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BORROWINGS | 12 Months Ended
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Dec. 31, 2020
BORROWINGS |
BORROWINGS | NOTE H: BORROWINGS Outstanding borrowings at December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) | ​ | 2020 | ​ | 2019
Overnight FHLB borrowings | ​ | $ | 0 | ​ | $ | 8,300
Subordinated notes payable, net of premium of $303 and $795, respectively | ​ |  | 3,303 | ​ |  | 13,795
Subordinated debt held by unconsolidated subsidiary trusts | ​ |  | 77,320 | ​ |  | 77,320
Securities sold under agreement to repurchase, short term | ​ |  | 284,008 | ​ |  | 241,708
Other FHLB borrowings | ​ |  | 6,658 | ​ |  | 3,750
Total borrowings | ​ | $ | 371,289 | ​ | $ | 344,873
​ 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, 2020 have contractual maturity dates as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Weighted-average |
​ | ​ | Carrying | ​ | Rate at |
(000’s omitted, except rate) | ​ | Value | ​ | December 31, 2020 |
January 2, 2021 | ​ | $ | 284,008 |  | 0.38 | %
February 8, 2021 | ​ |  | 675 |  | 1.45 | %
May 17, 2021 | ​ | ​ | 2,000 | ​ | 1.68 | %
June 14, 2021 | ​ |  | 1,000 |  | 1.59 | %
November 22, 2021 | ​ |  | 1,000 |  | 3.25 | %
February 8, 2023 | ​ |  | 190 |  | 1.79 | %
July 3, 2023 | ​ |  | 523 |  | 2.25 | %
October 23, 2023 | ​ |  | 425 |  | 1.50 | %
October 1, 2025 | ​ |  | 289 |  | 1.50 | %
February 28, 2028 | ​ |  | 3,303 |  | 6.00 | %
March 1, 2029 | ​ |  | 556 |  | 2.50 | %
December 15, 2036 | ​ |  | 77,320 |  | 1.87 | %
Total | ​ | $ | 371,289 |  | 0.76 | %
​ The weighted-average interest rate on borrowings for the years ended December 31, 2020 and 2019 was 1.27% and 1.86%, respectively. As of December 31, 2020, 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 Steuben Statutory Trust (“SST II”) until September 15, 2020 when the Company exercised its right to redeem all of the SST II debentures and associated preferred securities for a total of $2.1 million. Additionally, the Company previously sponsored Kinderhook Capital Trust (“KCT”) and MBVT Statutory Trust I (“MBVT I”) until September 16, 2019 when the Company exercised its right to redeem all of the KCT and MBVT I debentures and associated preferred securities for a total of $2.1 million and $20.6 million, respectively. The common stock of SST II was acquired in the Steuben acquisition, the common stock of KCT was acquired in the Kinderhook acquisition and the common stock of MBVT I was acquired in the Merchants Bancshares, Inc. (“Merchants”) 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, 2020, the terms of the preferred securities of CCT IV are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Issuance |  | Par |  | ​ |  | Maturity |  | ​
Trust | ​ | Date | ​ | Amount | ​ | Interest Rate | ​ | Date | ​ | Call Price
CCT IV |  | 12/8/2006 | ​ | $75.0 million |  | 3 month LIBOR plus 1.65% (1.87)% |  | 12/15/2036 |  | 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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