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Borrowings | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under repurchase agreements, or REPOs and FHLB advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation, or FDIC. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and, therefore, the REPOs are accounted for as secured borrowings. Mortgage-backed securities with amortized cost of $92.3 million and carrying value of $97.0 million at June 30, 2020 and amortized cost of $22.7 million and carrying value of $23.0 million at December 31, 2019, were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans. Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances, finance leases and junior subordinated debt securities. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $2.9 million at a fixed and $45.1 million at a variable rate at June 30, 2020, excluding our finance leases. Information pertaining to borrowings is summarized in the table below as of the dates presented:
| June 30, 2020 |  |  |  |  | December 31, 2019 |  |  |
(dollars in thousands) | Balance |  | Weighted Average Rate |  |  | Balance |  | Weighted Average Rate |
Short-term Borrowings |  |  |  |  |  |  |  |  |
Securities sold under repurchase agreements |  | $ | 92,159 |  |  | 0.25 | % |  |  | $ | 19,888 |  |  | 0.74 | %
Short-term borrowings |  | 84,541 |  |  | 0.38 | % |  |  | 281,319 |  |  | 1.84 | %
Total Short-term Borrowings |  | 176,700 |  |  | 0.31 | % |  |  | 301,207 |  |  | 1.76 | %
Long-term Borrowings |  |  |  |  |  |  |  |  |
Long-term borrowings |  | 49,489 |  |  | 2.48 | % |  |  | 50,868 |  |  | 2.60 | %
Junior subordinated debt securities |  | 64,053 |  |  | 3.31 | % |  |  | 64,277 |  |  | 3.59 | %
Total Long-term Borrowings |  | 113,542 |  |  | 2.95 | % |  |  | 115,145 |  |  | 3.15 | %
Total Borrowings |  | $ | 290,242 |  |  | 1.34 | % |  |  | $ | 416,352 |  |  | 2.14 | %
We had total borrowings at the FHLB of Pittsburgh of $132.5 million at June 30, 2020 and $532.9 million at December 31, 2019. The $132.5 million at June 30, 2020 consisted of $84.5 million in short-term borrowings and $48.0 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $3.1 billion at June 30, 2020. We utilized $383.9 million of our borrowing capacity at June 30, 2020 consisting of $132.5 million for borrowings and $251.4 million for letters of credit to collateralize public funds. Our remaining borrowing availability at June 30, 2020 is $2.7 billion. We have completed three private placements of trust preferred securities to financial institutions. As a result, we own 100 percent of the common equity of STBA Capital Trust I, DNB Capital Trust I and DNB Capital Trust II, collectively the Trusts. The Trusts were formed to issue mandatorily redeemable capital securities to third-party investors. The proceeds from the sale of the securities and the issuance of the common equity by the Trusts were invested in junior subordinated debt securities issued by us. The Trusts are variable interest entities, and the third-party investors are the primary beneficiaries; therefore, the trusts are not consolidated into our financial statements. The Trusts pays dividends on the securities at the same rate as the interest paid by us on the junior subordinated debt held by the Trusts. DNB Capital Trust I and DNB Capital Trust II were acquired with the DNB merger.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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