BORROWINGS

12 Months Ended

Dec. 31, 2023

BORROWINGS

BORROWINGS

NOTE H:  BORROWINGS

Outstanding borrowings at December 31 are as follows:

(000’s omitted)	2023		2022
Subordinated notes payable, includes premium of $0 and $249, respectively	$	0	$	3,249
Securities sold under agreement to repurchase, short term		304,595		346,652
Overnight borrowings		53,000		768,400
Other FHLB borrowings, includes discount of $217 and $319, respectively		407,603		19,474
Total borrowings	$	765,198	$	1,137,775

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, 2023 have contractual maturity dates as follows:

			Weighted-average
	Carrying		Rate at
(000’s omitted, except rate)	Value		December 31, 2023
January 2, 2024	$	357,595	2.28	%
January 29, 2024		2,001	3.62	%
January 7, 2025		4,973	2.78	%
January 29, 2025		4,965	2.59	%
February 28, 2025		1,956	1.38	%
October 1, 2025		248	1.50	%
March 1, 2027		1,887	1.55	%
August 10, 2028		291,093	4.68	%
December 7, 2028		100,000	4.55	%
March 1, 2029		480	2.50	%
Total	$	765,198	3.50	%

Interest on borrowings recorded in the consolidated statements of income consists of the following for the years ended December 31:
​

(000’s omitted)	2023		2022		2021
Interest on overnight borrowings	$	9,349	$	6,518	$	0
Interest on securities sold under agreement to repurchase, short-term		3,094		998		841
Interest on other FHLB borrowings		6,285		386		89
Interest on subordinated notes payable		38		153		154
Interest on subordinated debt held by unconsolidated subsidiary trusts		0		0		293
Total interest on borrowings	$	18,766	$	8,055	$	1,377

The weighted-average interest rate on borrowings for the years ended December 31, 2023 and 2022 was 2.97% and 1.61%, respectively.

The Bank has unused lines of credit of $25.0 million at December 31, 2023. The Bank has unused borrowing capacity of approximately $1.37 billion through collateralized transactions with the FHLB and $1.11 billion through collateralized transactions with the Federal Reserve.

During 2023, the Company secured $400.0 million of fixed rate FHLB term borrowings. The borrowings consist of a $100.0 million five year fixed rate advance with a rate of 4.50% and a $200.0 million five year monthly amortizing advance with a rate of 4.78%, both of which have contractual final maturity dates in August 2028, as well as a $50.0 million five year fixed rate advance with a rate of 4.44% and a $50.0 million five year monthly amortizing advance with a rate of 4.65%, both of which have contractual final maturity dates in December 2028.

As of December 31, 2023, 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 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.

During January 2024, the Company secured $300.0 million in short-term borrowings through the Bank Term Funding Program at the Federal Reserve at a rate of 4.87%, maturing in March 2024, to fund expected net loan growth.