FHLBNY ADVANCES

12 Months Ended

Dec. 31, 2023

FHLBNY ADVANCES

FHLBNY ADVANCES

13. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.31 billion and $1.13 billion at December 31, 2023 and 2022, respectively, all of which were fixed rate. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $4.09 billion as of December 31, 2023 and $4.13 billion as of December 31, 2022, and maintained sufficient qualifying collateral, as defined by the FHLBNY. We pledge real estate loans including Residential, Multifamily and CRE. At December 31, 2023 there were no callable Advances and the Bank had $1.19 billion of remaining borrowing capacity through the FHLBNY.

During the years ended December 31, 2023 and 2022, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt. During the year ended December 31, 2021, 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)		2023			2022			2021
FHLBNY advances extinguished	$	-		$	-		$	209,010
Weighted average rate		-	%		-	%		1.31	%
Loss on extinguishment of debt	$	-		$	-		$	1,751

The following table presents the contractual maturities of FHLBNY advances for each of the next five years. There were no FHLBNY advances with an overnight contractual maturity at December 31, 2023 or 2022.

	December 31,
(Dollars in thousands)	2023		2022
2023, fixed rate at rates from 3.85% to 5.65%		—		1,095,000
2024, fixed rate at rates from 4.85% to 5.67%		1,265,000		—
2027, fixed rate at 4.25%		36,000		36,000
2028, fixed rate at 4.04%		12,000		—
Total FHLBNY advances	$	1,313,000	$	1,131,000

Total FHLBNY advances had a weighted average interest rate of 5.23% and 4.55% at December 31, 2023 and December 31, 2022, respectively.