FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

Dec. 31, 2015

Advances from Federal Home Loan Banks [Abstract]

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

The following is a summary of FHLBNY fixed rate advances at December 31, 2015 and 2014.  The carrying amount includes the advance balance plus purchase accounting adjustments that are amortized over the term of the advance (in thousands):

2015
Amount		Rate		Maturity Date	Call Date
$	13,900	0.52	%	January 4, 2016	-
10,000		4.60	%	December 22, 2016	-
4,090		3.90	%	October 19, 2017	January 19, 2016
3,068		2.91	%	December 4, 2017	March 3, 2016
2,045		3.05	%	January 2, 2018	April 1, 2016
$	33,103	2.54	%

2014
Amount		Rate		Maturity Date	Call Date
$	30,830	0.32	%	January 2, 2015	-
10,000		4.60	%	December 22, 2016	-
4,138		3.90	%	October 19, 2017	January 19, 2015
3,103		2.91	%	December 4, 2017	March 3, 2015
2,069		3.05	%	January 2, 2018	April 1, 2015
$	50,140	1.73	%

Each advance is payable at its maturity date, with a prepayment penalty for term advances.  The advances were collateralized by $156.3 million and $152.7 million of first mortgage loans under a blanket lien arrangement at December 31, 2015 and 2014, respectively.  Based on this collateral and the Corporation’s holdings of FHLBNY stock, the Corporation is eligible to borrow up to a total of $106.2 million at year-end 2015.

Payments over the next five years are as follows:

Year	Amount
2016	$	23,900
2017	7,000
2018	2,000
2019	—
2020	—
Total	$	32,900