FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

Dec. 31, 2018

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

There were no FHLBNY fixed rate term advances and overnight advances as of December 31, 2018.

The following is a summary of FHLBNY fixed rate term advances and overnight advances as of December 31, 2017. The carrying amount includes the advance balance plus purchase accounting adjustments that are amortized over the term of the advance (in thousands):

2017
Amount		Rate		Maturity Date	Call Date
$	57,700	1.53	%	January 2, 2018	-
2,000		3.05	%	January 2, 2018	-
$	59,700	1.58	%

Each advance is payable at its maturity date, with a prepayment penalty for term advances.  The Corporation has pledged $132.5 million and $149.7 million of first mortgage loans under a blanket lien arrangement at December 31, 2018 and 2017, respectively, as collateral for these advances and future borrowings.  Based on this collateral and the Corporation’s holdings of FHLBNY stock, the Corporation is eligible to borrow up to a total of $112.6 million at December 31, 2018.