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BORROWINGS | 6 Months Ended
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Jun. 30, 2024
BORROWINGS |
BORROWINGS | NOTE 6 — BORROWINGS Borrowings consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Interest Expense
​ | ​ | At | ​ | At | ​ | Three months ended |  | Six months ended
​ | ​ | June 30, | ​ | December 31, |  | June 30, | ​ | June 30,
​ |  | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Federal funds purchased and securities sold under agreements to repurchase | ​ | $ | — | ​ | $ | 99,000 | ​ | $ | — | ​ | $ | 1,584 | ​ | $ | 151 | ​ | $ | 2,953
Federal Home Loan Bank of New York advances | ​ | $ | 150,000 | ​ | $ | 440,000 | ​ | $ | 2,330 | ​ | $ | 5,877 | ​ | $ | 6,719 | ​ | $ | 6,534
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured and other borrowings: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured borrowings | ​ | $ | 7,514 | ​ | $ | 7,585 | ​ | ​ | N.A. | ​ | ​ | N.A. | ​ | ​ | N.A. | ​ | ​ | N.A.
Federal Reserve Bank term loan | ​ | $ | 100,000 | ​ | $ | — | ​ | $ | 1,214 | ​ | $ | — | ​ | $ | 2,295 | ​ | $ | —
N.A. – not applicable The outstanding FHLBNY advances are short-term transactions and at June 30, 2024, had a weighted average interest rate of 5.49%. Secured borrowings are loan participation agreements with counterparties where the transfer of the participation interest did not qualify for sale treatment under GAAP. The Federal Reserve established the Bank Term Funding Program (“BTFP”) on March 12, 2023 as a funding source for eligible depository institutions. The BTFP provides short-term liquidity (up to one year) against the par value of certain high-quality collateral, such as U.S. Treasury securities. The BTFP ceased making new loans as scheduled on March 11, 2024. At June 30, 2024, the Company had a $100.0 million FRB term loan under the BTFP that matures in January 2025 and has an interest rate of 4.87%. At June 30, 2024, the Company had cash on deposit with the Federal Reserve Bank of New York and available secured wholesale funding borrowing capacity of $3.4 billion. ​

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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 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 Reference 2: 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/1943274/2147478878/942-470-45-1 Reference 3: 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/1943274/2147477734/942-470-50-3 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 + Details
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