v3.25.2
Borrowed Funds
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds as of June 30, 2025 and December 31, 2024 are summarized as follows (in thousands):
June 30, 2025December 31, 2024
Securities sold under repurchase agreements$98,519 113,224 
FHLBNY line of credit378,000 385,000 
FHLBNY advances
1,895,295 1,518,497 
Purchase accounting adjustment on borrowed funds2,846 3,714 
Total borrowed funds$2,374,660 2,020,435 
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):
 2025
Due in one year or less$1,136,350 
Due after one year through two years386,945 
Due after two years through three years450,000 
Due after three years through four years200,000 
Due after four years through five years100,000 
Thereafter— 
Purchase accounting adjustment on borrowed funds2,846 
Total FHLBNY advances and overnight borrowings$2,276,141 
Scheduled maturities of securities sold under repurchase agreements as of June 30, 2025 are as follows (in thousands):
 2025
Due in one year or less$98,519 
Thereafter— 
Total securities sold under repurchase agreements$98,519 
The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2025 and December 31, 2024 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
June 30, 2025
Securities sold under repurchase agreements$117,946 111,631 2.16 %
FHLBNY overnight borrowings704,000 355,525 4.54 
FHLBNY advances2,368,897 1,735,392 3.94 
December 31, 2024
Securities sold under repurchase agreements$117,323 102,043 2.03 %
FHLBNY overnight borrowings567,000 115,902 5.45 
FHLBNY advances1,518,497 1,290,836 3.41 
FRBNY BTFP Borrowing550,000 472,077 4.78 
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.