BORROWINGS

3 Months Ended

Mar. 31, 2023

BORROWINGS

BORROWINGS

NOTE 6 — BORROWINGS

Borrowings consisted of the following (in thousands):

					Interest expense
	At March 31,		At December 31,		Three Months Ended March 31,
	2023		2022		2023		2022
Federal funds purchased and securities sold under agreements to repurchase	$	195,000	$	150,000	$	1,369	$	—
Federal Home Loan Bank of New York advances	$	200,000	$	100,000	$	657	$	—

Federal funds purchased are generally overnight transactions and had a weighted average interest rate of 5.15% at March 31, 2023. The FHLBNY advances at March 31, 2023 have a maturity date of April 3, 2023 and a fixed interest rate of 4.99%. There were no securities sold under agreements to repurchase outstanding as of March 31, 2023 and December 31, 2022.

During the first quarter of 2022, the Company redeemed $25.0 million of subordinated debt, plus accrued interest. The subordinated notes had a maturity date of March 15, 2027 and an interest rate of 6.25% per annum.