v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings

Note 9. Borrowings

 

FHLBNY Advances: As a member of FHLBNY, the Bank has the ability to borrow from the FHLBNY based on a certain percentage of the value of the Bank's qualified collateral, as defined in FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances.

The Bank had $596.1 million and $571.1 million of outstanding term advances from the FHLBNY at December 31, 2025 and 2024, respectively. The Bank had a $25.0 million overnight line of credit advance from the FHLBNY at December 31, 2024. The Bank had no overnight line of credit advance from the FHLBNY at December 31, 2025.

FRBNY Borrowings: The Bank had no term or overnight line of credit borrowing outstanding from the FRBNY at December 31, 2025 and 2024.

 

Letters of Credit: The Bank had two unsecured lines of credit in the amount of $75.0 million with two correspondent banks for both periods at December 31, 2025 and 2024.

Borrowed funds at December 31, 2025 and 2024 consist of the following and are summarized by maturity and call date below:

 

 

December 31,

 

 

December 31,

 

 

2025

 

 

2024

 

 

Scheduled
Maturity

 

 

Redeemable
at Call Date

 

 

Weighted
Average
Rate

 

 

Scheduled
Maturity

 

 

Redeemable
at Call Date

 

 

Weighted
Average
Rate

 

 

(Dollars in thousands)

 

Overnight line of credit advance

$

—

 

 

$

—

 

 

 

—

 %

 

$

25,000

 

 

$

25,000

 

 

 

4.69

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FHLBNY Term advances ending:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

—

 

 

 

—

 

 

 

—

 

 

 

100,000

 

 

 

100,000

 

 

 

4.48

 

2026

 

225,000

 

 

 

225,000

 

 

 

4.20

 

 

 

200,000

 

 

 

200,000

 

 

 

4.25

 

2027

 

212,000

 

 

 

212,000

 

 

 

3.44

 

 

 

212,000

 

 

 

212,000

 

 

 

3.44

 

2028

 

109,100

 

 

 

109,100

 

 

 

3.74

 

 

 

9,100

 

 

 

9,100

 

 

 

3.84

 

2029

 

50,000

 

 

 

50,000

 

 

 

3.35

 

 

 

50,000

 

 

 

50,000

 

 

 

3.35

 

$

596,100

 

 

$

596,100

 

 

 

3.78

%

 

$

596,100

 

 

$

596,100

 

 

 

3.94

%

 

 

Interest expense on advances totaled $20.6 million, $27.5 million and $25.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.