FHLBNY ADVANCES

6 Months Ended

Jun. 30, 2023

FHLBNY ADVANCES

FHLBNY ADVANCES

12.FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.45 billion and $1.13 billion at June 30, 2023 and December 31, 2022, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 5.14% and 4.55% at June 30, 2023 and December 31, 2022, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow an additional $4.14 billion as of June 30, 2023 and $4.13 billion as of December 31, 2022, and maintained sufficient qualifying collateral, as defined by the FHLBNY. At June 30, 2023 there were no callable Advances.

The Company did not have extinguishment of debt during the three or six months ended June 30, 2023 or 2022.

The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were $175.0 million FHLBNY advances with an overnight contractual maturity at June 30, 2023, and no FHLBNY advances with an overnight contractual maturity at December 31, 2022. As of June 30, 2023 there were $575.0 million of FHLBNY advances with contractual maturities during 2023 and $698.0 million of FHLBNY advances with contractual maturities after 2023. 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 2022:

	June 30, 2023
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight, fixed rate at 5.31%	$	175,000	5.31	%
2023, fixed rate at rates from 5.18% to 5.64%		575,000	5.32
2024, fixed rate at rates from 4.85% to 5.16%		650,000	5.00
2027, fixed rate at 4.25%		36,000	4.25
2028, fixed rate at 4.04%		12,000	4.04
Total FHLBNY advances	$	1,448,000	5.14	%

	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	%