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BORROWINGS (Tables) | 12 Months Ended
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Dec. 31, 2023
BORROWINGS |
Schedule of outstanding 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
​
Schedule of borrowings by contractual maturity dates | 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
Schedule of interest on borrowings | 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

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