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