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BORROWED FUNDS AND SUBORDINATED DEBT

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

BORROWED FUNDS AND SUBORDINATED DEBT

9. BORROWED FUNDS AND SUBORDINATED DEBT

Short-term borrowings (initial maturity within one year) include the following:

​

​	​	​	​	​	​	​
(In Thousands)		June 30,			Dec. 31,
​	​	2020		​	2019
FHLB-Pittsburgh borrowings	​	$	12,200	​	$	84,292
Customer repurchase agreements	​		2,204	​		1,928
Total short-term borrowings	​	$	14,404	​	$	86,220

​

Short-term borrowings from FHLB-Pittsburgh are as follows:

​

​	​	​	​	​	​	​
(In Thousands)		June 30,			Dec. 31,
​	​	2020		​	2019
Overnight borrowing	​	$	0	​	$	64,000
Other short-term advances	​		12,200	​		20,292
Total short-term FHLB-Pittsburgh borrowings	​	$	12,200	​	$	84,292

​

At June 30, 2020, other short-term advances included five advances totaling $12,200,000 with a weighted-average interest rate of 1.59%.

The Corporation had available credit with other correspondent banks totaling $45,000,000 at June 30, 2020 and December 31, 2019. These lines of credit are primarily unsecured. No amounts were outstanding at June 30, 2020 or December 31, 2019.

The Corporation has a line of credit with the Federal Reserve Bank of Philadelphia’s Discount Window. At June 30, 2020, the Corporation had available credit in the amount of $14,605,000 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 $15,092,000 at June 30, 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 June 30, 2020 and December 31, 2019. The carrying value of the underlying securities was $2,240,000 at June 30, 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 $759,623,000 at June 30, 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 $8,671,000 at June 30, 2020 and $10,131,000 at December 31, 2019. In addition to the short-term and long-term borrowings shown in these tables, there was a $400,000 letter of credit from FHLB-Pittsburgh outstanding at June 30, 2020. The Corporation’s total credit facility with FHLB-Pittsburgh was $571,597,000 at June 30, 2020, including an unused (available) amount of $486,093,000. 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)		June 30,			Dec. 31,
​	​	2020		​	2019
Loans matured in 2020 with a weighted-average rate of 2.71%	​	$	0	​	$	5,069
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%	​		513	​		558
Total long-term FHLB-Pittsburgh borrowings	​	$	72,904	​	$	52,127

​

At June 30, 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 June 30, 2020 and December 31, 2019, the carrying value of the subordinated debt on the consolidated balance sheets 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

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