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v3.23.1

BORROWINGS | 3 Months Ended
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Mar. 31, 2023
BORROWINGS |
BORROWINGS | NOTE 6 — BORROWINGS Borrowings consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest expense
​ | ​ | At March 31, | ​ | At December 31, | ​ | Three Months Ended March 31,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Federal funds purchased and securities sold under agreements to repurchase | ​ | $ | 195,000 | ​ | $ | 150,000 | ​ | $ | 1,369 | ​ | $ | —
Federal Home Loan Bank of New York advances | ​ | $ | 200,000 | ​ | $ | 100,000 | ​ | $ | 657 | ​ | $ | —
​ Federal funds purchased are generally overnight transactions and had a weighted average interest rate of 5.15% at March 31, 2023. The FHLBNY advances at March 31, 2023 have a maturity date of April 3, 2023 and a fixed interest rate of 4.99%. There were no securities sold under agreements to repurchase outstanding as of March 31, 2023 and December 31, 2022. During the first quarter of 2022, the Company redeemed $25.0 million of subordinated debt, plus accrued interest. The subordinated notes had a maturity date of March 15, 2027 and an interest rate of 6.25% per annum.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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