepayment provisions of the indenture at a prepayment price of 103.413% of the $128.9 million aggregate principal amount, plus accrued and unpaid interest to, but not including, the date of repayment. As a result of the prepayment in whole of the Junior Subordinated Debentures, Astoria Capital Trust I simultaneously applied the proceeds of such prepayment to redeem its Capital Securities, as well as the common securities owned by Astoria Financial Corporation. The prepayment of the Junior Subordinated Debentures resulted in a $4.3 million prepayment charge in the 2013 second quarter for the early extinguishment of this debt.

On September 13, 2012, we redeemed $250.0 million of senior unsecured notes which were scheduled to mature on October 15, 2012 and incurred a $1.2 million prepayment charge in the 2012 third quarter for the early extinguishment of this debt.

The following table summarizes interest expense on borrowings for the years indicated.



	For the Year Ended December 31,
(In Thousands)	2014		2013		2012
Federal funds purchased	$	1,139	$	587	$	—
Reverse repurchase agreements	42,626		45,272		61,855
FHLB-NY advances	41,911		50,654		62,675
Other borrowings	13,031		17,398		29,689
Total interest expense on borrowings	$	98,707	$	113,911	$	154,219