ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK

12 Months Ended

Dec. 31, 2021

ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK

NOTE 9 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (“FHLB”) OF NEW YORK

There were short-term advances as of December 31, 2021 totaling $6,000,000 with a weighted average interest rate of 0.48% that mature within one year. There were short-term advances as of December 31, 2020 totaling $12,000,000 with a weighted average interest rate of 0.49% that mature within one year.

Long-term advances at December 31 were as follows:


	Weighted Average Rate at December 31, 2022			2021		2020
Amortizing:
Maturing in:
2022		1.90	%	$	572,976	$	-
2025		0.73	%		7,663,756		1,600,877
2026		0.80	%		4,672,850		9,690,043

		0.81	%	$	12,909,582	$	11,290,920
Non-repo advances
Maturing in:
2021		—		$	—	$	23,000,000
2022		2.01	%		32,081,840		28,000,000
2023		2.03	%		23,037,169		21,000,000
2024		1.99	%		6,019,839		6,000,000
2025		1.52	%		5,003,306		3,000,000

		1.98	%	$	66,142,154	$	81,000,000

At December 31, 2021 and 2020, securities held to maturity and available for sale with a carrying amount of $8,363,997 and $11,057,973, respectively, were pledged to secure repurchase agreements. Change in the fair value of pledged collateral may require the Bank to pledge additional securities.

Non-repo and amortizing advances are secured by the FHLB stock owned by the Bank, and a blanket assignment of qualifying loans at December 31, 2021 and 2020 amounted to $239,039,288 and $218,297,386, respectively.

The Bank had available additional borrowing potential of $160,449,349 and $123,217,630, with the FHLB as of December 31, 2021 and 2020, respectively. The Bank also had outstanding lines of credit of $51,000,000 with four correspondent banks as of December 31, 2021 and $51,000,000 as of December 31, 2020. There were no outstanding balances against these lines as of December 31, 2021 and 2020.

Payments over the next five years are as follows:


2022	$	38,654,816
2023		23,037,168
2024		6,019,839
2025		12,667,062
2026		4,672,851
	$	85,051,736