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v3.25.1

BORROWED FUNDS | 3 Months Ended
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Mar. 31, 2025
Advance from Federal Home Loan Bank [Abstract] |
BORROWED FUNDS | BORROWED FUNDS The following tables summarize the Corporation's borrowed funds outstanding as of March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025
| Balance |  | Maturity |  | Rate
FHLBNY term advances: |  |  |  |  |
Fixed rate advance | $ | 55,000 |  |  | May 12, 2025 |  | 4.49 | %
Fixed rate advance | 30,000 |  |  | June 3, 2025 |  | 4.48 | %
Total borrowed funds | $ | 85,000 |  |  |  |  |
| December 31, 2024
| Balance |  | Maturity |  | Rate
FHLBNY overnight advances | $ | 109,110 |  |  | January 2, 2025 |  | 4.69 | %
Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The weighted average interest rate of fixed rate advances as of March 31, 2025 was 4.49%. The advances were collateralized by $246.6 million and $221.1 million of residential mortgage loans and home equity loans under a blanket lien arrangement as of March 31, 2025 and December 31, 2024, respectively. Based on this available collateral and securities also held as collateral, the Corporation was eligible to borrow up to a total of $222.3 million as of March 31, 2025 at the FHLBNY.

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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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