5. Borrowings

The following table summarizes our borrowings and their weighted average rates at the dates indicated.

	At June 30, 2013			At December 31, 2012
(Dollars in Thousands)	Amount		Weighted Average Rate	Amount		Weighted Average Rate
Federal funds purchased	$	280,000	0.27%	$	—	—%
Reverse repurchase agreements	1,100,000		4.08	1,100,000		4.32
FHLB-NY advances	2,394,000		2.01	2,897,000		2.07
Other borrowings, net	247,895		5.00	376,496		6.62
Total borrowings, net	$	4,021,895	2.64%	$	4,373,496	3.03%

Included in our borrowings are various obligations which, by their terms, may be called by the counterparty. At June 30, 2013 and December 31, 2012, we had $1.95 billion of callable borrowings, all of which at December 31, 2012 were contractually callable by the counterparty within three months and on a quarterly basis thereafter. During the 2013 second quarter, we restructured $1.15 billion of these borrowings with the counterparties, of which $300.0 million were reverse repurchase agreements and $850.0 million were Federal Home Loan Bank of New York, or FHLB-NY, advances, resulting in a reduction in the weighted average interest rate on such borrowings from 4.44% to 3.54% and an extension of terms from a weighted average remaining term at the time of the restructuring of approximately 4 years to approximately 7 years. The restructuring also extended the contractual call dates on $950.0 million of these borrowings to 2017 and on $100.0 million of these borrowings to 2016.

The following table sets forth the contractual maturities of our FHLB-NY advances and our reverse repurchase agreements at June 30, 2013.

(In Thousands)	FHLB-NY Advances			Reverse Repurchase Agreements
Contractual Maturity:
Twelve months or less	$	644,000	(1)	$	—
Thirteen to twenty-four months	50,000			200,000		(2)
Twenty-five to thirty-six months	725,000			—
Thirty-seven to forty-eight months	125,000			600,000		(2)
Over sixty months	850,000		(3)	300,000		(4)
Total	$	2,394,000		$	1,100,000

(1)	Includes $119.0 million of borrowings due overnight, $200.0 million of borrowings due in less than 30 days, $125.0 million of borrowings due in 30-90 days and $200.0 million of borrowings due after 90 days.
(2)	Callable within the next three months and on a quarterly basis thereafter.
(3)	Callable in 2017.
(4)	Includes $100.0 million of borrowings which are callable within the next three months and on a quarterly basis thereafter, $100.0 million of borrowings which are callable in 2016 and $100.0 million of borrowings which are callable in 2017.

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.