FHLBNY ADVANCES

9 Months Ended

Sep. 30, 2022

FHLBNY ADVANCES [Abstract]

FHLBNY ADVANCES

13.FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $620.0 million and $25.0 million at September 30, 2022 and December 31, 2021, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 3.19% and 0.35% at September 30, 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 $3.87 billion as of September 30, 2022 and $4.19 billion as of December 31, 2021, and maintained sufficient qualifying collateral, as defined by the FHLBNY. At September 30, 2022 there were no callable Advances.

The Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt during the nine months ended September 30, 2021. The following table is a summary of FHLBNY extinguishments for the periods presented:

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands)		2022			2021			2022			2021
FHLBNY advances extinguished	$	-		$	-		$	-		$	209,000
Weighted average rate		-	%		-	%		-	%		1.31	%
Loss on extinguishment of debt	$	-		$	-		$	-		$	1,751

The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were $270.0 million of FHLBNY advances with an overnight contractual maturity at September 30, 2022 and no FHLBNY advances with an overnight contractual maturity at December 31, 2021. There were no FHLBNY advances with contractual maturities after 2022 at September 30, 2022 and December 31, 2021:

	September 30, 2022
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight, fixed rate at 3.29%	$	270,000	3.29	%
2022, fixed rate at rates from 2.38% to 3.40%		350,000	3.12
Total FHLBNY advances	$	620,000	3.19	%

	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	%