Borrowings |
6 Months Ended |
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Jun. 30, 2025 | |
| Borrowings | |
| Borrowings | Note 8 — Borrowings Our borrowings include Federal Home Loan Bank of New York (“FHLB”) advances and short-term borrowings from the Discount Window at the Federal Reserve Bank of New York (“FRBNY”). On August 30, 2023, the FRBNY approved the Company’s eligibility to pledge loans under the Borrower-in-Custody program of the FRBNY thereby allowing the Company to borrow from the Discount Window at the FRBNY. At June 30, 2025, borrowings from the FRBNY totaled $120.0 million, bearing an interest rate of 4.5%. Of the $120.0 million in borrowings, $60.0 million matures in July 2025 and $60.0 million matures in August 2025. At June 30, 2025, the Company had one FHLB advance for $15.0 million that bears an interest rate of 4.45% and matures in September 2025. The advance is 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 that are not pledged to any third party other than the FHLB. At December 31, 2024, there were no borrowings from the FHLB and FRBNY. At June 30, 2025, the Company had the ability to borrow $740.2 million from the FRBNY, $23.1 million from the FHLB, and $8.0 million from Atlantic Community Bankers Bank (“ACBB”).
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