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Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

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)		2021				2020				2019
Federal funds purchased:
Balance at year-end		$	-			$	-			$	65,000
Average during the year			17				14,727				47,137
Maximum month end balance			-				40,000				80,000
Weighted average rate during the year			0.11	%			2.05	%			3.90	%
Weighted average rate at year-end			-				-				2.84	%
Securities sold under repurchase agreements:
Balance at year-end		$	97,795			$	143,386			$	143,775
Average during the year			100,519				154,383				123,337
Maximum month end balance			135,623				176,840				146,410
Weighted average rate during the year			0.13	%			0.17	%			0.33	%
Weighted average rate at year-end			0.11	%			0.20	%			0.40	%
Other short-term borrowings:
Balance at year-end		$	-			$	25,000			$	446,500
Average during the year			1,302				183,699				403,453
Maximum month end balance			-				366,500				576,000
Weighted average rate during the year			2.02	%			1.55	%			1.85	%
Weighted average rate at year-end			-				1.99	%			1.73	%

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, 2021 the Company had no callable long-term debt. A summary is as follows:

(Dollars in thousands)		December 31, 2021								December 31, 2020
Maturity		Amount				Weighted Average Rate				Amount				Weighted Average Rate
2021		$	-				-			$	25,003				2.56	%
2022			10,598				2.53	%			10,598				2.53	%
2031			3,397				2.45	%			3,496				2.45	%
Total		$	13,995							$	39,097

Subordinated Debt

The following table summarizes the Company’s subordinated debt:

(Dollars in thousands)		December 31, 2021				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			$	100,000
Unamortized debt issuance costs			(1,510	)			(1,948	)
Total subordinated debt, net		$	98,490			$	98,052

Schedule of Debt of VIE where Entity is not Primary Beneficiary

As of December 31, 2021, 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

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