FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

Dec. 31, 2020

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, 2020 and December 31, 2019.

The Corporation has pledged $101.9 million and $170.0 million of first mortgage loans under a blanket lien arrangement at December 31, 2020 and 2019, respectively, as collateral for 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 $86.3 million at December 31, 2020.