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SHORT-TERM BORROWINGS (Tables)
12 Months Ended
Dec. 31, 2021
SHORT-TERM BORROWINGS  
Schedule of Short-term borrowings and weighted-average interest rates

Short-term borrowings and weighted-average interest rates at and for the years ended December 31, 2021 and 2020 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

(Dollars in thousands)

​

2021

​

​

2020

 

​

​

​

​

​

Average

​

​

​

​

​

Average

 

​

    

Amount

    

Rate

    

​

Amount

    

Rate

 

Federal funds purchased

 

$

—

​

0.36

%

​

$

—

​

0.37

%

Securities sold under agreements to repurchase

​

 

27,377

​

0.35

%

​

 

19,494

​

0.58

%

Federal Discount Window

​

 

—

​

0.36

%

​

 

—

​

0.37

%

Federal Home Loan Bank of Pittsburgh

​

 

—

​

0.34

%

​

 

—

​

1.00

%

Total

​

$

27,377

​

0.35

%

​

$

19,494

 

0.82

%

Schedule of short-term borrowings subject to an enforceable master netting arrangement or repurchase agreements

The following table presents the short-term borrowings subject to an enforceable master netting arrangement or repurchase agreements as of December 31, 2021 and 2020.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Dollars in thousands)

    

​

​

    

Gross

    

Net Amounts

    

​

​

    

​

​

    

​

​

​

​

​

​

​

Amounts

​

of Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Offset

​

Presented

​

​

​

​

​

​

​

​

​

​

​

Gross

​

in the

​

in the

​

​

​

​

​

​

​

​

​

​

​

Amounts of

​

Consolidated

​

Consolidated

​

​

​

​

Cash

​

​

​

​

​

Recognized

​

Balance

​

Balance

​

Financial

​

Collateral

​

Net

​

​

Liabilities

​

Sheet

​

Sheet

​

Instruments

​

Pledge

​

Amount

December 31, 2021

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

Repurchase agreements (a)

​

$

27,377

​

$

—

​

$

27,377

​

$

(27,377)

​

$

—

​

$

—

​

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

December 31, 2020

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

​

 

  

Repurchase agreements (a)

​

$

19,494

​

$

—

​

$

19,494

​

$

(19,494)

​

$

—

​

$

—

(a)As of December 31, 2021 and 2020, the fair value of securities pledged in connection with repurchase agreements was $37,735,000 and $23,695,000, respectively.
Schedule of the remaining contractual maturity of the master netting arrangement or repurchase agreements

The following table presents the remaining contractual maturity of the master netting arrangement or repurchase agreements as of December 31, 2021.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Dollars in thousands)

​

Remaining Contractual Maturity of the Agreements

​

​

Overnight

​

​

​

​

Greater

​

Greater

​

​

​

​

​

and

​

Up to

​

30 -90

​

than

​

​

​

​

​

Continuous

​

30 days

​

Days

​

90 Days

​

Total

December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Repurchase agreements and repurchase-to-maturity transactions:

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

U.S. Treasury and/or agency securities

​

$

27,377

​

$

—

​

$

—

​

$

—

​

$

27,377

Total

​

$

27,377

​

$

—

​

$

—

​

$

—

​

$

27,377