FHLBNY ADVANCES

3 Months Ended

Mar. 31, 2022

FHLBNY ADVANCES

FHLBNY ADVANCES

13.FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $50.0 million and $25.0 million at March 31, 2022 and December 31, 2021, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 0.76% and 0.35% at March 31, 2022 and December 31, 2021, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $3.97 billion as of March 31, 2022 and $4.19 billion as of December 31, 2021, 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 March 31, 2022 there were no callable Advances.

The Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt during the three months ended March 31, 2021. The following table is a summary of FHLBNY extinguishments for the periods presented:

	Three Months Ended March 31,
(Dollars in thousands)		2022			2021
FHLBNY advances extinguished	$	-		$	130,150
Weighted average rate		-	%		1.91	%
Loss on extinguishment of debt	$	-		$	1,594

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

	March 31, 2022
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2022, fixed rate at rates from 0.75% to 0.77%	$	50,000	0.76	%
Total FHLBNY advances	$	50,000	0.76	%

	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	%