Note 7.

Borrowings

At June 30, 2018, The Bank of Greene County had pledged approximately $283.6 million of its residential and commercial mortgage portfolios 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 $232.3 million at June 30, 2018, of which $18.2 million in borrowings and $40.0 million of stand-by letters of credit were outstanding at June 30, 2018. There were no short-term or overnight borrowings outstanding at June 30, 2018. There were $6.9 million of short term or overnight borrowings outstanding at June 30, 2017 which carried an interest rate of 1.28%. Interest rates on short term borrowings are determined at the time of borrowing. Long-term fixed rate, fixed term advances totaled $18.2 million with a weighted average rate of 1.63% and a weighted average maturity of 22 months. 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, 2018, $40.0 million of stand-by letters of credit with the FHLB have been issued to secure municipal transactional deposit accounts, on behalf of Greene County Commercial Bank. There were no stand-by letters of credit issued and outstanding at June 30, 2017.

The Bank of Greene County also pledges securities as collateral at the Federal Reserve Bank discount window for overnight borrowings. At June 30, 2018, approximately $1.7 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, 2018 or 2017.

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 $10.0 million, respectively. Greene County Bancorp, Inc. has also established an unsecured line of credit with Atlantic Central Bankers Bank for $7.5 million. The lines of credit provide for overnight borrowing and the interest rate is determined at the time of the borrowing. At June 30, 2018 and 2017, there were no balances outstanding on any of these lines of credit.

Scheduled maturities of long-term borrowings at June 30, 2018 were as follows:

(In thousands)
Within the twelve months ended June 30,
2019	$	5,500
2020		6,000
2021		1,800
2022		4,850
	$	18,150