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Note 12 - Borrowed Funds and Subordinated Debt | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Debt Disclosure [Text Block] | 1 2 . BORROWED FUNDS AND SUBORDINATED DEBT Short-term borrowings (initial maturity within one year) include the following:
(In Thousands) |  | Dec. 31, |  |  | Dec. 31, |
|  | 201 9 |  |  | 201 8 |
FHLB-Pittsburgh borrowings |  | $ | 84,292 |  |  | $ | 7,000 |
Customer repurchase agreements |  |  | 1,928 |  |  |  | 5,853 |
Total short-term borrowings |  | $ | 86,220 |  |  | $ | 12,853 |
Short-term borrowings from FHLB-Pittsburgh are as follows:
(In Thousands) |  | Dec. 31, |  |  | Dec. 31 |
|  | 201 9 |  |  | 201 8 |
Overnight borrowing |  | $ | 64,000 |  |  | $ | 7,000 |
Other short-term advances |  |  | 20,292 |  |  |  | 0 |
Total short-term FHLB-Pittsburgh borrowings |  | $ | 84,292 |  |  | $ | 7,000 |
Overnight borrowings from FHLB-Pittsburgh had an interest rate of 1.81% at December 31, 2019 and 2.62% at December 31, 2018. At December 31, 2019, other short-term advances included seven advances totaling $20,297,000 which are presented in the table net of the unamortized purchase accounting adjustment, with a weighted-average effective rate of 2.28%. The weighted average interest rate on total short-term borrowings outstanding was 1.88% at December 31, 2019 and 1.47% at December 31, 2018. The maximum amount of total short-term borrowings outstanding at any month-end was $86,220,000 in 2019 and $74,646,000 in 2018. The Corporation had available credit with other correspondent banks totaling $45,000,000 at December 31, 2019 and 2018. These lines of credit are primarily unsecured. No amounts were outstanding at December 31, 2019 or 2018. The Corporation has a line of credit with the Federal Reserve Bank of Philadelphia’s Discount Window. At December 31, 2019, the Corporation had available credit in the amount of $14,244,000 on this line with no outstanding advances. At December 31, 2018, the Corporation had available credit in the amount of $15,262,000 on this line with no outstanding advances. As collateral for this line, the Corporation has pledged available-for-sale securities with a carrying value of $14,728,000 at December 31, 2019 and $15,710,000 at December 31, 2018. The FHLB-Pittsburgh loan facility is collateralized by qualifying loans secured by real estate with a book value totaling $778,877,000 at December 31, 2019 and $495,143,000 at December 31, 2018. Also, the FHLB-Pittsburgh loan facility requires the Corporation to invest in established amounts of FHLB-Pittsburgh stock. The carrying values of the Corporation’s holdings of FHLB-Pittsburgh stock (included in Other Assets) were $10,131,000 at December 31, 2019 and $5,582,000 at December 31, 2018. The Corporation’s total credit facility with FHLB-Pittsburgh was $552,546,000 at December 31, 2019, including an unused (available) amount of $416,127,000. At December 31, 2018, the Corporation’s total credit facility with FHLB-Pittsburgh was $361,614,000, including an unused (available) amount of $318,699,000. The Corporation engages in repurchase agreements with certain commercial customers. These agreements provide that the Corporation sells specified investment securities to the customers on an overnight basis and repurchases them on the following business day. The weighted average rate paid by the Corporation on customer repurchase agreements was 0.10% at December 31, 2019 and December 31, 2017. The carrying value of the underlying securities was $1,951,000 at December 31, 2019 and $5,890,000 at December 31, 2018. LONG-TERM BORROWINGS Long-term borrowings from FHLB-Pittsburgh are as follows:
(In Thousands) |  | Dec. 31, |  |  | Dec. 31, |
|  | 2019 |  |  | 2018 |
Loans matured in 2019 with a weighted-average rate of 2.36% |  | $ | 0 |  |  | $ | 32,000 |
Loans maturing in 2020 with a weighted-average rate of 2.73% |  |  | 5,069 |  |  |  | 3,271 |
Loans maturing in 2021 with a weighted-average rate of 1.54% |  |  | 6,000 |  |  |  | 0 |
Loans maturing in 2022 with a weighted-average rate of 2.03% |  |  | 20,000 |  |  |  | 0 |
Loans maturing in 2023 with a weighted-average rate of 1.70% |  |  | 20,500 |  |  |  | 0 |
Loan maturing in 2025 with a rate of 4.91% |  |  | 558 |  |  |  | 644 |
Total long-term FHLB-Pittsburgh borrowings |  | $ | 52,127 |  |  | $ | 35,915 |
In connection with the Monument acquisition, the Corporation assumed subordinated debt agreements with par values totaling $7,000,000, maturing April 1, 2027, which may be redeemed at par beginning April 1, 2022. The agreements have fixed annual interest rates of 6.50%. The subordinated debt was recorded at fair value, which was deemed to be equal to par value. In the fourth quarter 2019, the Corporation redeemed subordinated debt with a par value of $500,000, resulting in a loss of $10,000 (included in other noninterest expense in the consolidated statements of income). At December 31, 2019, the carrying value of the subordinated debt on the consolidated balance sheet is $6,500,000.

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- Definition The entire disclosure for 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. + References Reference 1: 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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