Borrowings

3 Months Ended

Mar. 31, 2024

Borrowings

Borrowings

Note 8 — Borrowings

Our borrowings include Federal Home Loan Bank of New York (“FHLB”) advances and short-term borrowings from the Discount Window at the Federal Reserve Bank of New York (“FRBNY”).

FHLB advances are summarized as follows at March 31, 2024 and December 31, 2023:

	March 31,				December 31,
	2024				2023
			Weighted Average				Weighted Average
	Amount		Interest Rate		Amount		Interest Rate
	(Dollars in Thousands)
Advances maturing in:
One year or less	$	—	—	%	$	7,000	2.86	%
After one to three years		—	—			—	—
After three to four years		—	—			—	—
After five years (due 2030)		7,000	1.61	%		7,000	1.61	%
	$	7,000	1.61	%	$	14,000	2.24	%

At March 31, 2024, none of the above advances were subject to early call or redemption features. All advances had fixed interest rates, with the remaining term of six years for the advance. At March 31, 2024, the advances were secured by a pledge of the Company’s investment in the capital stock of the FHLB and a blanket assignment of the Company’s otherwise unpledged qualifying mortgage loans. At March 31, 2024, these unpledged qualifying mortgage loans were not pledged to any company other than the FHLB. At March 31, 2024, the Company had the ability to borrow $32.1 million, net of $7.0 million in outstanding advances, from the FHLB and $8.0 million from Atlantic Community Bankers Bank (“ACBB”).

On August 30, 2023, the FRBNY approved the Company’s eligibility to pledge loans under the Borrower-in-Custody program of the FRBNY thereby allowing the Company to borrow from the Discount Window at the FRBNY. As of March 31, 2024, the borrowing from FRBNY was $40.0 million and bears an interest rate of 5.5%. This borrowing matures in June 2024. The Company had an available borrowing limit of $928.8 million from the FRBNY as of March 31, 2024.