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BORROWINGS
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Federal Home Loan Bank Borrowings

The Company typically utilizes FHLB advances for certain short-term and long-term borrowing needs, as deemed necessary. The Company had short-term borrowings outstanding with the FHLB of $25.0 million at December 31, 2021, with a contractual rate of 0.34%. This borrowing matured during the third quarter of 2022 resulting in no outstanding short-term borrowings with the FHLB at December 31, 2022. To manage the interest rate risk of these advances, the Company may enter into interest rate swap agreements which effectively fixes the rate of the borrowing. Inclusive of the impact of these swap arrangements, the weighted average rate of the Company's borrowings at December 31, 2021 was 2.05%. In addition to these short-term advances, the Company may also utilize longer term amortizing advances, of which $637,000 and $667,000 were outstanding at December 31, 2022 and 2021, respectively.

At December 31, 2022 and 2021, the Company had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB's collateral pledging program. The Company’s FHLB advances are collateralized by a blanket pledge agreement on the Bank’s FHLB stock, certain qualified investment securities, deposits at the FHLB, residential mortgages, and by certain commercial real estate loans held in the Bank’s portfolio. The carrying value of loans pledged as collateral for these borrowings totaled $2.7 billion and $2.3 billion at December 31, 2022 and 2021, respectively, resulting in available borrowing capacity with the FHLB of $1.8 billion and $1.6 billion at December 31, 2022, and 2021, respectively.
Long-Term Debt

The following table summarizes long-term debt, net of debt issuances costs, at the dates indicated:
 December 31
 20222021
 (Dollars in thousands)
Long term borrowings, net$— $14,063 
Junior subordinated debentures
Capital Trust V 51,514 51,512 
  Central Trust I 5,258 5,258 
  Central Trust II 6,083 6,083 
Subordinated debentures 49,885 49,791 
Total long-term debt$112,740 $126,707 
     
The interest expense on long-term debt was $4.6 million, $4.5 million, and $5.4 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Long-term borrowings: The Company had no outstanding long-term borrowings as of December 31, 2022 and long-term borrowings of $14.1 million as of December 31, 2021 related to a senior unsecured term loan credit facility entered into during 2019. The credit facility was re-paid in full during the first quarter of 2022.

Junior Subordinated Debentures: The junior subordinated debentures are issued to various trust subsidiaries of the Company. These trusts were formed for the purpose of issuing trust preferred securities, which were then sold in a private placement offering. The proceeds from the sale of the securities and the issuance of common stock by these trusts were invested in these Junior Subordinated Debentures issued by the Company. These trust preferred securities bear interest at a rate of three-month LIBOR (4.77% at December 31, 2022) plus applicable spread, or equivalent alternate rate.

Information relating to these trust preferred securities at December 31, 2022 is as follows:
TrustPrincipal AmountMaturity DateInterest Rate SpreadAll-in Rate
(Dollars in thousands)
Capital Trust V$50,000 3/15/20371.48%6.25%
Central Trust I (1)$5,100 9/16/20342.44%7.21%
Central Trust II (1)$5,900 3/15/20371.65%6.42%
(1)These securities noted above are callable quarterly until maturity.

Subordinated Debentures: On March 14, 2019 the Company issued subordinated debentures with an aggregate principal amount of $50.0 million in a private placement transaction to institutional accredited investors, which remained outstanding at both December 31, 2022 and 2021. The subordinated debentures mature on March 15, 2029. However, with regulatory approval, the Company may redeem the subordinated debentures without penalty at any scheduled payment date on or after March 15, 2024 with 30 days notice. The subordinated debentures carry a fixed rate of interest of 4.75% through March 15, 2024, after which interest converts to a variable rate of the then current three-month LIBOR rate plus 219 basis points, or equivalent alternate rate.

At December 31, 2022, the Company held no borrowings scheduled to mature within the next 5 years.