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Short-Term Borrowings and Long -Term Debt

3 Months Ended

Mar. 31, 2021

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings and Long-Term Debt

(6)      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 the Federal Home Loan Bank of Pittsburgh (“FHLB”). The Corporation has two unsecured Federal Funds borrowing facilities with correspondent banks: one of $24 million and one of  $15 million. Federal Funds purchased generally represent one-day borrowings.  The Corporation had no Federal Funds purchased at March 31, 2021 and December 31, 2020. The Corporation also has a facility with the Federal Reserve Bank (“FRB”) of Philadelphia discount window of $10.1 million. This facility is fully secured by investment securities. There were no borrowings under this at March 31, 2021 and $10 million at December 31, 2020.

Short-term borrowings at March 31, 2021 and December 31, 2020 consisted of the following notes:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Balance as of
​	​	Maturity	​	Interest	​	March 31,		​	December 31,
(dollars in thousands)	​	date		rate		2021			2020
Open Repo Plus Weekly	​	05/28/2021	​	0.41	%	​	—	​	60,416
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	​	6,376
Mid-term Repo-fixed	​	09/10/2021	​	0.11	​	​	10,000	​	10,000
Mid-term Repo-fixed	​	12/10/2021	​	0.16	​	​	10,000	​	10,000
Mid-term Repo-fixed	​	01/27/2021	​	0.23	​	​	—	​	5,465
Total	​	​	​	​	​	$	26,376	​	106,862

​

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.  Advances from this facility are secured 100% by the aggregate face value of pools comprised of loans with common maturity dates. PPPLF advances mature concurrently with the loans in a given pool. At March 31, 2021, the Corporation pledged $110.6 million of PPP loans to the FRB of Philadelphia to borrow $110.6 million of funds at a rate of 0.35%.

Long-term debt at March 31, 2021 and December 31, 2020 consisted of the following notes:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Balance as of
​	​	Maturity	​	Interest	​	March 31,		​	December 31,
(dollars in thousands)		date		rate		2021			2020
PPPLF Advances	​	2022	​	0.35	%	​	45,189	​	153,269
PPPLF Advances	​	2026	​	0.35	​	$	65,417	​	—
Mid-term Repo-fixed	​	06/29/2022	​	0.32	​	​	7,392	​	7,392
Mid-term Repo-fixed	​	09/12/2022	​	0.23	​	​	4,886	​	4,885
Total	​	`	​	​	​	$	122,884	​	165,546

​

The FHLB of Pittsburgh has also issued $154 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 $546.7 million as of March 31, 2021 and $638.9 million as of December 31, 2020. 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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- 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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