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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Borrowings [Abstract] |
Information Related to Short-term Borrowings | Information related to short-term borrowings is summarized as follows:
|  | December 31, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Federal funds purchased: |  |  |  |  |  |  |  |  |
Balance at year-end |  | $ | - |  |  | $ | - |  |  | $ | 60,000 |
Average during the year |  |  | 13,016 |  |  |  | 24,575 |  |  |  | 14,644 |
Maximum month end balance |  |  | 78,000 |  |  |  | 60,000 |  |  |  | 80,000 |
Weighted average rate during the year |  |  | 5.47 | % |  |  | 5.16 | % |  |  | 4.02 | %
Weighted average rate at year-end |  |  | 5.54 | % |  |  | 5.63 | % |  |  | 4.28 | %
Securities sold under repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |
Balance at year-end |  | $ | 146,942 |  |  | $ | 93,651 |  |  | $ | 86,012 |
Average during the year |  |  | 95,879 |  |  |  | 70,251 |  |  |  | 69,561 |
Maximum month end balance |  |  | 146,942 |  |  |  | 96,195 |  |  |  | 88,637 |
Weighted average rate during the year |  |  | 2.26 | % |  |  | 1.06 | % |  |  | 0.10 | %
Weighted average rate at year-end |  |  | 2.35 | % |  |  | 1.49 | % |  |  | 0.11 | %
Other short-term borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Balance at year-end |  | $ | 16,000 |  |  | $ | 293,000 |  |  | $ | 439,000 |
Average during the year |  |  | 103,963 |  |  |  | 450,377 |  |  |  | 46,371 |
Maximum month end balance |  |  | 292,000 |  |  |  | 593,000 |  |  |  | 439,000 |
Weighted average rate during the year |  |  | 5.43 | % |  |  | 5.24 | % |  |  | 4.24 | %
Weighted average rate at year-end |  |  | 5.48 | % |  |  | 5.28 | % |  |  | 4.45 | %
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, 2024 the Company had no callable long-term debt. A summary is as follows:
(Dollars in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
Maturity |  | Amount |  |  | Weighted Average Rate |  |  | Amount |  |  | Weighted Average Rate |
2025 |  | $ | 26,556 |  |  |  | 4.35 | % |  | $ | 26,603 |  |  |  | 4.35 | %
2031 |  |  | 3,088 |  |  |  | 2.45 | % |  |  | 3,193 |  |  |  | 2.45 | %
Total |  | $ | 29,644 |  |  |  |  |  |  | $ | 29,796 |  |  |  |  |
Subordinated Debt | The following table summarizes the Company’s subordinated debt:
(Dollars in thousands) |  | December 31, 2024 |  |  | December 31, 2023 |
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 |  | $ | 98,000 |  |  | $ | 98,000 |
Subordinated notes issued March 2021 and acquired August 2023 - fixed interest rate of 3.50% through June 2026 and a variable interest rate equivalent to three-month SOFR plus 2.80% thereafter, maturing March 31, 2031 |  |  | 25,000 |  |  |  | 25,000 |
Subtotal subordinated notes |  | $ | 123,000 |  |  | $ | 123,000 |
Unamortized debt issuance costs and unamortized fair value discount |  |  | (1,799 | ) |  |  | (3,256 | )
Total subordinated debt, net |  | $ | 121,201 |  |  | $ | 119,744 |
Schedule of Debt of VIE where Entity is not Primary Beneficiary | As of December 31, 2024, 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 Term SOFR + 0.26161% plus 2.75% |  | $ | 18,720 |  | August 2029
NBT Statutory Trust I | November 2005 |  |  | 5,000 |  | 3-month Term SOFR + 0.26161% plus 1.40% |  |  | 5,155 |  | December 2035
NBT Statutory Trust II | February 2006 |  |  | 50,000 |  | 3-month Term SOFR + 0.26161% plus 1.40% |  |  | 51,547 |  | March 2036
Alliance Financial Capital Trust I | December 2003 |  |  | 10,000 |  | 3-month Term SOFR + 0.26161% plus 2.85% |  |  | 10,310 |  | January 2034
Alliance Financial Capital Trust II | September 2006 |  |  | 15,000 |  | 3-month Term SOFR + 0.26161% plus 1.65% |  |  | 15,464 |  | September 2036

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