Federal Home Loan Bank of New York ("FHLB") Advances

9 Months Ended

Sep. 30, 2022

Federal Home Loan Bank of New York ("FHLB") Advances

Federal Home Loan Bank of New York ("FHLB") Advances

Note 8 — Federal Home Loan Bank of New York (“FHLB”) Advances

FHLB advances are summarized as follows at September 30, 2022 and December 31, 2021:

	September 30,				December 31,
	2022				2021
			Weighted Average				Weighted Average
	Amount		Interest Rate		Amount		Interest Rate
	(Dollars in Thousands)
Advances maturing in:
One year or less	$	7,000	2.83	%	$	7,000	2.79	%
After one to three years		7,000	2.86	%		14,000	2.85	%
After five years (due 2030)		7,000	1.61	%		7,000	1.61	%
	$	21,000	2.43	%	$	28,000	2.52	%

At September 30, 2022, none of the above advances were subject to early call or redemption features. All advances had fixed interest rates and the term of the advance ranges between 2 and 10 years. At September 30, 2022, the advances were secured by a pledge of the Company’s investment in the capital stock of the FHLB and a blanket assignment of the Company’s otherwise unpledged qualifying mortgage loans. At September 30, 2022, these unpledged qualifying mortgage loans were not pledged to any company other than the FHLB. At September 30, 2022, the Company had the ability to borrow $18.1 million, net of  $21.0 million in outstanding advances, from the FHLB and $8.0 million from Atlantic Community Bankers Bank (“ACBB”).