

		December 31,
		2020			2019

		Amount			Amount
		( In Thousands)
Balance at end of period	$	-		$	-
Average balance outstanding during the year	$	160		$	57
Highest month-end balance during the year	$	25,000		$	7,330
Average interest rate during the year		0.36	%		2.41	%
Weighted average interest rate at year-end		-	%		-	%



		December 31,
		2020				2019
		Weighted Average Rate			Amount ($000s)	Weighted Average Rate			Amount ($000s)
Federal Home Loan Bank Advances:
	Maturing by December 31,
	2020	-	%	$	-	1.85	%	$	50,000
	2021	2.05			53,000	2.19			68,000
	2022	1.49			23,000	2.32			67,800
	2023	1.29			25,000	2.56			35,000
	2024	1.21			47,000	1.75			25,000
	2025	1.96			43,161	-			-
		1.66	%	$	191,161	2.16	%	$	245,800

FHLB advances are presented net of unamortized prepayment penalties totaling $2.6 million at December 31, 2020. The Company had no unamortized prepayment penalties on its FHLB advances at December 31, 2019.

At December 31, 2020 and 2019 loans with carrying values of approximately $814.6 million and $772.8 million, respectively, were pledged to secure the above noted Federal Home Loan Bank of New York borrowings. No securities were pledged at December 31, 2020 and 2019. The Bank’s total credit exposure cannot exceed 50 percent of its total assets, or $1.412 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50 percent of total assets is recalculated each quarter.

In October 2020, the Bank prepaid a $20.8 million FHLB advance with a rate of 3.10% and a maturity date in September 2022. The prepaid borrowing was replaced with a $20.8 million FHLB advance with an interest rate of 0.59% and maturity date of 5 years. Included in the interest rate is a prepayment penalty of 1.15%. In November 2020, the Bank prepaid a $25.0 million FHLB advance with an interest rate of 2.90% and a maturity date in 2023. The prepaid borrowing was replaced with $25.0 million of FHLB advances with an interest rate of 0.68% and a maturity date of 5 years. Included in the interest rate is a prepayment penalty of 1.25%. The prepayment penalties are amortized over the life of the new debt instruments in accordance with ASC 470-50, Debt - Modifications and Extinguishments.

During the year ended December 31, 2020, the Company opted to extinguish $47.0 million of FHLB advances which held an average rate of 2.24% and were originally set to mature in 2021 and 2022. The effect of the extinguishment of the debt reduced the weighted average cost of FHLB borrowings by approximately 12 basis points on an annualized basis. The related non-recurring expense for the extinguishment of this debt is included in noninterest expense.