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Borrowed Funds | 12 Months Ended
--- | ---
Dec. 31, 2021
Notes to Financial Statements. |
Borrowed Funds | 10. Borrowed Funds Borrowed funds are summarized as follows at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 |
​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | ​ | Weighted |
​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | Average |
​ |  | Amount |  | Rate |  | Amount |  | Rate |
​ |  | (Dollars in thousands) | ​
FHLB-NY advances - fixed rate: |  | ​ |  |  |  |  | ​ |  |  |  | ​
Due in 2021 | ​ | $ | — |  | — | ​ | $ | 702,515 |  | 0.57 | ​
Due in 2022 | ​ |  | 572,186 |  | 0.37 | ​ |  | 55,685 |  | 0.52 | ​
Due in 2023 | ​ |  | 39,001 |  | 0.48 | ​ |  | 39,001 |  | 0.48 | ​
Total FHLB-NY advances | ​ |  | 611,187 |  | 0.38 | ​ |  | 797,201 |  | 0.56 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Borrowings: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in 2022 | ​ |  | 25,000 |  | 0.11 | ​ |  | 90,378 |  | 0.35 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated debentures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Due in 2025 | ​ | ​ | — | ​ | — | ​ | ​ | 15,523 | ​ | 6.12 | ​
Due in 2026 | ​ | ​ | — | ​ | — | ​ | ​ | 74,657 | ​ | 5.27 | ​
Due in 2031 | ​ | ​ | 122,885 | ​ | 3.52 | ​ | ​ | — | ​ | — | ​
Total Subordinated debentures | ​ |  | 122,885 |  | 3.52 | ​ |  | 90,180 |  | 5.42 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Junior subordinated debentures - adjustable rate Due in 2037 | ​ |  | 56,472 |  | 1.74 | ​ |  | 43,136 |  | 2.35 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total borrowings | ​ | $ | 815,544 |  | 0.94 | % | $ | 1,020,895 |  | 1.05 | %
​ The FHLB-NY advances are fixed rate borrowings with no call provisions. The borrowings terms range from one day to five years. At December 31, 2021, the Company was able to borrow up to $3,635.2 million from the FHLB-NY in Federal Home Loan Bank advances and letters of credit. As of December 31, 2021, the Company had $1,429.6 million outstanding in combined balances of FHLB-NY advances and letters of credit. At December 31, 2021, the Company also has unsecured lines of credit with other commercial banks totaling $593.0 million, with $25.0 million outstanding at December 31, 2021. Subordinated Debentures During the year ended December 31, 2021, the Holding Company issued subordinated debt with an aggregated principal amount of $125.0 million, receiving net proceeds totaling $122.8 million. The subordinated debt was issued at 3.125% fixed-to-floating rate maturing in 2031. The debt is fixed-rate for the first five years, after which it resets quarterly. Additionally, the debt is callable at par quarterly through its maturity date beginning December 1, 2026. The subordinated debentures the Company holds qualify as Tier 2 capital for regulatory purposes. Subordinated debt totaled $122.9 million at December 31, 2021, which included $2.1 million of unamortized debt issuance costs. These costs are being amortized to interest expense using the level yield method through the first call date of the debt. A portion of the funds received from the issuance of subordinated debt was used to call $90.3 million of previously issued and outstanding subordinated debentures. The $90.3 million was comprised of three separate issues of $75.0 million, $7.8 million and $7.5 million. All three issues were called in December 2021, with two of the issues called at par and the $7.5 million issue being called at a premium of 102.5. The premium paid upon call totaled $0.2 million and was recorded in the Consolidated Statements of Income in Other operating expenses. The following table shows the terms of the subordinated debt issued or acquired by the Holding Company: ​
​ | ​ | ​ | ​
​ | ​ | Subordinated |
​ |  | Debentures |
​ | ​ | (Dollars in thousands) | ​
Amount | $ | 125,000 | ​
Issue Date |  | November 22, 2021 | ​
Initial Rate |  | 3.125 | %
First Reset Date |  | December 01, 2026 | ​
First Call Date |  | December 01, 2026 | ​
Holding Type | ​ | Variable | ​
Spread over 3-month SOFR | ​ | 2.035 | %
Maturity Date | ​ | December 01, 2031 | ​
​ The subordinated debentures issued by the Company may not be redeemed prior to December 1, 2026, except that the Company may redeem the subordinated debentures at any time, at its option, in whole but not in part, subject to obtaining any required regulatory approvals, if (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the subordinated debt for U.S. federal income tax purposes, (ii) a subsequent event occurs that precludes the subordinated debt from being recognized as Tier 2 capital for regulatory capital purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the subordinated debt plus any accrued and unpaid interest through, but excluding, the redemption date. Junior Subordinated Debentures The Holding Company has three trusts formed under the laws of the State of Delaware for the purpose of issuing capital and common securities, and investing the proceeds thereof in junior subordinated debentures of the Holding Company. Each of these trusts issued $20.6 million of securities which had a fixed-rate for the first five years, after which they reset quarterly based on a spread over 3-month London Interbank Offered Rate (“LIBOR”). The securities were first callable at par after five years, and pay cumulative dividends. The Holding Company has guaranteed the payment of these trusts’ obligations under their capital securities. The terms of the junior subordinated debentures are the same as those of the capital securities issued by the trusts. The junior subordinated debentures issued by the Holding Company are carried at fair value in the consolidated financial statements. The table below shows the terms of the securities issued by the trusts. ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Flushing Financial |  | Flushing Financial |  | Flushing Financial |
​ |  | Capital Trust II |  | Capital Trust III |  | Capital Trust IV |
Issue Date | ​ | June 20, 2007 | ​ | June 21, 2007 | ​ | July 3, 2007 | ​
Initial Rate | ​ | 7.14 | % | 6.89 | % | 6.85 | %
First Reset Date | ​ | September 01, 2012 | ​ | June 15, 2012 | ​ | July 30, 2012 | ​
Spread over 3-month LIBOR | ​ | 1.41 | % | 1.44 | % | 1.42 | %
Maturity Date | ​ | September 01, 2037 | ​ | September 15, 2037 | ​ | July 30, 2037 | ​
​ The consolidated financial statements do not include the securities issued by the trusts, but rather include the junior subordinated debentures of the Holding Company.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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