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BORROWED FUNDS

6 Months Ended

Jun. 30, 2024

Advance from Federal Home Loan Bank [Abstract]

BORROWED FUNDS

BORROWED FUNDS

The following table summarizes the Corporation's borrowed funds outstanding as of June 30, 2024 and December 31, 2023 (in thousands):

			June 30, 2024												December 31, 2023
			Balance						Rate						Balance						Rate
FHLBNY overnight advances			$	—					—%						$	31,920					5.64%
FHLBNY term advances			30,000						5.53%						—						—%
FRB BTFP advances			50,000						4.91%						—						—%
Total borrowed funds			$	80,000					5.14%						$	31,920					5.64%

The Corporation’s borrowed funds as of June 30, 2024 were comprised of a $30.0 million FHLB three-month term advance, maturing in September 2024, and a $50.0 million FRB Bank Term Funding Program (BTFP) one year advance, maturing in January 2025. The Corporation’s borrowed funds as of December 31, 2023 were comprised of a $31.9 million FHLBNY overnight advance. Borrowed funds do not include amounts related to finance lease obligations, which include an interest expense component in accordance with ASC 842.

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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

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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
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