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Borrowed Funds
 6 Months Ended
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, 2024December 31, 2023
Securities sold under repurchase agreements$108,307 72,161 
FHLBNY line of credit282,000 148,000 
FHLBNY advances (1)
1,356,931 1,299,872 
FRBNY BTFP Borrowing550,000 450,000 
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 years152,451 
Due after two years through three years282,445 
Due after three years through four years350,000 
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 borrowings567,000 110,698 5.63 
FHLBNY advances1,469,152 1,304,015 3.28 
FRBNY BTFP Borrowing550,000 544,395 4.77 
December 31, 2023
Securities sold under repurchase agreements$99,669 87,227 1.69 %
FHLBNY overnight borrowings500,000 262,289 5.29 
FHLBNY advances1,592,277 1,282,124 3.14 
FRBNY BTFP Borrowing450,000 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.