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Short-Term Borrowings, Advances from Federal Home Loan Bank and Subordinated Debt

9 Months Ended

Sep. 30, 2021

Short-Term Borrowings, Advances from Federal Home Loan Bank and Subordinated Debt

Short-Term Borrowings, Advances from Federal Home Loan Bank and Subordinated Debt

11.  Short-Term Borrowings, Advances from Federal Home Loan Bank and Subordinated Debt

Total short-term and Federal Home Loan Bank (FHLB) borrowings and advances consist of the following (in thousands, except percentages):

​

​	​	​	​	​	​	​	​	​
​	​	At September 30, 2021
​	​	​	​	​	​	​	Weighted
Type	​	Maturing	​	Amount		​	Average Rate
Open Repo Plus		Overnight		$	—		—	%
FHLB Advances		2021	​		3,000		2.94	​
​		2022	​		20,888		2.03	​
​		2023	​		15,568		1.59	​
​		2024	​		4,197		1.19	​
Total FHLB advances			​		43,653		1.85	​
Total short-term and FHLB borrowings			​	$	43,653		1.85	%

​

​	​	​	​	​	​	​	​	​
​	​	At December 31, 2020
​	​	​	​	​	​	​	Weighted
Type	​	Maturing	​	Amount		​	Average Rate
Open Repo Plus		Overnight		$	24,702		0.41	%
FHLB Advances		2021	​		24,336		1.00	​
​		2022	​		20,888		2.03	​
​		2023	​		15,568		1.59	​
​		2024	​		4,197		1.19	​
Total FHLB advances			​		64,989		1.48	​
Total short-term and FHLB borrowings			​	$	89,691		1.19	%

​

The rate on Open Repo Plus advances can change daily, while the rates on the advances are fixed until the maturity of the advance. All FHLB stock along with an interest in certain residential mortgage, commercial real estate, and commercial and industrial loans with an aggregate statutory value equal to the amount of the advances are pledged as collateral to the FHLB of Pittsburgh to support these borrowings.

​

Subordinated Debt:

​

On August 26, 2021, the Company completed a private placement of $27 million in fixed-to-floating rate subordinated notes to certain accredited investors. The notes mature September 1, 2031 and are non-callable for five years. The notes have a fixed annual interest rate of 3.75%, payable until September 1, 2026. From and including September 1, 2026, the interest rate will reset quarterly to the then-current three-month Secured Overnight Financing Rate (SOFR) plus 3.11%. This subordinated debt has been structured to qualify as tier 2 capital under the Federal Reserve’s capital guidelines. The Company used approximately $20 million of the net proceeds to retire its existing subordinated debt and trust preferred securities on September 30, 2021. The remainder of the proceeds are being utilized for general corporate purposes, including the downstream of $3.5 million as capital to the bank. The net balance of subordinated debt as of September 30, 2021 was $26.6 million. This compares to the net balance of guaranteed junior subordinated deferrable interest debentures (trust preferred securities) of $13.0 million and subordinated debt of $7.5 million as of December 31, 2020.

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- References

No definition available.

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- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822

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