BORROWINGS

12 Months Ended

Dec. 31, 2020

BORROWINGS

BORROWINGS

NOTE H:  BORROWINGS

Outstanding borrowings at December 31 are as follows:

(000’s omitted)	2020		2019
Overnight FHLB borrowings	$	0	$	8,300
Subordinated notes payable, net of premium of $303 and $795, respectively		3,303		13,795
Subordinated debt held by unconsolidated subsidiary trusts		77,320		77,320
Securities sold under agreement to repurchase, short term		284,008		241,708
Other FHLB borrowings		6,658		3,750
Total borrowings	$	371,289	$	344,873

FHLB advances are collateralized by a blanket lien on the Company's residential real estate loan portfolio and various investment securities.

Borrowings at December 31, 2020 have contractual maturity dates as follows:

			Weighted-average
	Carrying		Rate at
(000’s omitted, except rate)	Value		December 31, 2020
January 2, 2021	$	284,008	0.38	%
February 8, 2021		675	1.45	%
May 17, 2021		2,000	1.68	%
June 14, 2021		1,000	1.59	%
November 22, 2021		1,000	3.25	%
February 8, 2023		190	1.79	%
July 3, 2023		523	2.25	%
October 23, 2023		425	1.50	%
October 1, 2025		289	1.50	%
February 28, 2028		3,303	6.00	%
March 1, 2029		556	2.50	%
December 15, 2036		77,320	1.87	%
Total	$	371,289	0.76	%

The weighted-average interest rate on borrowings for the years ended December 31, 2020 and 2019 was 1.27% and 1.86%, respectively.

As of December 31, 2020, the Company sponsors one business trust, Community Capital Trust IV (“CCT IV”), of which 100% of the common stock is owned by the Company. The Company previously sponsored Steuben Statutory Trust (“SST II”) until September 15, 2020 when the Company exercised its right to redeem all of the SST II debentures and associated preferred securities for a total of $2.1 million. Additionally, the Company previously sponsored Kinderhook Capital Trust (“KCT”) and MBVT Statutory Trust I (“MBVT I”) until September 16, 2019 when the Company exercised its right to redeem all of the KCT and MBVT I debentures and associated preferred securities for a total of $2.1 million and $20.6 million, respectively. The common stock of SST II was acquired in the Steuben acquisition, the common stock of KCT was acquired in the Kinderhook acquisition and the common stock of MBVT I was acquired in the Merchants Bancshares, Inc. (“Merchants”) acquisition. The Company previously sponsored Community Statutory Trust III (“CST III”) until July 31, 2018 when the Company exercised its right to redeem all of the CST III debentures and associated preferred securities for a total of $25.2 million. The trusts were formed for the purpose of issuing company-obligated mandatorily redeemable preferred securities to third-party investors and investing the proceeds from the sale of such preferred securities solely in junior subordinated debt securities of the Company. The debentures held by each trust are the sole assets of such trust. Distributions on the preferred securities issued by each trust are payable quarterly at a rate per annum equal to the interest rate being earned by the trust on the debentures held by that trust and are recorded as interest expense in the consolidated financial statements. The preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into agreements which, taken collectively, fully and unconditionally guarantee the preferred securities subject to the terms of each of the guarantees.

As of December 31, 2020, the terms of the preferred securities of CCT IV are as follows:

	Issuance	Par		Maturity
Trust	Date	Amount	Interest Rate	Date	Call Price
CCT IV	12/8/2006	$75.0 million	3 month LIBOR plus 1.65% (1.87)%	12/15/2036	Par