BORROWINGS

12 Months Ended

Dec. 31, 2022

BORROWINGS

BORROWINGS

NOTE H:  BORROWINGS

Outstanding borrowings at December 31 are as follows:

(000’s omitted)	2022		2021
Subordinated notes payable, includes premium of $249 and $277, respectively	$	3,249	$	3,277
Securities sold under agreement to repurchase, short term		346,652		324,720
Overnight borrowings		768,400		0
Other FHLB borrowings, includes discount of $319 and $0, respectively		19,474		1,888
Total borrowings	$	1,137,775	$	329,885

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, 2022 have contractual maturity dates as follows:

			Weighted-average
	Carrying		Rate at
(000’s omitted, except rate)	Value		December 31, 2022
January 3, 2023	$	1,115,052	3.32	%
January 17, 2023		2,000	2.33	%
February 8, 2023		190	1.79	%
July 3, 2023		470	2.25	%
October 23, 2023		364	1.50	%
January 29, 2024		2,013	3.62	%
January 7, 2025		4,951	2.78	%
January 29, 2025		4,937	2.59	%
February 28, 2025		1,923	1.38	%
October 1, 2025		262	1.50	%
March 1, 2027		1,858	1.55	%
February 28, 2028		3,249	4.67	%
March 1, 2029		506	2.50	%
Total	$	1,137,775	3.30	%

The weighted-average interest rate on borrowings for the years ended December 31, 2022 and 2021 was 1.61% and 0.48%, respectively.

The Bank has unused lines of credit of $25.0 million at December 31, 2022. The Bank has unused borrowing capacity of approximately $1.08 billion through collateralized transactions with the FHLB and $490.5 million through collateralized transactions with the Federal Reserve.

As of December 31, 2022, the Company does not sponsor any business trusts. The Company previously sponsored Community Capital Trust IV (“CCT IV”) until March 15, 2021 when the Company exercised its right to redeem all of the CCT IV debentures and associated preferred securities for a total of $77.3 million. The Company previously sponsored Steuben Statutory Trust II (“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. The common stock of SST II was acquired in the Steuben acquisition. 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 were the sole assets of such trust. Distributions on the preferred securities issued by each trust were 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 were recorded as interest expense in the consolidated financial statements. The preferred securities were subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company had entered into agreements which, taken collectively, fully and unconditionally guarantee the preferred securities subject to the terms of each of the guarantees.