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BORROWINGS (Tables)

12 Months Ended

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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

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