XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.4
BORROWINGS
 12 Months Ended
Sep. 30, 2021
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, 2021 and September 30, 2020 totaled approximately $23.4 million and $30.5 million, respectively. The weighted average interest rate on advances outstanding at September 30, 2021 and 2020 were 2.13% and 2.09%, 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, 2021 mature as follows (in thousands):

Year Ending September 30,

2022

$

10,731

2023

4,741

2024

4,384

2025

3,500

2026

—

Thereafter

—

Total

$

23,356

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, 2021 and 2020, the Company had available credit from the FHLBNY totaling $87.9 million and $61.3 million, respectively. The Company did not utilize its line of credit with the FHLBNY during the years ended September 30 2021 and 2020.

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 interest rate on these advances was fixed at 0.35% and the advances were collateralized by Paycheck Protection Program loans. The advances were required to be repaid as PPP loans pledged as collateral were repaid or forgiven by the SBA. We repaid all $36.9 million in PPPLF advances during the year ended September 30, 2021.

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, 2021 and September 30, 2020.