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BORROWED FUNDS AND SUBORDINATED DEBT

3 Months Ended

Mar. 31, 2021

BORROWED FUNDS AND SUBORDINATED DEBT

BORROWED FUNDS AND SUBORDINATED DEBT

9. BORROWED FUNDS AND SUBORDINATED DEBT

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

​

​	​	​	​	​	​	​
(In Thousands)		March 31,			December 31,
​	​	2021		​	2020
FHLB-Pittsburgh borrowings	​	$	8,018	​	$	18,066
Customer repurchase agreements	​		1,745	​		1,956
Total short-term borrowings	​	$	9,763	​	$	20,022

​

At March 31, 2021, short-term borrowings from FHLB-Pittsburgh include two advances with par values totaling $8,000,000 which are presented in the table inclusive of the unaccreted purchase accounting adjustment, with a weighted-average effective interest rate of 0.42%. At December 31, 2020, short-term borrowings from FHLB-Pittsburgh included five advances totaling $18,000,000 par value, with a weighted average effective interest rate of 0.43%.

The Corporation had available credit with other correspondent banks totaling $45,000,000 at March 31, 2021 and December 31, 2020. These lines of credit are primarily unsecured. No amounts were outstanding at March 31, 2021 or December 31, 2020.

The Corporation has a line of credit with the Federal Reserve Bank of Philadelphia’s Discount Window. At March 31, 2021, the Corporation had available credit in the amount of $14,522,000 on this line with no outstanding advances. At December 31, 2020, the Corporation had available credit in the amount of $14,654,000 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 $14,992,000 at March 31, 2021 and $15,126,000 at December 31, 2020.

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, 2021 and December 31, 2020. The carrying value of the underlying securities was $1,780,000 at March 31, 2021 and $1,980,000 at December 31, 2020.

The FHLB-Pittsburgh loan facility is collateralized by qualifying loans secured by real estate with a book value totaling $1,033,262,000 at March 31, 2021 and $1,049,690,000 at December 31, 2020. 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 in the consolidated balance sheets) were $9,609,000 at March 31, 2021 and $9,720,000 at December 31, 2020. 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 March 31, 2021. The Corporation’s total credit facility with FHLB-Pittsburgh was $761,761,000 at March 31, 2021, including an unused (available) amount of $703,562,000. At December 31, 2020, the Corporation’s total credit facility with FHLB-Pittsburgh was $771,199,000, including an unused (available) amount of $698,977,000.

LONG-TERM BORROWINGS

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

​

​	​	​	​	​	​	​
(In Thousands)		March 31,			December 31,
​	​	2021		​	2020
Loans maturing in 2021 with a weighted-average rate of 1.31%	​	$	22,072	​	$	26,098
Loans maturing in 2022 with a weighted-average rate of 0.60%	​	​	15,626	​	​	15,682
Loans maturing in 2023 with a weighted-average rate of 0.73%	​	​	7,198	​	​	7,224
Loans maturing in 2024 with a weighted-average rate of 0.75%	​	​	5,127	​	​	5,137
Loan maturing in 2025 with an average rate of 4.91%	​	​	444	​	​	467
Total long-term FHLB-Pittsburgh borrowings	​	$	50,467	​	$	54,608

​

_____________________________________________________

Note: Weighted-average rates are presented as of March 31, 2021.

SUBORDINATED DEBT

At March 31, 2021 and December 31, 2020, outstanding subordinated debt agreements are as follows:

​

​	​	​	​	​	​	​
(In Thousands)		March 31,			December 31,
​	​	2021		​	2020
Agreements with an aggregate par value of $8,000,000; bearing interest at 6.25%; maturing in June 2026 and redeemable at par in June 2021	​	$	8,012	​	$	8,027
Agreements with an aggregate par value of $6,500,000; bearing interest at 6.50%; maturing in April 2027 and redeemable at par in April 2022	​	​	6,500	​	​	6,500
Agreement with a par value of $2,000,000; bearing interest at 6.50%; maturing in July 2027 and redeemable at par in July 2022	​	​	2,022	​	​	2,026
Total carrying value	​	$	16,534	​	$	16,553

​

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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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