Borrowed Funds (Tables)
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6 Months Ended |
Jun. 30, 2025 |
Debt Disclosure [Abstract] |
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Borrowed Funds |
Borrowed funds as of June 30, 2025 and December 31, 2024 are summarized as follows (in thousands): | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | Securities sold under repurchase agreements | $ | 98,519 | | | 113,224 | | FHLBNY line of credit | 378,000 | | | 385,000 | | FHLBNY advances | 1,895,295 | | | 1,518,497 | | Purchase accounting adjustment on borrowed funds | 2,846 | | | 3,714 | | Total borrowed funds | $ | 2,374,660 | | | 2,020,435 | |
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Maturities of FHLBNY Advances, FRBNY BTFP Borrowings and Lines of Credit |
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 years | 386,945 | | Due after two years through three years | 450,000 | | Due after three years through four years | 200,000 | | Due after four years through five years | 100,000 | | Thereafter | — | | Purchase accounting adjustment on borrowed funds | 2,846 | | Total FHLBNY advances and overnight borrowings | $ | 2,276,141 | |
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Maturities of Sold Under Repurchase Agreements |
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 | |
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Debt Disclosure by Year |
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 borrowings | 704,000 | | | 355,525 | | | 4.54 | | FHLBNY advances | 2,368,897 | | | 1,735,392 | | | 3.94 | | | | | | | | December 31, 2024 | | | | | | Securities sold under repurchase agreements | $ | 117,323 | | | 102,043 | | | 2.03 | % | FHLBNY overnight borrowings | 567,000 | | | 115,902 | | | 5.45 | | FHLBNY advances | 1,518,497 | | | 1,290,836 | | | 3.41 | | FRBNY BTFP Borrowing | 550,000 | | | 472,077 | | | 4.78 | |
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