Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Borrowings [Abstract]

Information Related to Short-term Borrowings

Information related to short-term borrowings is summarized as follows:

	December 31,
(Dollars in thousands)	2022			2021			2020
Federal funds purchased:
Balance at year-end	$	60,000		$	-		$	-
Average during the year		14,644			17			14,727
Maximum month end balance		80,000			-			40,000
Weighted average rate during the year		4.02	%		0.11	%		2.05	%
Weighted average rate at year-end		4.28	%		-			-
Securities sold under repurchase agreements:
Balance at year-end	$	86,012		$	97,795		$	143,386
Average during the year		69,561			100,519			154,383
Maximum month end balance		88,637			135,623			176,840
Weighted average rate during the year		0.10	%		0.13	%		0.17	%
Weighted average rate at year-end		0.11	%		0.11	%		0.20	%
Other short-term borrowings:
Balance at year-end	$	439,000		$	-		$	25,000
Average during the year		46,371			1,302			183,699
Maximum month end balance		439,000			-			366,500
Weighted average rate during the year		4.24	%		2.02	%		1.55	%
Weighted average rate at year-end		4.45	%		-			1.99	%

Summary of Long-term Debt

Long-term debt consists of obligations having an original maturity at issuance of more than one year. A majority of the Company’s long-term debt is comprised of FHLB advances collateralized by the FHLB stock owned by the Company, and a blanket lien on its residential real estate mortgage loans. As of December 31, 2022 the Company had no callable long-term debt. A summary is as follows:

(Dollars in thousands)	December 31, 2022					December 31, 2021
Maturity	Amount		Weighted Average Rate			Amount		Weighted Average Rate
2022	$	-		-		$	10,598		2.53	%
2025		1,519		4.39	%		-		-
2031		3,296		2.45	%		3,397		2.45	%
Total	$	4,815				$	13,995

Subordinated Debt

The following table summarizes the Company’s subordinated debt:

(Dollars in thousands)	December 31, 2022			December 31, 2021
Subordinated notes issued June 2020 – fixed interest rate of 5.00% through June 2025 and a variable interest rate equivalent to three-month SOFR plus 4.85% thereafter, maturing July 1, 2030	$	98,000		$	100,000
Unamortized debt issuance costs		(1,073	)		(1,510	)
Total subordinated debt, net	$	96,927		$	98,490

Schedule of Debt of VIE where Entity is not Primary Beneficiary

As of December 31, 2022, the Trusts had the following trust preferred securities outstanding and held the following junior subordinated debentures of the Company (dollars in thousands):

Description	Issuance Date	Trust Preferred Securities Outstanding		Interest Rate	Trust Preferred Debt Owed To Trust		Final Maturity Date
CNBF Capital Trust I	August 1999	$	18,000	3-month LIBOR plus 2.75%	$	18,720	August 2029
NBT Statutory Trust I	November 2005		5,000	3-month LIBOR plus 1.40%		5,155	December 2035
NBT Statutory Trust II	February 2006		50,000	3-month LIBOR plus 1.40%		51,547	March 2036
Alliance Financial Capital Trust I	December 2003		10,000	3-month LIBOR plus 2.85%		10,310	January 2034
Alliance Financial Capital Trust II	September 2006		15,000	3-month LIBOR plus 1.65%		15,464	September 2036