XML 29 R17.htm IDEA: XBRL DOCUMENT v3.22.4
Short-Term Debt and Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt [Abstract]  
Short-Term Debt and Long-Term Debt Note 9 - Short-Term Debt and Long-Term Debt

Information regarding short-term borrowings is as follows:

December 31,

2022

2021

Amount

Amount

( In Thousands)

Balance at end of period

$

60,000

$

-

Average balance outstanding during the year

$

1,313

$

48

Highest month-end balance during the year

$

87,000

$

-

Average interest rate during the year

3.13

%

0.50

%

Weighted average interest rate at year-end

4.61

%

-

%

Long-term debt consists of the following:

December 31,

2022

2021

Weighted Average Rate

Amount ($000s)

Weighted Average Rate

Amount ($000s)

Federal Home Loan Bank Advances:

Maturing by December 31,

2023

4.85

%

250,000

-

-

2024

0.48

18,000

0.48

18,000

2025

1.84

44,261

1.84

43,711

2026

0.65

10,000

0.65

10,000

4.07

%

$

322,261

1.39

%

$

71,711

FHLB advances are presented net of unamortized prepayment penalties totaling $1.5 million at December 31, 2022, and $2.1 million at December 31, 2021.

At December 31, 2022 and 2021 loans with carrying values of approximately $1.2 billion and $733.3 million, respectively, were pledged to secure the above noted Federal Home Loan Bank of New York borrowings. No securities were pledged for borrowings at December 31, 2022 and 2021. The Bank’s total credit exposure cannot exceed 50.0 percent of its total assets, or $1.773 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50.0 percent of total assets is recalculated each quarter.

During the year ended December 31, 2021, the Company opted to extinguish $115.0 million of FHLB advances which held an average rate of 1.60 percent and were originally set to mature in 2021, 2022, 2023 and 2024. The effect of the extinguishment of the debt reduced the weighted average cost of FHLB borrowings by approximately 16 basis points on an annualized basis. The related expense for the extinguishment of this debt is included in noninterest expense.