FEDERAL HOME LOAN BANK OF NEW YORK ADVANCES

9 Months Ended

Sep. 30, 2021

FEDERAL HOME LOAN BANK OF NEW YORK ADVANCES

FEDERAL HOME LOAN BANK OF NEW YORK ADVANCES

13.FEDERAL HOME LOAN BANK OF NEW YORK ADVANCES

The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were no FHLBNY advances with an overnight contractual maturity at September 30, 2021 and December 31, 2020. There are no FHLBNY advances with contractual maturities after 2021 and 2022 at September 30, 2021 and December 31, 2020, respectively.

	September 30, 2021
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2021	$	25,000	0.35	%
Total FHLBNY advances	$	25,000	0.35	%

	December 31, 2020
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2021	$	1,144,010	0.52	%
2022		60,000	0.60
Total FHLBNY advances	$	1,204,010	0.53	%

Each FHLBNY advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $4.25 billion and $2.15 billion of residential and commercial mortgage loans under a blanket lien arrangement at September 30, 2021 and December 31, 2020, respectively. Based on this collateral and the Company's holdings of FHLBNY stock, the Company is eligible to borrow up to a total of $3.71 billion at September 30, 2021.

As part of the Merger, $216.3 million of FHLBNY advances were acquired on the Merger Date.  During the three months ended September 30, 2021, the Company did not extinguish any FHLBNY advances. During the nine months ended September 30, 2021, the Company extinguished $209.0 million of FHLBNY advances that had a weighted average rate of 1.31%. The prepayment penalty expense was recognized as a $1.8 million loss on extinguishment of debt during the first nine months of 2021.  There were no prepayments of FHLBNY advances during the three or nine months ended September 30, 2020.