Advances from the Federal Home Loan Bank of New York

12 Months Ended

Dec. 31, 2014

Banking and Thrift [Abstract]

Advances from the Federal Home Loan Bank of New York

12. ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK

At December 31, 2014, the Company had fixed-rate advances from the FHLBNY of $60.8 million, with maturity dates through 2022 and interest rates ranging from 1.60% to 5.87%. These advances require quarterly interest payments and balloon principal payments at maturity. At December 31, 2013, the Company had fixed-rate advances from the FHLBNY of $61.0 million, with maturity dates through 2022 and interest rates ranging from 1.60% to 5.87%. The weighted average interest rate at December 31, 2014 and 2013 was 2.07% and 2.08%, respectively. Interest expense on advances from the FHLBNY was $1.3 million, $1.3 million and $425 thousand for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in interest on funds borrowed on the consolidated statements of operations.

The contractual maturities of the Company’s fixed-rate advances from the FHLBNY at December 31, 2014 were as follows:

CONTRACTUAL MATURITIES OF ADVANCES FROM THE FHLBNY

Years Ended December 31,	Amount
2014		—
2015		—
2016		—
2017		—
2018		787
Thereafter		60,000
Total	$	60,787