ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB)

12 Months Ended

Dec. 31, 2021

ADVANCES FROM THE FEDERAL HOME LOAN BANK OF NEW YORK (FHLB)

Advances from the FHLB are fixed-rate, term borrowings and amounted to $185.5 million and $329.4 million at December 31, 2021 and 2020, respectively. Each advance is payable at its maturity date with a prepayment penalty if repayment is made prior to the maturity date. The Bank extinguished $111.4 million in FHLB borrowings during the year ended December 31, 2021, incurring a prepayment penalty of $2.2 million. During the year ended December 31, 2020, the Bank extinguished $14.0 million in FHLB borrowings incurring a prepayment penalty of $843 thousand. Advances are secured by investment securities and loans pledged at the FHLB totaling $319.9 million and $423.5 million as of December 31, 2021 and 2020, respectively.

Advances mature as follows for the year ended December 31, 2021.


Maturity	Rate Range			Weighted Average Rate	Amount
2022	0.35%	—	0.38%	0.36%	$	109,000
2023	0.70%	—	1.94%	1.71%	18,000
2024	1.60%	—	1.94%	1.80%	38,000
2025	1.50%	—	1.60%	1.58%	20,500
				0.92%	$	185,500

Advances from the FHLB amounted to $329.4 million at December 31, 2020, with a weighted average fixed rate of 1.49%.

See Note 12 for further disclosure around Derivatives activities related to FHLB advances.