FEDERAL HOME LOAN BANK TERM ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2025

Advance from Federal Home Loan Bank [Abstract]

FEDERAL HOME LOAN BANK TERM ADVANCES AND OTHER BORROWINGS

FEDERAL HOME LOAN BANK TERM ADVANCES AND OTHER BORROWINGS

FHLBNY overnight advances totaled $87.1 million and $109.1 million as of December 31, 2025 and 2024, respectively. The Corporation held no fixed rate term advances as of December 31, 2025 and 2024, respectively.

The following is a summary of FHLBNY overnight advances as of December 31, 2025 and 2024. The carrying amount includes the advance balance (in thousands):

2025				2024
Amount		Rate		Amount		Rate
$	87,110	3.96	%	$	109,110	4.69	%

The Bank has pledged $255.1 million and $244.6 million of residential mortgage and home equity loans under a blanket lien arrangement as of December 31, 2025 and 2024, respectively, as collateral for future borrowings. Based on this collateral, the Bank's unused borrowing capacity at the FHLBNY was $91.4 million as of December 31, 2025.

The Bank had $65.0 million in total capacity under unsecured federal funds lines of credit with four correspondent financial institutions as of December 31, 2025, none of which was utilized as of December 31, 2025. Federal funds purchased from correspondent banks mature in one business day and reprice daily based on the federal funds rate.

The following table summarizes the Corporation's subordinated notes outstanding as of December 31, 2025 (in thousands):

2025
Amount		Rate		Maturity Date
$	44,028	7.75	%	June 15, 2035

On June 10, 2025, the Corporation issued $45.0 million of 7.75% fixed-to-floating rate subordinated notes due June 15, 2035 in a private offering (the "Notes"). The Notes bear interest at a fixed rate of 7.75% per year, payable semi-annually, for the first five years. From June 15, 2030 to the June 15, 2035 maturity date, the interest rate will adjust to a floating rate equal to a benchmark rate which is expected to be the then-current three-month term SOFR plus 415 basis points, payable quarterly. If the then three-month term SOFR is below zero, the three-month term SOFR for the note will be deemed zero. The Notes constitute unsecured and subordinated obligations of the Corporation and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. Subject to limited exceptions, the Corporation cannot redeem the Notes before the fifth anniversary of the issuance date. Proceeds, net of debt issuance costs of $1.0 million, were $44.0 million. The Notes qualify at the holding company level as Tier 2 capital under the capital guidelines of the Federal Reserve Board, when applicable.

Total interest expense on the Corporation's subordinated debt for the year ended December 31, 2025 totaled $2.0 million.