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BORROWINGS
 12 Months Ended
Sep. 30, 2024
Borrowings [Abstract]  
BORROWINGS

NOTE I - BORROWINGS

 

1. Federal Home Loan Bank of New York Advances

 

Long term FHLBNY advances at September 30, 2024 and 2023 totaled $28.6 million and $29.5 million, respectively. The weighted average interest rates on advances outstanding at September 30, 2024 and 2023 were 2.90% and 3.27%, 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, 2024 mature as follows (in thousands):

 

Years Ending September 30,    
2025  $3,500 
2026   1,631 
2027   9,437 
2028   14,000 
2029   
—
 
Thereafter   
—
 
Total  $28,568 

 

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, 2024 and 2023, the Company had available credit from the FHLBNY totaling $123.7 million and $122.2 million, respectively. Information concerning short-term arrangement with the FHLBNY is summarized as follows:

 

   September 30, 
   2024   2023 
   (Dollars in thousands) 
         
Balance at end of year  $
—
   $
—
 
Weighted average balance during the year  $
—
   $1,283 
Maximum month-end balance during the year  $
—
   $16,450 
Average interest rate during the year   
N/A
    4.65%