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BORROWINGS
 12 Months Ended
Sep. 30, 2022
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, 2022 and September 30, 2021 totaled approximately $15.6 million and $23.4 million, respectively. The weighted average interest rates on advances outstanding at September 30, 2022 and 2021 were 2.48% and 2.13%, 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, 2022 mature as follows (in thousands):

Year Ending September 30,

2023

$

4,741

2024

4,384

2025

3,500

2026

—

2027

3,000

Thereafter

—

Total

$

15,625

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, 2022 and 2021, the Company had available credit from the FHLBNY totaling $83.2 million and $87.9 million, respectively. Information concerning short-term arrangement with the FHLBNY is summarized as follows:

September 30,

2022

2021

(Dollars in thousands)

Balance at end of year

$

—

$

—

Weighted average balance during the year

$

33

$

—

Maximum month-end balance during the year

$

2,450

$

—

Average interest rate during the year

2.67

%

—

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, 2022 and September 30, 2021.