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BORROWINGS | 12 Months Ended
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Sep. 30, 2017
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, 2017 and September 30, 2016 totaled approximately $31.9 million and $36.0 million, respectively. The weighted average interest rate on advances outstanding at September 30, 2017 and 2016 were 2.00% and 2.12%, 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, 2017 mature as follows (in thousands):
Year Ending September 30, |  |  |
2018 |  | $ | 5,100 |
2019 |  |  | 8,940 |
2020 |  |  | 10,294 |
2021 |  |  | 2,500 |
2022 |  |  | 5,071 |
Thereafter |  |  | — |
|  | $ | 31,905 |
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, 2017 and 2016, the Company had available credit from the FHLBNY totaling $92.6 million and $49.1 million, respectively. Information concerning short-term borrowings with the FHLBNY is summarized as follows:
|  | September 30, |
|  | 2017 |  |  | 2016 |
|  | (Dollars in thousands) |
Balance at end of year |  | $ | — |  |  | $ | — |
Weighted average balance during the year |  | $ | 966 |  |  | $ | 1,080 |
Maximum month-end balance during the year |  | $ | 11,150 |  |  | $ | 16,200 |
Average interest rate during the year |  |  | 1.00% |  |  |  | 0.56% |
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, 2017 and September 30, 2016.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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