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Short-Term Debt and Long-Term Debt | 12 Months Ended
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Dec. 31, 2024
Debt [Abstract] |
Short-Term Debt and Long-Term Debt | ‎ Note 9 - Short-Term Debt and Long-Term Debt Information regarding short-term borrowings is as follows:
| December 31,
|  |  | 2024 |  |  |  | 2023
|  |  | Amount |  | Amount
|  | (In Thousands)
Balance at end of period |  | $ | - |  |  | $ | - |
Average balance outstanding during the year |  | $ | 2 |  |  | $ | 60,941 |
Highest month-end balance during the year |  | $ | - |  |  | $ | 350,000 |
Average interest rate during the year |  |  | 6.42 | % |  |  | 5.25 | %
Weighted average interest rate at year-end |  |  | - | % |  |  | - | %
Long-term debt consists of the following:
|  | December 31,
|  | 2024 |  | 2023
|  | Weighted Average Rate |  |  |  | Amount ($000s) |  | Weighted Average Rate |  |  |  | Amount ($000s)
Federal Home Loan Bank Advances: |  |  |  |  |  |  |  |  |  |  |  |
| Maturing by December 31,
| 2024 | - | % |  | $ | - |  | 0.48 | % |  | $ | 18,000
| 2025 | 4.15 |  |  |  | 220,361 |  | 4.15 |  |  |  | 219,811
| 2026 | 4.53 |  |  |  | 235,000 |  | 4.53 |  |  |  | 235,000
|  | 4.35 | % |  | $ | 455,361 |  | 4.21 | % |  | $ | 472,811
FHLB advances are presented net of unamortized prepayment penalties totaling $439,000 at December 31, 2024 and $988,000 at December 31, 2023. At December 31, 2024 and 2023, loans with carrying values of approximately $1.4 billion and $1.7 billion, respectively, were pledged to secure the above noted Federal Home Loan Bank of New York borrowings. In addition, at December 31, 2024 and 2023, loans with carrying values of approximately $546.7 million and $497.4 million, respectively, were pledged with the Federal Reserve Discount window. There were no outstanding borrowings with the Federal Reserve at December 31, 2024, and 2023. No securities were pledged for borrowings at December 31, 2024 and 2023. At December 31, 2024, the Company had the ability to obtain additional funding from the FHLB of $135.7 million and $333.0 million from the Federal Reserve Bank Discount Window, utilizing unencumbered loan collateral. The Bank’s total credit exposure cannot exceed 50.0 percent of its total assets, or $1.799 billion, based on the borrowing limitations outlined in the FHLB of New York’s member products guide. The total credit exposure limit of 50.0 percent of total assets is recalculated each quarter.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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