v3.26.3
Borrowed Funds
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds as of September 30, 2026 and December 31, 2025 are summarized as follows (in thousands):
September 30, 2026December 31, 2025
Securities sold under repurchase agreements$92,993 95,007 
FHLBNY line of credit315,000 275,000 
FHLBNY advances
1,981,530 1,739,735 
Purchase accounting adjustment ("PAA") on borrowed funds1,265 2,213 
Total borrowed funds$2,390,788 2,111,955 
Total long-term borrowings totaled $52.0 million and $550.0 million as of September 30, 2026 and December 31, 2025, respectively, while total short-term borrowings totaled $2.34 billion and $1.56 billion as of September 30, 2026 and December 31, 2025, respectively.
As of September 30, 2026, Federal Home Loan Bank of New York ("FHLBNY") advances were at fixed rates and mature between October 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 Bancorp, Inc. ("Lakeland") merger as of September 30, 2026 are as follows (in thousands):
2026
Due in one year or less$2,244,500 
Due after one year through two years2,030 
Due after two years through three years— 
Due after three years through four years50,000 
Thereafter— 
PAA on borrowed funds1,265 
Total FHLBNY advances and overnight borrowings$2,297,795 
Scheduled maturities of securities sold under repurchase agreements as of September 30, 2026 are as follows (in thousands):
2026
Due in one year or less$92,993 
Total securities sold under repurchase agreements$92,993 
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 September 30, 2026 and December 31, 2025, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $2.42 billion and $2.41 billion, respectively.
Interest expense on borrowings for the three and nine months ended September 30, 2026 amounted to $19.6 million and $65.0 million, respectively, while amortization expense related to purchase accounting adjustments for the three and nine months ended September 30, 2026 amounted to a benefit of $316,000 and $949,000, respectively. Interest expense on borrowings for the three and nine months ended September 30, 2025 amounted to $21.6 million and $64.4 million, respectively, while amortization expense related to purchase accounting adjustments for the three and nine months ended September 30, 2025 amounted to a benefit of $316,000 and $1.2 million, respectively.