FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

3 Months Ended

Mar. 31, 2017

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 $58.8 million with a weighted average interest rate of 2.07 percent and $61.8 million with a weighted average interest rate of 2.02 percent at March 31, 2017 and December 31, 2016, respectively.

At March 31, 2017, advances totaling $46.8 million with a weighted average interest rate of 1.82 percent had fixed maturity dates. The fixed maturity date advances at December 31, 2016 totaled $49.8 million with a weighted average interest rate of 1.78 percent. The fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $451.7 million and multifamily mortgages totaling $930.3 million at March 31, 2017, while at December 31, 2016 the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $468.3 million and multifamily mortgages totaling $1.2 billion.

At both March 31, 2017 and at December 31, 2016, 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 $13.6 million at March 31, 2017.

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

(In thousands)
2017		20,897
2018		34,898
2019		3,000
2020		—
2021		—
Over 5 years		—
Total	$	58,795

There were overnight borrowings of $34.6 million as of March 31, 2017 with a weighted average rate of 1.0 percent at the FHLB. There were no overnight borrowings as of December 31, 2016. At March 31, 2017, unused short-term overnight borrowing commitments totaled $1.1 billion from FHLB, $22.0 million from correspondent banks and $614.2 million at the Federal Reserve Bank.