BORROWINGS

6 Months Ended

Jun. 30, 2023

BORROWINGS

BORROWINGS

NOTE 6 — BORROWINGS

Borrowings consisted of the following (in thousands):

					Interest expense
	At June 30,		At December 31,		Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022		2023		2022
Federal funds purchased and securities sold under agreements to repurchase	$	243,000	$	150,000	$	1,584	$	—	$	2,953	$	—
Federal Home Loan Bank of New York advances	$	200,000	$	100,000	$	5,877	$	—	$	6,534	$	—

Federal funds purchased are generally overnight transactions and had a weighted average interest rate of 5.36% at June 30, 2023. The FHLBNY advances are generally overnight transactions and have a fixed interest rate of 5.31%. There were no securities sold under agreements to repurchase outstanding as of June 30, 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.