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BORROWINGS | 12 Months Ended
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Dec. 31, 2017
BORROWINGS [Abstract] |
BORROWINGS |
NOTE H: | BORROWINGS
Outstanding borrowings at December 31 are as follows:
(000's omitted) |  | 2017 |  |  | 2016 |
FHLB overnight advance |  | $ | 24,000 |  |  | $ | 146,200 |
Subordinated debt held by unconsolidated subsidiary trusts, |  |  |  |  |  |  |  |
net of discount of $332 and $357, respectively |  |  | 122,814 |  |  |  | 102,170 |
Securities sold under agreement to repurchase, short term |  |  | 337,011 |  |  |  | 0 |
FHLB Long term advances |  |  | 2,071 |  |  |  | 0 |
Total borrowings |  | $ | 485,896 |  |  | $ | 248,370 |
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, 2017 have contractual maturity dates as follows:
(000's omitted, except rate) |  | Carrying Value |  |  | Weighted-average Rate at December 31, 2017 |
January 2, 2018 |  | $ | 361,011 |  |  |  | 0.54 | %
July 3, 2023 |  |  | 601 |  |  |  | 2.25 | %
October 23, 2023 |  |  | 515 |  |  |  | 1.50 | %
October 1, 2025 |  |  | 329 |  |  |  | 1.50 | %
March 1, 2029 |  |  | 626 |  |  |  | 2.50 | %
July 31, 2031 |  |  | 24,875 |  |  |  | 4.96 | %
December 15, 2034 |  |  | 20,619 |  |  |  | 3.54 | %
December 15, 2036 |  |  | 77,320 |  |  |  | 3.24 | %
Total |  | $ | 485,896 |  |  |  | 1.34 | %
The weighted-average interest rate on borrowings for the years ended December 31, 2017 and 2016 was 1.51% and 1.46%, respectively. The Company sponsors three business trusts, Community Statutory Trust III (“CST III”), Community Capital Trust IV (“CCT IV”) and MBVT Statutory Trust I (“MBVT I”), of which 100% of the common stock is owned by the Company. The common stock of MBVT Statutory Trust I was acquired in the Merchants 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 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. The terms of the preferred securities of each trust are as follows:
Trust | Issuance Date | Par Amount | Interest Rate | Maturity Date | Call Price
CST III | 7/31/2001 | $24.5 million | 3 month LIBOR plus 3.58% (4.96%) | 7/31/2031 | Par
CCT IV | 12/8/2006 | $75.0 million | 3 month LIBOR plus 1.65% (3.24%) | 12/15/2036 | Par
MBVT I | 12/15/2004 | $20.6 million | 3 month LIBOR plus 1.95% (3.54%) | 12/15/2034 | Par

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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