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BORROWINGS
 12 Months Ended
Sep. 30, 2025
Borrowings [Abstract]  
BORROWINGS

NOTE I - BORROWINGS

 

1. Federal Home Loan Bank of New York Advances

 

Long term FHLBNY advances at September 30, 2025 and 2024 totaled $49.1 million and $28.6 million, respectively. The weighted average interest rates on advances outstanding at September 30, 2025 and 2024 were 3.26% and 2.90%, 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, 2025 mature as follows (in thousands):

 

Years Ending September 30,    
2026  $1,631 
2027   9,437 
2028   17,986 
2029   10,000 
2030   10,000 
Thereafter   - 
Total  $49,054 

 

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, 2025 and 2024, the Company had available credit from the FHLBNY totaling $135.9 million and $123.7 million, respectively. Information concerning short-term arrangement with the FHLBNY is summarized as follows:

 

   Years Ended September 30, 
   2025   2024 
   (Dollars in thousands) 
Balance at end of year  $-   $- 
Weighted average balance during the year  $976   $- 
Maximum month-end balance during the year  $34,200   $- 
Average interest rate during the year   4.55%   N/A