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FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

Dec. 31, 2016

Advances from Federal Home Loan Banks [Abstract]

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

The following is a summary of FHLBNY fixed rate advances at December 31, 2016 and 2015.  The carrying amount includes the advance balance plus purchase accounting adjustments that are amortized over the term of the advance (in thousands):

2016
Amount				Rate			Maturity Date		Call Date
$	4,041			3.90	%		October 19, 2017		January 19, 2017
3,031				2.91	%		December 4, 2017		March 3, 2017
2,021				3.05	%		January 2, 2018		April 1, 2017
$	9,093			3.38	%

2015
Amount				Rate			Maturity Date		Call Date
$	13,900			0.52	%		January 4, 2016		-
10,000				4.60	%		December 22, 2016		-
4,090				3.90	%		October 19, 2017		January 19, 2015
3,068				2.91	%		December 4, 2017		March 3, 2016
2,045				3.05	%		January 2, 2018		April 1, 2016
$	33,103			2.54	%

Each advance is payable at its maturity date, with a prepayment penalty for term advances.  The Corporation has pledged $158.0 million and $156.3 million of first mortgage loans under a blanket lien arrangement at December 31, 2016 and 2015, respectively, as collateral for theses advances and future borrowings.  Based on this collateral and the Corporation’s holdings of FHLBNY stock, the Corporation is eligible to borrow up to a total of $131.6 million at year-end 2016.

Payments over the next five years are as follows:

Year		Amount
2017		$	7,000
2018		2,000
2019		—
2020		—
2021		—
Total		$	9,000

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- References

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- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

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