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BORROWINGS

12 Months Ended

Sep. 30, 2020

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, 2020 and September 30, 2019 totaled approximately $30.5 million and $36.2 million, respectively. The weighted average interest rate on advances outstanding at September 30, 2020 and 2019 were 2.09% and 2.26%, respectively. The advances were collateralized by unencumbered qualified assets consisting of one-to-four family residential and commercial real estate mortgage loans. 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, 2020 mature as follows (in thousands):

Year Ending September 30,
2021		$	7,130
2022			10,731
2023			4,741
2024			4,384
2025			3,500
Thereafter			—
Total		$	30,486

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, 2020 and 2019, the Company had available credit from the FHLBNY totaling $61.3 million and $76.7 million, respectively. Information concerning short-term borrowings with the FHLBNY is summarized as follows:

		September 30,
		2020				2019
		(Dollars in thousands)
Balance at end of year		$	—			$	—
Weighted average balance during the year		$	—			$	743
Maximum month-end balance during the year		$	—			$	16,800
Average interest rate during the year			—				2.45%

2. Federal Reserve Bank of New York Advances

The company borrowed $36.9 million in Paycheck Protection Program Liquidity Facility advances from the Federal Reserve Bank of New York (“FRBNY”) during the year ended September 30, 2020. The weighted average interest rate on advances outstanding at September 30, 2020 was 0.35%. The advances were collateralized by Paycheck Protection Program loans. The advances are required to be repaid as PPP loans pledged as collateral are repaid or forgiven by the SBA.

PPPLF advances from the FRBNY as of September 30, 2020 mature as follows (in thousands):

Year Ending September 30,
2021		$	—
2022			36,924
2023			—
2024			—
2025			—
Thereafter			—
Total		$	36,924

3. 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, 2020 and September 30, 2019.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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