RESTRICTED STOCK

12 Months Ended

Dec. 31, 2021

RESTRICTED STOCK

RESTRICTED STOCK

10. RESTRICTED STOCK

The following is a summary of restricted stock:

(In thousands)	December 31, 2021		December 31, 2020
FHLBNY capital stock	$	12,819	$	60,707
FRB capital stock		24,748		—
Bankers' Bank capital stock		165		—
Restricted stock	$	37,732	$	60,707

FHLBNY Capital Stock

The Bank is a member of the FHLBNY. Membership requires the purchase of shares of FHLBNY capital stock at $100 per share. Members are required to own a particular amount of stock based on the level of borrowings and other factors. As a result of the Merger, the Bank acquired $13.9 million of FHLBNY capital stock on the Merger Date. The Bank decreased its outstanding FHLBNY advances by $1.18 billion during the year ended December 31, 2021, resulting in a reduction of required FHLBNY stock. The Bank owned 128,184 shares and 607,074 shares at December 31, 2021 and 2020, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $1.9 million, $3.0 million and $3.6 million during the years ended December 31, 2021, 2020 and 2019, respectively.

FRB Capital Stock

The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock at $50 per share. As a result of the Merger, the Bank acquired $9.3 million of FRB capital stock on the Merger Date. The Bank owned 494,965 shares at December 31, 2021 and no shares at December 31, 2020. The Bank recorded dividend income on the FRB capital stock of $442 thousand during the year ended December 31, 2021 and no dividend income for the years ended December 31, 2020 and 2019.

Bankers’ Bank Capital Stock

The Bank has a relationship with Atlantic Community Bankers Bank. The relationship requires the purchase of shares of ACBB capital stock between $2,500 and $3,250 per share. As a result of the Merger, the Bank acquired $165 thousand of ACBB capital stock on the Merger Date. The Bank owned 60 shares at December 31, 2021 and no shares at December 31, 2020. The Bank recorded dividend income on the ACBB capital stock of $1 thousand during the year ended December 31, 2021 and no dividend income during the years ended December 31, 2020 and 2019.