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Borrowings
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Borrowings

Note 9. Borrowings

The Bank had outstanding term advances from the FHLBNY and the FRBNY at September 30, 2023 and outstanding term advances from the FHLBNY at December 31, 2022, respectively.

FHLBNY Advances: As a member of the FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $371.1 million and $511.4 million of outstanding term advances from the FHLBNY at September 30, 2023 and December 31, 2022, respectively and $6.0 million of overnight line of credit advance from the FHLBNY at December 31, 2022. The Bank had no overnight line of credit advance from the FHLBNY at September 30, 2023. The Bank also had a guarantee from the FHLBNY through letters of credit of up to $1.0 million at September 30, 2023 and $21.5 million at December 31, 2022.

As of September 30, 2023 and December 31, 2022, the Bank had eligible collateral of approximately $853.6 million and $478.8 million, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY.

FRBNY Advances: The Bank also has additional borrowing capacity under a secured line with the FRBNY secured by 49.4% of our total securities portfolio with amortized cost of $303.8 million at September 30, 2023. The Bank had $304.0 million of outstanding term advances from the FRBNY at September 30, 2023. No amounts were outstanding at December 31, 2022.

Borrowed funds at September 30, 2023 and December 31, 2022 consist of the following and are summarized by maturity and call date below:

 

 

September 30,

 

 

December 31,

 

 

2023

 

 

2022

 

 

Scheduled
Maturity

 

 

Redeemable
at Call Date

 

 

Weighted
Average
Rate

 

 

Scheduled
Maturity

 

 

Redeemable
at Call Date

 

 

Weighted
Average
Rate

 

 

(Dollars in thousands)

 

Overnight line of credit
   advance

$

—

 

 

$

—

 

 

 

—

%

 

$

6,000

 

 

$

6,000

 

 

 

4.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term advances ending:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

$

—

 

 

$

—

 

 

 

—

 

 

$

178,375

 

 

$

178,375

 

 

 

4.32

 

2024

 

354,000

 

 

 

354,000

 

 

 

4.53

 

 

 

50,000

 

 

 

50,000

 

 

 

4.75

 

2025

 

50,000

 

 

 

50,000

 

 

 

4.41

 

 

 

50,000

 

 

 

50,000

 

 

 

4.41

 

2026

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

2027

 

212,000

 

 

 

212,000

 

 

 

3.44

 

 

 

183,000

 

 

 

183,000

 

 

 

3.25

 

Thereafter

 

59,100

 

 

 

59,100

 

 

 

3.43

 

 

 

50,000

 

 

 

50,000

 

 

 

3.35

 

$

675,100

 

 

$

675,100

 

 

 

4.08

%

 

$

517,375

 

 

$

517,375

 

 

 

3.90

%

 

 

Interest expense on term advances totaled $7.0 million and $1.5 million for the three months ended September 30, 2023 and 2022 and $17.6 million and $2.5 million for the nine months ended September 30, 2023 and 2022, respectively. There was $0.9 million in interest expense on overnight advances for the nine months ended September 30, 2023. There was no interest expense on overnight advances for the three months ended September 30, 2023. There was $0.3 million in interest expense on overnight advances for the three and nine months ended September 30, 2022.