Borrowings |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Note 8. Borrowings The Bank had outstanding term advances from the FHLBNY at June 30, 2026 and December 31, 2025 as indicated below. FHLBNY Advances: As a member of the 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 the FHLBNY Statement of Credit Policy, at the time of the borrowing. In accordance with an agreement with the FHLBNY, the qualified collateral must be free and clear of liens, pledges and encumbrances. The Bank had $621.1 million and $596.1 million of outstanding term advances from the FHLBNY at June 30, 2026 and December 31, 2025, respectively. The Bank had no overnight line of credit advance from the FHLBNY at June 30, 2026 and December 31, 2025. FRBNY Advances: The Bank had no term and overnight line of credit advances outstanding from the FRBNY at June 30, 2026 and December 31, 2025. 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 June 30, 2026 and December 31, 2025.
Borrowed funds at June 30, 2026 and December 31, 2025 consist of the following and are summarized by maturity and call date below:
Interest expense on advances totaled $5.3 million and $5.0 million for the three months ended June 30, 2026 and 2025, and $10.7 million and $10.5 million for the six months ended June 30, 2026 and 2025, respectively. |
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