FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

6 Months Ended

Jun. 30, 2016

Debt Disclosure [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 both June 30, 2016 and December 31, 2015, with a weighted average interest rate of 1.78 percent.

At June 30, 2016, advances totaling $71.7 million with a weighted average interest rate of 1.57 percent had fixed maturity dates. The fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $378.9 million and multifamily mortgages totaling $1.0 billion at June 30, 2016, while at December 31, 2015 the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $428.2 million and multifamily mortgages totaling $1.1 billion.

Also at June 30, 2016 and at December 31, 2015, the Company 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 $16.6 million at June 30, 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 $29.5 million with a weighted average interest rate of 0.57 percent and $40.7 million with a weighted average rate of 0.52 percent at June 30, 2016 and December 31, 2015, respectively.