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Note 9 - Borrowed Funds and Subordinated Debt | 3 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Debt Disclosure [Text Block] | 9. BORROWED FUNDS AND SUBORDINATED DEBT Short-term borrowings (initial maturity within one year) include the following:
(In Thousands) |  |  |  |  |  |
|  | March 31, |  |  | Dec. 31, |
|  | 2020 |  |  | 2019 |
FHLB-Pittsburgh borrowings |  | $ | 35,200 |  |  | $ | 84,292 |
Customer repurchase agreements |  |  | 2,407 |  |  |  | 1,928 |
Total short-term borrowings |  | $ | 37,607 |  |  | $ | 86,220 |
Short-term borrowings from FHLB-Pittsburgh are as follows:
(In Thousands) |  |  |  |  |  |
|  | March 31, |  |  | Dec. 31, |
|  | 2020 |  |  | 2019 |
Overnight borrowing |  | $ | 17,000 |  |  | $ | 64,000 |
Other short-term advances |  |  | 18,200 |  |  |  | 20,292 |
Total short-term FHLB-Pittsburgh borrowings |  | $ | 35,200 |  |  | $ | 84,292 |
Overnight borrowings from FHLB-Pittsburgh had an interest rate of 0.36% at March 31, 2020 and 1.81% at December 31, 2019. At March 31, 2020, other short-term advances included eight advances totaling $18,200,000 with a weighted-average interest rate of 1.68%. The Corporation had available credit with other correspondent banks totaling $45,000,000 at March 31, 2020 and December 31, 2019. These lines of credit are primarily unsecured. No amounts were outstanding at March 31, 2020 or December 31, 2019. The Corporation has a line of credit with the Federal Reserve Bank of Philadelphia’s Discount Window. At March 31, 2020, the Corporation had available credit in the amount of $14,364,000 on this line with no outstanding advances. At December 31, 2019, the Corporation had available credit in the amount of $14,244,000 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 $14,815,000 at March 31, 2020 and $14,728,000 at December 31, 2019. 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 March 31, 2020 and December 31, 2019. The carrying value of the underlying securities was $2,430,000 at March 31, 2020 and $1,951,000 at December 31, 2019. The FHLB-Pittsburgh loan facility is collateralized by qualifying loans secured by real estate with a book value totaling $783,312,000 at March 31, 2020 and $778,877,000 at December 31, 2019. 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 $9,206,000 at March 31, 2020 and $10,131,000 at December 31, 2019. The Corporation’s total credit facility with FHLB-Pittsburgh was $567,606,000 at March 31, 2020, including an unused (available) amount of $459,462,000. At December 31, 2019, the Corporation’s total credit facility with FHLB-Pittsburgh was $552,546,000, including an unused (available) amount of $416,127,000. LONG-TERM BORROWINGS Long-term borrowings from FHLB-Pittsburgh are as follows:
(In Thousands) |  | March 31, |  |  | Dec. 31, |
|  | 2020 |  |  | 2019 |
Loans matured in 2020 with a weighted-average rate of 2.70% |  | $ | 0 |  |  | $ | 5,000 |
Loan maturing in 2020 with a rate of 4.79% |  |  | 17 |  |  |  | 69 |
Loans maturing in 2021 with a weighted-average rate of 1.63% |  |  | 20,000 |  |  |  | 6,000 |
Loans maturing in 2022 with a weighted-average rate of 1.90% |  |  | 22,355 |  |  |  | 20,000 |
Loans maturing in 2023 with a weighted-average rate of 1.63% |  |  | 22,500 |  |  |  | 20,500 |
Loans maturing in 2024 with a weighted-average rate of 1.27% |  |  | 7,536 |  |  |  | 0 |
Loan maturing in 2025 with a rate of 4.91% |  |  | 536 |  |  |  | 558 |
Total long-term FHLB-Pittsburgh borrowings |  | $ | 72,944 |  |  | $ | 52,127 |
At March 31, 2020 and December 31, 2019, the Corporation has outstanding subordinated debt agreements with par values totaling $6,500,000 , maturing April 1, 2027, which may be redeemed at par beginning April 1, 2022. The agreements have fixed annual interest rates of 6.50% . At March 31, 2020 and 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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