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BORROWINGS | 12 Months Ended
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Dec. 31, 2023
BORROWINGS |
BORROWINGS | ​ NOTE H: BORROWINGS Outstanding borrowings at December 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) | ​ | 2023 | ​ | 2022
Subordinated notes payable, includes premium of $0 and $249, respectively | ​ | $ | 0 | ​ | $ | 3,249
Securities sold under agreement to repurchase, short term | ​ |  | 304,595 | ​ |  | 346,652
Overnight borrowings | ​ |  | 53,000 | ​ |  | 768,400
Other FHLB borrowings, includes discount of $217 and $319, respectively | ​ |  | 407,603 | ​ |  | 19,474
Total borrowings | ​ | $ | 765,198 | ​ | $ | 1,137,775
​ 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, 2023 have contractual maturity dates as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Weighted-average |
​ | ​ | Carrying | ​ | Rate at |
(000’s omitted, except rate) | ​ | Value | ​ | December 31, 2023 |
January 2, 2024 | ​ | $ | 357,595 |  | 2.28 | %
January 29, 2024 | ​ |  | 2,001 |  | 3.62 | %
January 7, 2025 | ​ |  | 4,973 |  | 2.78 | %
January 29, 2025 | ​ |  | 4,965 |  | 2.59 | %
February 28, 2025 | ​ |  | 1,956 |  | 1.38 | %
October 1, 2025 | ​ |  | 248 |  | 1.50 | %
March 1, 2027 | ​ |  | 1,887 |  | 1.55 | %
August 10, 2028 | ​ | ​ | 291,093 | ​ | 4.68 | %
December 7, 2028 | ​ | ​ | 100,000 | ​ | 4.55 | %
March 1, 2029 | ​ |  | 480 |  | 2.50 | %
Total | ​ | $ | 765,198 |  | 3.50 | %
​ Interest on borrowings recorded in the consolidated statements of income consists of the following for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(000’s omitted) |  | 2023 |  | 2022 |  | 2021
Interest on overnight borrowings | ​ | $ | 9,349 | ​ | $ | 6,518 | ​ | $ | 0
Interest on securities sold under agreement to repurchase, short-term | ​ |  | 3,094 | ​ |  | 998 | ​ |  | 841
Interest on other FHLB borrowings | ​ |  | 6,285 | ​ |  | 386 | ​ |  | 89
Interest on subordinated notes payable | ​ |  | 38 | ​ |  | 153 | ​ |  | 154
Interest on subordinated debt held by unconsolidated subsidiary trusts | ​ |  | 0 | ​ |  | 0 | ​ |  | 293
Total interest on borrowings | ​ | $ | 18,766 | ​ | $ | 8,055 | ​ | $ | 1,377
​ The weighted-average interest rate on borrowings for the years ended December 31, 2023 and 2022 was 2.97% and 1.61%, respectively. The Bank has unused lines of credit of $25.0 million at December 31, 2023. The Bank has unused borrowing capacity of approximately $1.37 billion through collateralized transactions with the FHLB and $1.11 billion through collateralized transactions with the Federal Reserve. During 2023, the Company secured $400.0 million of fixed rate FHLB term borrowings. The borrowings consist of a $100.0 million five year fixed rate advance with a rate of 4.50% and a $200.0 million five year monthly amortizing advance with a rate of 4.78%, both of which have contractual final maturity dates in August 2028, as well as a $50.0 million five year fixed rate advance with a rate of 4.44% and a $50.0 million five year monthly amortizing advance with a rate of 4.65%, both of which have contractual final maturity dates in December 2028. As of December 31, 2023, the Company does not sponsor any business trusts. The Company previously sponsored Community Capital Trust IV (“CCT IV”) until March 15, 2021 when the Company exercised its right to redeem all of the CCT IV debentures and associated preferred securities for a total of $77.3 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 were the sole assets of such trust. Distributions on the preferred securities issued by each trust were 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 were recorded as interest expense in the consolidated financial statements. The preferred securities were subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company had entered into agreements which, taken collectively, fully and unconditionally guarantee the preferred securities subject to the terms of each of the guarantees. During January 2024, the Company secured $300.0 million in short-term borrowings through the Bank Term Funding Program at the Federal Reserve at a rate of 4.87%, maturing in March 2024, to fund expected net loan growth.

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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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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