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Borrowed Funds

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements.

Borrowed Funds

9. Borrowed Funds

Borrowed funds are summarized as follows at December 31:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	2024				​	2023
​	​	​	​	​	Weighted	​	​	​	​	Weighted
​	​	​	​	​	Average	​	​	​	​	Average
​		Amount			Rate		Amount			Rate
​		(Dollars in thousands)									​
FHLB-NY advances - fixed rate:		​					​				​
Due in 2024	​	$	—	​	—	​	$	145,750	​	5.53	​
Due in 2025	​	​	445,000	​	4.54	​	​	14,675	​	4.90	​
Due in 2026	​	​	20,162	​	4.16	​	​	108,244	​	4.71	​
Due in 2027	​	​	136,656	​	3.97	​	​	185,017	​	4.63	​
Due in 2028	​		27,115		3.83	​		27,115		3.83	​
Total FHLB-NY advances	​		628,933		4.37	​		480,801		4.88	​
​	​	​	​	​	​	​	​	​	​	​	​
Other Borrowings:	​	​	​	​	​	​	​	​	​	​	​
Due in 2024	​		—		—	​		125,000		4.99	​
Due in 2025	​		50,000		4.39	​		—		—	​
Total Other Borrowings	​		50,000		4.39	​		125,000		4.99	​
​	​	​	​	​	​	​	​	​	​	​	​
Subordinated debentures	​	​	​	​	​	​	​	​	​	​	​
Due in 2031	​	​	124,131	​	3.50	​	​	123,700	​	3.51	​
Due in 2032	​	​	64,195	​	6.49	​	​	63,930	​	6.52	​
Total Subordinated debentures	​		188,326		4.52	​		187,630		4.53	​
​	​	​	​	​	​	​	​	​	​	​	​
Junior subordinated debentures at fair value - adjustable rate due in 2037	​		48,795		7.82	​		47,850		9.14	​
​	​	​	​	​	​	​	​	​	​	​	​
Total borrowings	​	$	916,054		4.59	%	$	841,281		5.06	%

​

FHLB-NY Advances

The FHLB-NY advances are fixed rate borrowings with no call provisions. The borrowings original terms range from one week to five years.

At December 31, 2024, the Company has borrowing availability totaling $2,730.3 million from the FHLB-NY in Federal Home Loan Bank advances and letters of credit secured with pledged real estate loans totaling $4.1 billion. As of December 31, 2024, the Company had $2,034.7 million outstanding in combined balances of FHLB-NY advances and letters of credit.

​

Other Borrowings

At December 31, 2024, the Company had secured lines of credit with the Federal Reserve Bank totaling $1,528.9 million, with none outstanding and also has unsecured lines of credit with other commercial banks totaling $329.0 million, with $50.0 million outstanding.

Subordinated Debentures

Subordinated debt totaled $188.3 million at December 31, 2024, which included $1.7 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 subordinated debt.

The following table shows the terms of the subordinated debt issued by the Holding Company which is outstanding at December 31, 2024:

​

​	​	​	​	​	​	​	​
​	​	Subordinated Debentures
​	​	(Dollars in thousands)
Amount		$	65,000		$	125,000	​
Issue Date			August 24, 2022		​	November 22, 2021	​
Initial Rate			6.000	%	​	3.125	%
First Reset Date			September 1, 2027	​	​	December 1, 2026	​
First Call Date			September 1, 2027	​	​	December 1, 2026	​
Holding Type	​	​	Variable	​	​	Variable	​
Spread over 3-month SOFR	​	​	3.130	%	​	2.035	%
Maturity Date	​	​	September 1, 2032	​	​	December 1, 2031	​

​

The subordinated debentures issued by the Company may not be redeemed prior to their respective first call dates, 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 $61.9 million of junior subordinated debentures of the Holding Company. 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 securities are callable at any time. 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 which is outstanding at December 31, 2024.

​

​	​	​	​	​	​	​	​
​		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 1, 2012	​	June 15, 2012	​	July 30, 2012	​
Spread over 3-month SOFR	​	1.41	%	1.44	%	1.42	%
Maturity Date	​	September 1, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-10

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-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

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