XML 57 R43.htm IDEA: XBRL DOCUMENT v3.20.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2020
Borrowings [Abstract]  
Information Related to Short-term Borrowings
Information related to short-term borrowings is summarized as follows as of December 31:

(Dollars in thousands)
  
2020
    
2019
    
2018
  
Federal funds purchased:
                  
Balance at year-end
  
$
-
    
$
65,000
    
$
80,000
  
Average during the year
    
14,727
      
47,137
      
66,839
  
Maximum month end balance
    
40,000
      
80,000
      
80,000
  
Weighted average rate during the year
    
2.05
%
    
3.90
%
    
3.43
%
Weighted average rate at year-end
    
-
      
2.84
%
    
4.25
%
                         
Securities sold under repurchase agreements:
                        
Balance at year-end
  
$
143,386
    
$
143,775
    
$
160,696
  
Average during the year
    
154,383
      
123,337
      
146,135
  
Maximum month end balance
    
176,840
      
146,410
      
170,350
  
Weighted average rate during the year
    
0.17
%
    
0.33
%
    
0.16
%
Weighted average rate at year-end
    
0.20
%
    
0.40
%
    
0.38
%
                         
Other short-term borrowings:
                        
Balance at year-end
  
$
25,000
    
$
446,500
    
$
631,000
  
Average during the year
    
183,699
      
403,453
      
514,662
  
Maximum month end balance
    
366,500
      
576,000
      
653,000
  
Weighted average rate during the year
    
1.55
%
    
1.85
%
    
1.56
%
Weighted average rate at year-end
    
1.99
%
    
1.73
%
    
1.82
%
Summary of Long-term Debt
Long-term debt consists of obligations having an original maturity at issuance of more than one year. A majority of the Company’s long-term debt is comprised of FHLB advances collateralized by the FHLB stock owned by the Company, and a blanket lien on its residential real estate mortgage loans. As of December 31, 2020 the Company had no callable long-term debt. A summary is as follows:

(Dollars in thousands)
December 31, 2020
  
December 31, 2019
Maturity
Amount
Weighted
Average Rate
  
Amount
Weighted
Average Rate
2020
$
-
-
  
$
25,000
2.34%
2021
  
25,003
2.56%
    
25,021
2.56%
2022
  
10,598
2.53%
    
10,598
2.53%
2031
  
3,496
2.45%
    
3,592
2.45%
Total
$
39,097
    
$
64,211
  
Subordinated Debt
The following table summarizes the Company’s subordinated debt:

(Dollars in thousands)
        
December 31, 2020
  
Subordinated notes issued June 2020 – fixed interest rate of 5.00% through June 2025 and a variable interest rate equivalent to three-month SOFR plus 4.85% thereafter, maturing July 1, 2030
    
-
    
$
100,000
  
Unamortized debt issuance costs
            
(1,948
)
Total subordinated debt, net
          
$
98,052
  
Schedule of Debt of VIE where Entity is not Primary Beneficiary
As of December 31, 2020, the Trusts had the following trust preferred securities outstanding and held the following junior subordinated debentures of the Company (dollars in thousands):

Description
Issuance Date
  
Trust Preferred
Securities
Outstanding
  
Interest Rate
  
Trust
Preferred Debt
Owed To Trust
  
Final Maturity Date
CNBF Capital Trust I
August 1999
  
$
18,000
  
3-month LIBOR
plus 2.75%
  
$
18,720
  
August 2029
NBT Statutory Trust I
November 2005
    
5,000
  
3-month LIBOR
plus 1.40%
    
5,155
  
December 2035
NBT Statutory Trust II
February 2006
    
50,000
  
3-month LIBOR
plus 1.40%
    
51,547
  
March 2036
Alliance Financial Capital Trust I
December 2003
    
10,000
  
3-month LIBOR
plus 2.85%
    
10,310
  
January 2034
Alliance Financial Capital Trust II
September 2006
    
15,000
  
3-month LIBOR
plus 1.65%
    
15,464
  
September 2036