BORROWINGS

3 Months Ended

Mar. 31, 2024

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,
	2024		2023		2024		2023
Federal funds purchased and securities sold under agreements to repurchase	$	—	$	99,000	$	151	$	1,369
Federal Home Loan Bank of New York advances	$	300,000	$	440,000	$	4,129	$	657
Secured and other borrowings:
Secured borrowings	$	7,549	$	7,585	$	N.A.	$	N.A.
Federal Reserve Bank term loan	$	100,000	$	—	$	1,081	$	—

N.A. – not applicable

The FHLBNY advances are generally short-term transactions and at March 31, 2024, had a weighted average interest rate of 5.49%.

Secured borrowings are loan participation agreements with counterparties where the transfer of the participation interest did not qualify for sale treatment under GAAP.

The Federal Reserve established the Bank Term Funding Program (“BTFP”) on March 12, 2023 as a funding source for eligible depository institutions. The BTFP provides short-term liquidity (up to one year) against the par value of certain high-quality collateral, such as U.S. Treasury securities. The BTFP ceased making new loans as scheduled on March 11, 2024. At March 31, 2024, the Company had a $100.0 million FRB term loan under the BTFP that matures in January 2025 and has an interest rate of 4.87%.

At March 31, 2024, the Company had cash on deposit with the Federal Reserve Bank of New York and available secured wholesale funding borrowing capacity of $3.4 billion.