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Short-Term Borrowings and Long -Term Debt

12 Months Ended

Dec. 31, 2020

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings and Long-Term Debt

(9) Short-Term Borrowings and Long-Term Debt

The Corporation’s short-term borrowings generally consist of federal funds purchased and short-term borrowings extended under agreements with Federal Home Loan Bank of Pittsburgh. The Corporation has two Federal Funds borrowing facilities with correspondent banks: one of $15 million and one of $24 million, respectively, which are both unsecured.  Federal funds purchased generally represent one-day borrowings. The Corporation had $0 in Federal Funds purchased at December 31, 2020 and 2019, respectively. The Corporation also has a facility with the Federal Reserve discount window of $15.3 million that is fully secured by investment securities and loans. There were $10 million in borrowings under this facility at December 31, 2020.

Short-term borrowings at December 31, 2020 and December 31, 2019 consisted of the following notes:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Balance as of
​	​	Maturity	​	Interest	​	December 31,		​	December 31,
(dollars in thousands)	​	date		rate		2020			2019
Open Repo Plus Weekly	​	05/28/2021	​	0.41	%	​	60,416	​	102,320
Federal Reserve Discount Window	​	03/31/2021	​	0.25	​	​	10,000	​	—
Mid-term Repo-fixed	​	01/13/2021	​	0.36	​	​	4,605	​	—
Mid-term Repo-fixed	​	06/10/2021	​	0.10	​	​	6,376	​	—
Mid-term Repo-fixed	​	09/10/2021	​	0.11	​	​	10,000	​	—
Mid-term Repo-fixed	​	12/10/2021	​	0.16	​	​	10,000	​	—
Mid-term Repo-fixed	​	01/27/2021	​	0.23	​	​	5,465	​	—
Mid-term Repo-fixed	​	08/10/2020	​	2.76	​	​	—	​	5,000
Mid-term Repo-fixed	​	08/10/2020	​	1.59	​	​	—	​	5,144
Mid-term Repo-fixed	​	09/11/2020	​	1.59	​	​	—	​	7,676
Mid-term Repo-fixed	​	03/27/2020	​	2.03	​	​	—	​	3,123
Acquisition Purchase Note	​	04/01/2020	​	3.00	​	​	—	​	413
Total	​	​	​	​	​	$	106,862	​	123,676

​

As part of the CARES Act, the FRB of Philadelphia offered secured discounted borrowings to banks who originated PPP loans through the Paycheck Protection Program Liquidity Facility or PPPLF program. At December 31, 2020, the Corporation pledged $153.3 million of PPP loans to the FRB of Philadelphia to borrow $153.3 million of funds at a rate of 0.35%.

Long-term debt at December 31, 2020 and December 31, 2019 consisted of the following fixed rate notes with the FHLB of Pittsburgh:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Balance as of
​	​	Maturity	​	Interest	​	December 31,		​	December 31,
(dollars in thousands)		date		rate		2020			2019
PPPLF Advance	​	Various	​	0.35	%	​	153,269	​	—
Mid-term Repo-fixed	​	06/29/2022	​	0.32	​	​	7,392	​	3,123
Mid-term Repo-fixed	​	09/12/2022	​	0.23	​	​	4,885	​	—
Total	​	`	​	​	​	$	165,546	​	3,123

​

The FHLB of Pittsburgh had issued $143.0 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout 2021.

The Corporation has a maximum borrowing capacity with the FHLB of Pittsburgh of $638.9 million and $507.3 million as of December 31, 2020 and 2019, respectively. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

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- References

No definition available.

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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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