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Borrowed Funds | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Borrowed Funds | 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. Total long-term borrowings totaled $539.7 million and $534.8 million as of June 30, 2024 and December 31, 2023, respectively, while total short-term borrowings totaled $1.76 billion and $1.44 billion for the same periods. As of June 30, 2024, FHLBNY advances were at fixed rates and mature between July 2024 and September 2027, and as of December 31, 2023, FHLBNY advances were at fixed rates with maturities between January 2024 and September 2027. These advances are secured by loans receivable under a blanket collateral agreement. In March 2023, the Company established a facility under the Bank Term Funding Program ("BTFP" or "Program") with the Federal Reserve Bank of New York ("FRBNY"). As of June 30, 2024, the Company had $550.0 million of advances under the Program. The Company elected to participate in the BTFP due to significant cost savings compared to other wholesale funding sources. The funding was used to pay off existing wholesale borrowings. The ability to prepay at any time without penalty also enhances our ability to manage our interest rate risk position. 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 |
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 |
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 |
Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. As of June 30, 2024 and December 31, 2023, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLBNY advances, totaled $1.08 billion and $924.6 million, respectively. Additionally, as of June 30, 2024 and December 31, 2023, the par value of securities pledged to secure BTFP borrowings was $569.4 million and $589.1 million. Interest expense on borrowings for the three and six months ended June 30, 2024 amounted to $20.8 million and $38.2 million, respectively. Amortization related to purchase accounting on FHLBNY advances totaled $276,000 for the three and six months ended June 30, 2024, respectively. Interest expense on borrowings for the three and six months ended June 30, 2023 amounted to $14.1 million and $21.6 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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