FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

3 Months Ended

Mar. 31, 2016

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS [Abstract]

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

Advances from the Federal Home Loan Bank of New York (“FHLB”) totaled $83.7 million at March 31, 2016 and December 31, 2015, with a weighted average interest rate of 1.78 percent.

At March 31, 2016 advances totaling $71.7 million with a weighted average interest rate of 1.57 percent have fixed maturity dates. The fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $382.4 million and multifamily mortgages totaling $961.3 million at March 31, 2016.

Also at March 31, 2016, the Corporation had $12.0 million in variable rate advances, with a weighted average interest rate of 3.01 percent, that are noncallable for two or three years and then callable quarterly with final maturities of ten years from the original date of the advance. All of these advances are beyond their initial noncallable periods. These advances are secured by pledges of investment securities totaling $17.6 million at March 31, 2016.

The final maturity dates of the FHLB advances are scheduled as follows:

(In thousands)
2016	$	21,897
2017		23,897
2018		34,898
2019		3,000
2020		—
Over 5 years		—
Total	$	83,692

Overnight borrowings with the Federal Home Loan Bank totaled $21.1 million with a weighted average interest rate of 0.49 percent and $40.7 million with a weighted average interest rate of 0.52 percent at March 31, 2016 and December 31, 2015, respectively.