BORROWINGS

3 Months Ended

Mar. 31, 2026

BORROWINGS

BORROWINGS

7. BORROWINGS

Advances from the Federal Home Loan Bank of New York (“FHLBNY”) reflect advances borrowed from the FHLBNY. The FHLBNY charges a substantial prepayment penalty for early payoff of an advance. The unamortized balances on advances at March 31, 2026 and December 31, 2025 are summarized as follows:

	At March 31,		At December 31,
(In thousands)	2026		2025
Term Advances:
FHLB fixed-rate advances	$	34,567	$	34,567
Repurchase Advances:
FHLB fixed-rate repurchase advances		—		1,000
Total Advances	$	34,567	$	35,567

The contractual maturities and weighted average rates of advances from FHLBNY at March 31, 2026 are as follows (dollars in thousands):

2026	$	9,814	1.84	%
2027		8,753	2.56	%
2028		13,000	4.42	%
2029		2,000	4.61	%
2030		1,000	4.33	%
	$	34,567	3.22	%

The Company has access to FHLBNY advances, under which it can borrow at various terms and interest rates. At March 31, 2026, we had the ability to borrow approximately $85.6 million under our credit facilities with FHLBNY, of which $46.7 million was advanced. Residential and commercial mortgage loans of $69.8 million and $69.5 million at March 31, 2026 and December 31, 2025, respectively, and investment securities of $15.7 million and $16.6 million at March 31, 2026 and December 31, 2025, respectively, have been pledged by the Company under a blanket collateral agreement to secure the Company’s borrowings. The total outstanding indebtedness under borrowing facilities with the FHLBNY cannot exceed the total value of the assets pledged under the blanket collateral agreement. The Company had a municipal letter of credit (“MULOC”) with the FHLBNY collateralizing a $10.0 million certificate of deposit with the State of New York Banking Development District at March 31, 2026 and December 31, 2025. The New York State certificate was deposited after the Company opened its fourth location in Bridgeport, New York. The Company also has a $9.0 million line of credit with two correspondent banks that is available on an unsecured basis and had no draws at March 31, 2026 or December 31, 2025.  At March 31, 2026 and December 31, 2025, the Company had the ability to borrow $4.5 million through the Federal Reserve Discount Window.