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BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2019
BORROWINGS [Abstract] |
Outstanding Borrowings | Outstanding borrowings at December 31 are as follows:
(000’s omitted) |  | 2019 |  |  | 2018 |
Overnight FHLB borrowings |  | $ | 8,300 |  |  | $ | 54,400 |
Subordinated notes payable, net of premium of $795 and $0, respectively |  |  | 13,795 |  |  |  | 0 |
Subordinated debt held by unconsolidated subsidiary trusts |  |  | 77,320 |  |  |  | 97,939 |
Securities sold under agreement to repurchase, short term |  |  | 241,708 |  |  |  | 259,367 |
Other FHLB borrowings |  |  | 3,750 |  |  |  | 1,976 |
Total borrowings |  | $ | 344,873 |  |  | $ | 413,682 |
Borrowings by Contractual Maturity Dates | Borrowings at December 31, 2019 have contractual maturity dates as follows:
(000’s omitted, except rate) |  | Carrying Value |  |  | Weighted-average Rate at December 31, 2019 |
January 2, 2020 |  | $ | 250,008 |  |  |  | 0.82 | %
June 15, 2020 |  |  | 1,000 |  |  |  | 1.75 | %
February 8, 2021 |  |  | 675 |  |  |  | 1.45 | %
February 8, 2023 |  |  | 190 |  |  |  | 1.79 | %
July 3, 2023 |  |  | 549 |  |  |  | 2.25 | %
October 23, 2023 |  |  | 455 |  |  |  | 1.50 | %
October 1, 2025 |  |  | 302 |  |  |  | 1.50 | %
November 18, 2025 |  |  | 10,467 |  |  |  | 6.38 | %
February 28, 2028 |  |  | 3,328 |  |  |  | 6.00 | %
March 1, 2029 |  |  | 579 |  |  |  | 2.50 | %
December 15, 2036 |  |  | 77,320 |  |  |  | 3.54 | %
Total |  | $ | 344,873 |  |  |  | 1.65 | %
Terms of Preferred Securities | As of December 31, 2019, the Company sponsors one business trust, Community Capital Trust IV (“CCT IV”), of which 100% of the common stock is owned by the Company. The Company previously sponsored MBVT Statutory Trust I (“MBVT I”) and Kinderhook Capital Trust (“KCT”) until September 16, 2019 when the Company exercised its right to redeem all of the MBVT I and KCT debentures and associated preferred securities for a total of $20.6 million and $2.1 million, respectively. The common stock of MBVT I was acquired in the Merchants Bancshares, Inc. (“Merchants”) acquisition and the common stock of KCT was acquired in the Kinderhook Bank Corp. (“Kinderhook”) acquisition. The Company previously sponsored Community Statutory Trust III (“CST III”) until July 31, 2018 when the Company exercised its right to redeem all of the CST III debentures and associated preferred securities for a total of $25.2 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 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. As of December 31, 2019, the terms of the preferred securities of CCT IV are as follows:
Trust | Issuance Date | Par Amount | Interest Rate | Maturity Date | Call Price
CCT IV | 12/8/2006 | $75.0 million | 3 month LIBOR plus 1.65% (3.54%) | 12/15/2036 | Par

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- Definition Tabular disclosure of information pertaining to subordinated long-term debt owed to unconsolidated subsidiary trusts, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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