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FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

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.

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-Topic 942
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-Name Accounting Standards Codification
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