RESTRICTED STOCK

12 Months Ended

Dec. 31, 2023

RESTRICTED STOCK

RESTRICTED STOCK

10. RESTRICTED STOCK

The following is a summary of restricted stock:

	Year Ended December 31,
(In thousands)	2023		2022
FHLBNY capital stock	$	73,475	$	63,627
FRB capital stock		25,110		24,953
ACBB capital stock		165		165
Restricted stock	$	98,750	$	88,745

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 $182.0 million during the year ended December 31, 2023, resulting in an increase of required FHLBNY stock. The Bank owned 734,751 shares and 636,274 shares at December 31, 2023 and 2022, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $5.4 million, $853 thousand and $1.9 million during the years ended December 31, 2023, 2022 and 2021, 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 502,197 shares at December 31, 2023 and 499,052 shares at December 31, 2022. The Bank recorded dividend income on the FRB capital stock of $1.0 million, $828 thousand, and $442 thousand during the years ended December 31, 2023, 2022, and 2021, respectively.

ACBB Capital Stock

The Bank has a relationship with ACBB. 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, 2023 and 2022. The Bank recorded dividend

income on the ACBB capital stock of $2 thousand during the year ended December 31, 2023 and $1 thousand during the years ended December 31, 2022, and 2021, respectively.