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%

March 31, 2020

and

1.81%

December 31, 2019.

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

March 31, 2020

and

December 31, 2019.

These lines of credit are primarily unsecured.

amounts were outstanding at

March 31, 2020

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

outstanding advances. At

December 31, 2019,

the Corporation had available credit in the amount of

$14,244,000

on this line with

outstanding advances. As collateral for this line, the Corporation has pledged available-for-sale securities with a carrying value of

$14,815,000

March 31, 2020

and

$14,728,000

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%

March 31, 2020

and

December 31, 2019.

The carrying value of the underlying securities was

$2,430,000

March 31, 2020

and

$1,951,000

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

March 31, 2020

and

$778,877,000

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

March 31, 2020

and

$10,131,000

December 31, 2019.

The Corporation’s total credit facility with FHLB-Pittsburgh was

$567,606,000

March 31, 2020,

including an unused (available) amount of

$459,462,000.

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

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%

March 31, 2020

and

December 31, 2019,

the carrying value of the subordinated debt on the consolidated balance sheet is

6,500,000