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FHLBNY ADVANCES

6 Months Ended

Jun. 30, 2025

FHLBNY ADVANCES

FHLBNY ADVANCES

12. FHLBNY ADVANCES

The Bank had borrowings from the FHLBNY totaling $508.0 million and $608.0 million at June 30, 2025 and December 31, 2024, respectively, all of which were fixed rate. In accordance with FHLBNY advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank had remaining FHLBNY borrowing capacity of $1.75 billion as of June 30, 2025 and $1.84 billion as of December 31, 2024, and maintained sufficient qualifying collateral, as defined by the FHLBNY.

For the three or six months ended June 30, 2025, the Company did not incur any prepayment penalty expense related to the extinguishment of debt. During the three months ended June 30, 2024, the Company did not incur any prepayment penalty expense related to the extinguishment of debt. During the six months ended June 30, 2024 the Company had $453 thousand of prepayment penalty expense recognized as a loss on extinguishment of debt.

The following table is a summary of FHLBNY extinguishments for the periods presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

​

Six Months Ended June 30,

(Dollars in thousands)

​

​

2025

​

​

​

2024

​

​

​

2025

​

​

​

2024

​

FHLBNY advances extinguished

​

$

-

​

​

$

125,000

​

​

$

-

​

​

$

1,780,000

​

Weighted average rate

​

​

-

%

​

​

5.25

%

​

​

-

%

​

​

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)	​	June 30, 2025		​	December 31, 2024
Overnight, fixed rate at 4.67%	​	​	—	​	​	100,000
2025, fixed rate at rates from 4.42% to 4.52%	​	​	400,000	​	​	400,000
2027, fixed rate at 4.25%	​	​	36,000	​	​	36,000
2028, fixed rate at 4.04%	​	​	12,000	​	​	12,000
2029, fixed rate at rates from 3.98% to 4.03%	​	​	60,000	​	​	60,000
Total FHLBNY advances	​	$	508,000	​	$	608,000

​

Total FHLBNY advances had a weighted average interest rate of 4.38% and 4.58% at June 30, 2025 and December 31, 2024, respectively.

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X

- 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 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478878/942-470-45-1

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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 4: 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

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