Note 7. Borrowings

At June 30, 2016, The Bank of Greene County had pledged approximately $210.7 million of its residential mortgage portfolio as collateral for borrowing and stand-by letters of credit at the Federal Home Loan Bank of New York (“FHLB”). The maximum amount of funding available from the FHLB was $177.0 million at June 30, 2016, of which $46.4 million in borrowings were outstanding at June 30, 2016. There were $26.1 million of short term borrowings outstanding at June 30, 2016. Interest rates on short term borrowings are determined at the time of borrowing. Long-term fixed rate, fixed term advances totaled $20.3 million with a weighted average rate of 1.48% and a weighted average maturity of 30 months. The Bank has recently increased its level of long-term borrowing to strengthen its overall interest rate risk position, to help mitigate the potential negative impact of rising interest rates. The Bank of Greene County has established an Irrevocable Letter of Credit Reimbursement Agreement with the FHLB, whereby upon The Bank of Greene County’s request, on behalf of Greene County Commercial Bank, an irrevocable stand-by letter of credit is issued to secure municipal transactional deposit accounts. At June 30, 2016 and 2015, there were no outstanding letters of credit.

The Bank of Greene County also pledges securities as collateral at the Federal Reserve Bank discount window for overnight borrowings. At June 30, 2016, approximately $4.2 million of collateral was available to be pledged against potential borrowings at the Federal Reserve Bank discount window. There were no balances outstanding with the Federal Reserve Bank at June 30, 2016 or 2015.

The Bank of Greene County has established unsecured lines of credit with Atlantic Central Bankers Bank and another financial institution for $6.0 million and $5.0 million, respectively. Greene County Bancorp, Inc. has also established an unsecured line of credit with Atlantic Central Bankers Bank for $5.0 million. The lines of credit provide for overnight borrowing and the interest rate is determined at the time of the borrowing. At June 30, 2016 and 2015, there were no balances outstanding on any of these lines of credit.

Scheduled maturities of long-term borrowings at June 30, 2016 were as follows:

(In thousands)
Within the year ended June 30,
2017	$	2,500
2018		4,500
2019		5,500
2020		6,000
2021		1,800
	$	20,300