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Borrowed Funds (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed funds as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands):
| June 30, 2024 |  | December 31, 2023
Securities sold under repurchase agreements | $ | 108,307 |  |  | 72,161 |
FHLBNY line of credit | 282,000 |  |  | 148,000 |
FHLBNY advances (1) | 1,356,931 |  |  | 1,299,872 |
FRBNY BTFP Borrowing | 550,000 |  |  | 450,000 |
Total borrowed funds | $ | 2,297,239 |  |  | 1,970,033 |
(1) The balance at June 30, 2024 for FHLBNY advances does not include $4.8 million of purchase accounting adjustments resulting from the Lakeland acquisition.
Maturities of FHLB Advances | Scheduled maturities of FHLBNY advances and lines of credit as of June 30, 2024 are as follows (in thousands):
| 2024
Due in one year or less | $ | 1,404,036 |
Due after one year through two years | 152,451 |
Due after two years through three years | 282,445 |
Due after three years through four years | 350,000 |
Thereafter | — |
Total FHLBNY advances and overnight borrowings | $ | 2,188,932 |
Maturities of Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements as of June 30, 2024 are as follows (in thousands):
| 2024
Due in one year or less | $ | 108,307 |
Thereafter | — |
Total securities sold under repurchase agreements | $ | 108,307 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2024 and December 31, 2023 (in thousands):
| Maximum balance |  | Average balance |  | Weighted average interest rate
June 30, 2024 |  |  |  |  |
Securities sold under repurchase agreements | $ | 108,589 |  |  | 89,209 |  |  | 1.97 | %
FHLBNY overnight borrowings | 567,000 |  |  | 110,698 |  |  | 5.63 |
FHLBNY advances | 1,469,152 |  |  | 1,304,015 |  |  | 3.28 |
FRBNY BTFP Borrowing | 550,000 |  |  | 544,395 |  |  | 4.77 |
December 31, 2023 |  |  |  |  |
Securities sold under repurchase agreements | $ | 99,669 |  |  | 87,227 |  |  | 1.69 | %
FHLBNY overnight borrowings | 500,000 |  |  | 262,289 |  |  | 5.29 |
FHLBNY advances | 1,592,277 |  |  | 1,282,124 |  |  | 3.14 |
FRBNY BTFP Borrowing | 450,000 |  |  | 4,932 |  |  | 4.83 |

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