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Borrowed Funds
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds as of December 31, 2024 and 2023 are summarized as follows (in thousands):
20242023
Securities sold under repurchase agreements$113,224 72,161 
FHLBNY line of credit385,000 148,000 
FHLBNY advances
1,518,497 1,299,836 
FRBNY BTFP borrowing— 450,000 
Purchase accounting adjustment ("PAA") on borrowed funds3,714 36 
Total borrowed funds$2,020,435 1,970,033 
Total long-term borrowings totaled $513.9 million and $534.8 million as of December 31, 2024 and December 31, 2023, respectively, while total short-term borrowings totaled $1.51 billion and $1.44 billion for the same periods.
As of December 31, 2024, FHLBNY advances were at fixed rates and mature between January 2025 and September 2027, and as of December 31, 2023, FHLBNY advances were at fixed rates and mature 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"). 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 enhanced our ability to manage our interest rate risk position. The balance was fully paid off in November of 2024.
Scheduled maturities of FHLBNY advances, FRBNY BTFP borrowings and lines of credit, including purchase accounting adjustments resulting from the Lakeland acquisition as of December 31, 2024 are as follows (in thousands):
 2024
Due in one year or less$1,268,262 
Due after one year through two years160,235 
Due after two years through three years475,000 
Due after three years through four years— 
Due after four years through five years— 
Thereafter— 
Purchase accounting adjustment on borrowed funds3,714 
Total FHLBNY advances, FRBNY BTFP borrowings and overnight borrowings$1,907,211 
Scheduled maturities of securities sold under repurchase agreements as of December 31, 2024 are as follows (in thousands):
 2024
Due in one year or less$113,224 
Thereafter— 
Total securities sold under repurchase agreements$113,224 
The following tables set forth certain information as to borrowed funds for the years ended December 31, 2024 and 2023 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
2024
Securities sold under repurchase agreements$117,323 102,043 2.03 %
FHLBNY overnight borrowings567,000 115,902 5.45 
FHLBNY advances1,518,497 1,290,836 3.41 
FRBNY BTFP Borrowing550,000 472,077 4.78 
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 December 31, 2024 and December 31, 2023, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $1.12 billion and $924.6 million, respectively. Additionally, as of December 31, 2024, there was no par value of securities pledged to secure BTFP, since the plan was fully paid off in November of 2024, compared to a par value of securities pledged to secure BTFP of $589.1 million as of December 31, 2023.
Interest expense on borrowings for the years ended December 31, 2024, 2023 and 2022 amounted to $74.9 million, $56.0 million and $9.5 million, respectively, while amortization expense related to purchase accounting for the years ended December 31, 2024, 2023 and 2022 amounted to a benefit of $1.4 million, $105,000 and $188,000, respectively.