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BORROWED FUNDS

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):

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

The Corporation’s borrowed funds as of September 30, 2024 were comprised of 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.

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-Topic 942
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-Name Accounting Standards Codification
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