RESTRICTED STOCK

12 Months Ended

Dec. 31, 2022

RESTRICTED STOCK

RESTRICTED STOCK

10. RESTRICTED STOCK

The following is a summary of restricted stock:

(In thousands)	December 31, 2022		December 31, 2021
FHLBNY capital stock	$	63,627	$	12,819
FRB capital stock		24,953		24,748
Bankers' Bank capital stock		165		165
Restricted stock	$	88,745	$	37,732

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. The Bank increased its outstanding FHLBNY advances by $1.11 billion during the year ended December 31, 2022, resulting in an increase of required FHLBNY stock. The Bank owned 636,274 shares and 128,184 shares at December 31, 2022 and 2021, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $0.9 million, $1.9 million and $3.0 million during the years ended December 31, 2022, 2021 and 2020, 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. The Bank owned 499,052 shares at December 31, 2022 and 494,965 shares at December 31, 2021. The Bank recorded dividend income on the FRB capital stock of $828 thousand and $442 thousand during the years ended December 31, 2022 and 2021, respectively, and no dividend income for the year ended December 31, 2020.

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. The Bank owned 60 shares at December 31, 2022 and 2021. The Bank recorded dividend income on the ACBB capital stock of $1 thousand during the years ended December 31, 2022 and 2021, and no dividend income during the year ended December 31, 2020.