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FHLBNY ADVANCES | 3 Months Ended
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Mar. 31, 2024
FHLBNY ADVANCES |
FHLBNY ADVANCES | 12. FHLBNY ADVANCES The Bank had borrowings from the FHLBNY totaling $773.0 million and $1.31 billion at March 31, 2024 and December 31, 2023, respectively, all of which were fixed rate. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank had remaining FHLB borrowing capacity of $1.76 billion as of March 31, 2024 and $1.19 billion as of December 31, 2023, and maintained sufficient qualifying collateral, as defined by the FHLBNY. At March 31, 2024 there were no callable Advances. The following table is a summary of FHLBNY extinguishments for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
(Dollars in thousands) | ​ | ​ | 2024 | ​ | ​ | ​ | 2023 | ​
FHLBNY advances extinguished | ​ | $ | 1,655,000 | ​ | ​ | $ | - | ​
Weighted average rate | ​ | ​ | 5.28 | % | ​ | ​ | - | %
Loss on extinguishment of debt | ​ | $ | 453 | ​ | ​ | $ | - | ​
​ The following table presents the contractual maturities of FHLBNY advances for each of the next five years. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | March 31, 2024 | ​ | December 31, 2023
Overnight, fixed rate at 5.56% | ​ | $ | 75,000 | ​ | $ | —
2024, fixed rate at rates from 5.25% to 5.56% | ​ | ​ | 650,000 | ​ | ​ | 1,265,000
2027, fixed rate at 4.25% | ​ | ​ | 36,000 | ​ | ​ | 36,000
2028, fixed rate at 4.04% | ​ | ​ | 12,000 | ​ | ​ | 12,000
Total FHLBNY advances | ​ | $ | 773,000 | ​ | $ | 1,313,000
​ Total FHLBNY advances had a weighted average interest rate of 5.39% and 5.23% at March 31, 2024 and December 31, 2023, respectively.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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