v3.26.1
Borrowings
 12 Months Ended
Dec. 31, 2025
Borrowings [Abstract]  
Borrowings

Note 8 - Borrowings

At December 31, 2025 and 2024, the Company had written agreements with the FHLBNY, which allow it to borrow up to the maximum lending values designated by the type of collateral pledged. As of December 31, 2025 and 2024, our maximum lending value was $88.0 million and $26.7 million, respectively, and was collateralized by a pledge of certain fixed-rate residential, one- to four-family loans.

At December 31, 2025 and December 31, 2024, the Company had no short-term borrowings from the FHLBNY.

At December 31, 2025, the Company had paid off all long-term debt outstanding under the written agreement with the FHLBNY. At December 31, 2024, the Company had long-term debt outstanding under the written agreement with the FHLBNY of $10.3 million. All of the advances outstanding at December 31, 2024, were term borrowings with initial terms of 1 to 5 years at fixed rates of interest ranging from 1.70% to 5.20%, with a weighted average interest rate of 3.73%.

Long-term debt from the FHLBNY and related contractual maturities consisted of the following:

 

 

 

At December 31, 2025

 

 

 

At December 31, 2024

 

 

Maturity

 

Amount

 

 

Weighted Average
Interest Rate

 

 

 

Amount

 

 

Weighted Average
Interest Rate

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In one year

 

$

—

 

 

 

—

 

%

 

$

8,250

 

 

 

3.79

 

%

In two years

 

 

—

 

 

 

—

 

%

 

 

1,000

 

 

 

3.49

 

%

In three years

 

 

—

 

 

 

—

 

%

 

 

1,000

 

 

 

3.49

 

%

 

 

$

—

 

 

 

—

 

%

 

$

10,250

 

 

 

3.73

 

%

 

The Company has a written agreement with the FRB discount window for overnight borrowings which is collateralized by a pledge of securities, and allows it to borrow up to the value of the securities pledged. At December 31, 2025 and December 31, 2024, there were no securities pledged to the FRB. Additionally, the Company has uncollateralized intraday credit with the FRB that allows for certain transactions to not be rejected for which there are insufficient funds in its Federal Reserve Master Account during normal hours of operation.

The Company has also established an unsecured line of credit with a correspondent bank for $20.0 million at December 31, 2025 and December 31, 2024. At December 31, 2025 and 2024, there were no borrowings on this line.