FHLBNY ADVANCES

12 Months Ended

Dec. 31, 2021

FHLBNY ADVANCES

FHLBNY ADVANCES

13. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $25.0 million and $1.20 billion at December 31, 2021 and 2020, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 0.35% and 0.53% at December 31, 2021 and 2020, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $4.19 billion as of December 31, 2021 and $2.11 billion as of December 31, 2020, and maintained sufficient qualifying collateral, as defined by the FHLBNY. Certain FHLBNY Advances may contain call features that may be exercised by the FHLBNY. At December 31, 2021 there were no callable Advances.

During the years ended December 2021, 2020, and 2019, the Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt. The following table is a summary of FHLBNY extinguishments for the periods presented:

	Year Ended December 31,
(Dollars in thousands)		2021			2020			2019
FHLBNY advances extinguished	$	209,010		$	70,750		$	313,900
Weighted average rate		1.31	%		1.15	%		2.35	%
Loss on extinguishment of debt	$	1,751		$	1,104		$	3,780

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 December 31, 2021 and December 31, 2020. There are no FHLBNY advances with contractual maturities after 2022 at December 31, 2021 and December 31, 2020:

	December 31, 2021
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2022, fixed rate at 0.35%	$	25,000	0.35	%
Total FHLBNY advances	$	25,000	0.35	%

	December 31, 2020
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2021, fixed rate at rates from 0.24% to 2.09%	$	1,144,010	0.52	%
2022, fixed rate at rates from 0.33% to 1.79%		60,000	0.60
Total FHLBNY advances	$	1,204,010	0.53	%