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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowed Funds | Borrowed Funds Borrowed funds as of June 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
Total long-term borrowings totaled $614.8 million and $513.9 million as of June 30, 2025 and December 31, 2024, respectively, while total short-term borrowings totaled $1.76 billion and $1.51 billion for the same periods. As of June 30, 2025, FHLBNY advances were at fixed rates and mature between July 2025 and May 2030, and as of December 31, 2024, FHLBNY advances were at fixed rates with maturities between January 2025 and September 2027. These advances are secured by loans receivable under a blanket collateral agreement. Scheduled maturities of FHLBNY advances and lines of credit, including purchase accounting adjustments resulting from the Lakeland merger as of June 30, 2025 are as follows (in thousands):
Scheduled maturities of securities sold under repurchase agreements as of June 30, 2025 are as follows (in thousands):
The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2025 and December 31, 2024 (in thousands):
Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. As of June 30, 2025 and December 31, 2024, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $2.40 billion and $1.12 billion, respectively. Interest expense on borrowings for the three and six months ended June 30, 2025 amounted to $24.8 million and $43.1 million, respectively, while amortization expense related to purchase accounting adjustments for the three and six months ended June 30, 2025 amounted to a benefit of $316,000 and $868,000, respectively. Interest expense on borrowings for the three and six months ended June 30, 2024 amounted to $20.8 million and $38.2 million, respectively, while amortization expense related to purchase accounting for the three and six months ended June 30, 2024 amounted to a benefit of $291,000 and $307,000, respectively.
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