FHLBNY ADVANCES

12 Months Ended

Dec. 31, 2022

FHLBNY ADVANCES

FHLBNY ADVANCES

13. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.13 billion and $25.0 million at December 31, 2022 and 2021, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 4.55% and 0.35% at December 31, 2022 and 2021, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $4.13 billion as of December 31, 2022 and $4.19 billion as of December 31, 2021, and maintained sufficient qualifying collateral, as defined by the FHLBNY. At December 31, 2022 there were no callable Advances.

During the years ended December 2022, 2021, and 2020, 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)		2022			2021			2020
FHLBNY advances extinguished	$	-		$	209,010		$	70,750
Weighted average rate		-	%		1.31	%		1.15	%
Loss on extinguishment of debt	$	-		$	1,751		$	1,104

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, 2022 and 2021. As of December 31, 2022, there were $1.10 billion of FHLBNY advances with contractual maturities during 2023 and $36.0 million of FHLBNY advances with contractual maturities after 2023.  As of December 31, 2021, there were $25.0 million of FHLBNY advances with contractual maturities during 2022 and no FHLBNY advances with contractual maturities after 2023:

	December 31, 2022
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
2023, fixed rate at rates from 3.85% to 4.75%	$	1,095,000	4.56
2027, fixed rate at 4.25%		36,000	4.25
Total FHLBNY advances	$	1,131,000	4.55	%

	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	%