FHLBNY Advances: As a member of the FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $117,283 and $104,404 of outstanding term advances from the FHLBNY at September 30, 2020 and December 31, 2019, respectively. Additionally, the Bank had an unsecured line of credit in the amount of $25,000 with a correspondent bank at September 30, 2020 and December 31, 2019, of which $0 were outstanding as of September 30, 2020 and December 31, 2019, respectively. The Bank also had a guarantee from the FHLBNY through a standby letter of credit of $3,345 at September 30, 2020 and $3,455 at December 31, 2019.

Borrowed funds at September 30, 2020 and December 31, 2019 consist of the following and are summarized by maturity and call date below:

	September 30,							December 31,
	2020							2019
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
Correspondent Bank Overnight line of credit advance	$	—	$	—		—	%	$	—	$	—		—	%

FHLBNY Term advances ending:
2020		8,029		8,029		2.86			8,029		8,029		2.86
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		77,880		77,880		1.73			65,000		65,000		1.89
2023		28,374		28,374		2.82			28,375		28,375		2.82
	$	117,283	$	117,283		2.08	%	$	104,404	$	104,404		2.21	%

Interest expense on term advances totaled $612 and $516 for the three months ended September 30, 2020 and 2019, and $1,799 and $1,141 for the nine months ended September 30, 2020 and 2019, respectively. Interest expense on overnight advances totaled $43 and $17 for the three months ended September 30, 2020 and 2019, and $51 and $70 for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020 and December 31, 2019, the Bank had eligible collateral of approximately $329,743 and $301,753, respectively, in residential 1-4 family and multifamily mortgage loans available to secure advances from the FHLBNY.

Warehouse Lines of Credit: Due to the acquisition of Mortgage World, the Company maintains two warehouse lines of credit with financial institutions for the purpose of funding the originations and sale of residential mortgages. The lines of credit are repaid with proceeds from the sale of the mortgage loans. The lines are secured by the assets collaterizing underlying mortgages. The agreements with the warehouse lenders provide for certain restrictive covenants such as minimum net worth and liquidity ratios for the Company. All warehouse facilities are guaranteed by the Company. As of September 30, 2020, the Company was in full compliance with all financial covenants.


	Credit Line		Unused Line		Balance at
	Maximum		of Credit		September 30, 2020
Warehouse Line of Credit #1	$	9,900	$	2,221	$	7,679
Warehouse Line of Credit #2		5,000		3,614		1,386
Total long-term debt	$	14,900	$	5,835	$	9,065

The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate at September 30, 2020 was 3.40%. The line of credit is an evergreen agreement that terminates upon request by either the financial institution or the borrower

The interest rate is based on the 30-day LIBOR rate plus 3.00% for loans funded by wires. The effective rate at September 30, 2020 was 3.15%.

Mortgage Loan Funding Payable: Mortgage loan funding payable consists of liabilities to borrowers in connection with the origination of residential loans originated and intended for sale in the secondary market, that remain unfunded by the Company because there is typically a three day period from when the loans close to when they are funded by the warehouse line of credit. This liability is presented at cost and fully offsets the principal balance of the related loans included in mortgage loans held for sale, at fair value on the consolidated statement of financial condition. At September 30, 2020, the balance of mortgage loan funding payable was $1,457.