v3.26.1
Borrowed Funds
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds as of March 31, 2026 and December 31, 2025 are summarized as follows (in thousands):
March 31, 2026December 31, 2025
Securities sold under repurchase agreements$95,137 95,007 
FHLBNY line of credit249,000 275,000 
FHLBNY advances2,136,945 1,739,735 
Purchase accounting adjustment ("PAA") on borrowed funds1,897 2,213 
Total borrowed funds$2,482,979 2,111,955 
Total long-term borrowings totaled $550.0 million as of March 31, 2026 and December 31, 2025, respectively, while total short-term borrowings totaled $1.93 billion and $1.56 billion for the same periods.
As of March 31, 2026, FHLBNY advances were at fixed rates and mature between April 2026 and January 2031, and as of December 31, 2025, FHLBNY advances were at fixed rates with maturities between January 2026 and August 2030. 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 acquisition as of March 31, 2026 are as follows (in thousands):
 2026
Due in one year or less$1,835,945 
Due after one year through two years350,000 
Due after two years through three years— 
Due after three years through four years200,000 
Thereafter— 
PAA on borrowed funds1,897 
Total FHLBNY advances and overnight borrowings$2,387,842 
Scheduled maturities of securities sold under repurchase agreements as of March 31, 2026 are as follows (in thousands):
 2026
Due in one year or less$95,137 
Total securities sold under repurchase agreements$95,137 
The following tables set forth certain information as to borrowed funds for the periods ended March 31, 2026 and December 31, 2025 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
March 31, 2026
Securities sold under repurchase agreements$95,137 93,072 2.51 %
FHLBNY overnight borrowings689,000 277,745 3.90 
FHLBNY advances2,136,945 1,811,800 4.05 
December 31, 2025
Securities sold under repurchase agreements$117,946 105,343 2.37 %
FHLBNY overnight borrowings704,000 292,090 4.55 
FHLBNY advances2,368,897 1,617,909 3.99 
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 March 31, 2026 and December 31, 2025, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $2.25 billion and $2.41 billion, respectively.
Interest expense on borrowings for the three months ended March 31, 2026 and 2025, amounted to $21.3 million and $18.3 million, respectively, while amortization expense related to purchase accounting adjustments for the three months ended March 31, 2026 and 2025 amounted to a benefit of $316,000 and $552,000, respectively.