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FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES | 12 Months Ended
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Dec. 31, 2024
Advance from Federal Home Loan Bank [Abstract] |
FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES | FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES FHLBNY overnight advances totaled $109.1 million and $31.9 million as of December 31, 2024 and 2023, respectively. The Corporation held no fixed rate term advances as of December 31, 2024 and 2023, respectively. The following is a summary of FHLBNY overnight advances as of December 31, 2024 and 2023. The carrying amount includes the advance balance (in thousands):
2024 |  | 2023
Amount |  | Rate |  | Maturity Date |  | Amount |  | Rate |  | Maturity Date
$ | 109,110 |  |  | 4.69 | % |  | January 2, 2025 |  | $ | 31,920 |  |  | 5.64 | % |  | January 2, 2024
The Bank has pledged $244.6 million and $254.6 million of residential mortgage and home equity loans under a blanket lien arrangement as of December 31, 2024 and 2023, respectively, as collateral for future borrowings. Based on this collateral and additional securities held, the Bank's unused borrowing capacity at the FHLBNY was $112.0 million as of December 31, 2024.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
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