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BORROWINGS
 12 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
BORROWINGS

NOTE J - BORROWINGS

 

1. Federal Home Loan Bank of New York Advances

 

Long term Federal Home Loan Bank of New York (“FHLBNY”) advances at September 30, 2016 and September 30, 2015 totaled approximately $36.0 million and $31.6 million, respectively. The weighted average interest rate on advances outstanding at September 30, 2016 and 2015 were 2.12% and 2.38%, respectively. The advances were collateralized by unencumbered qualified assets consisting of one-to-four family residential mortgage loans and investment securities. Advances are made pursuant to several different credit programs offered from time to time by the FHLBNY.

 

Long term FHLBNY advances as of September 30, 2016 mature as follows (in thousands):

 

Year Ending September 30,    
2017  $5,000 
2018   5,100 
2019   8,940 
2020   10,294 
2021   2,500 
Thereafter   4,206 
   $36,040 

 

Additionally, the Company has established an Overnight Line of Credit arrangement with the FHLBNY. The total amount available under the line of credit is based on the amount of eligible collateral pledged to the FHLBNY. At September 30, 2016 and 2015, the Company had available credit from the FHLBNY totaling $49.1 million and $39.8 million, respectively. Information concerning short-term borrowings with the FHLBNY is summarized as follows:

 

   September 30, 
   2016   2015 
   (Dollars in thousands) 
         
Balance at end of year  $—   $— 
Weighted average balance during the year  $1,080   $2,958 
Maximum month-end balance during the year  $16,200   $18,500 
Average interest rate during the year   0.56%    0.37% 

 

2. Securities Sold Under Reverse Repurchase Agreements

 

Qualifying repurchase agreements are treated as financings and are reflected as a liability in the Consolidated Balance Sheets. The Company did not have repurchase agreements outstanding at September 30, 2016 and September 30, 2015.