Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Information Related to Short-term Borrowings

Information related to short-term borrowings is summarized as follows:

	December 31,
(Dollars in thousands)	2023			2022			2021
Federal funds purchased:
Balance at year-end	$	-		$	60,000		$	-
Average during the year		24,575			14,644			17
Maximum month end balance		60,000			80,000			-
Weighted average rate during the year		5.16	%		4.02	%		0.11	%
Weighted average rate at year-end		5.63	%		4.28	%		-
Securities sold under repurchase agreements:
Balance at year-end	$	93,651		$	86,012		$	97,795
Average during the year		70,251			69,561			100,519
Maximum month end balance		96,195			88,637			135,623
Weighted average rate during the year		1.06	%		0.10	%		0.13	%
Weighted average rate at year-end		1.49	%		0.11	%		0.11	%
Other short-term borrowings:
Balance at year-end	$	293,000		$	439,000		$	-
Average during the year		450,377			46,371			1,302
Maximum month end balance		593,000			439,000			-
Weighted average rate during the year		5.24	%		4.24	%		2.02	%
Weighted average rate at year-end		5.28	%		4.45	%		-

Summary of Long-term Debt

Long-term debt consists of obligations having an original maturity at issuance of more than one year. A majority of the Company’s long-term debt is comprised of FHLB advances collateralized by the FHLB stock owned by the Company, and a blanket lien on its residential real estate mortgage loans. As of December 31, 2023 the Company had no callable long-term debt. A summary is as follows:

(Dollars in thousands)	December 31, 2023					December 31, 2022
Maturity	Amount		Weighted Average Rate			Amount		Weighted Average Rate
2025	$	26,603		4.35	%	$	1,519		4.39	%
2031		3,193		2.45	%		3,296		2.45	%
Total	$	29,796				$	4,815

Subordinated Debt

The following table summarizes the Company’s subordinated debt:

(Dollars in thousands)	December 31, 2023			December 31, 2022
Subordinated notes issued June 2020 - fixed interest rate of 5.00% through June 2025 and a variable interest rate equivalent to three-month SOFR plus 4.85% thereafter, maturing July 1, 2030	$	98,000		$	98,000
Subordinated notes issued March 2021 and acquired August 2023 - fixed interest rate of 3.50% through June 2026 and a variable interest rate equivalent to three-month SOFR plus 2.80% thereafter, maturing March 31, 2031		25,000			-
Subtotal subordinated notes	$	123,000		$	98,000
Unamortized debt issuance costs and unamortized fair value discount		(3,256	)		(1,073	)
Total subordinated debt, net	$	119,744		$	96,927

Schedule of Debt of VIE where Entity is not Primary Beneficiary

As of December 31, 2023, the Trusts had the following trust preferred securities outstanding and held the following junior subordinated debentures of the Company (dollars in thousands):

Description	Issuance Date	Trust Preferred Securities Outstanding		Interest Rate	Trust Preferred Debt Owed To Trust		Final Maturity Date
CNBF Capital Trust I	August 1999	$	18,000	3-month Term SOFR + 0.26161% plus 2.75%	$	18,720	August 2029
NBT Statutory Trust I	November 2005		5,000	3-month Term SOFR + 0.26161% plus 1.40%		5,155	December 2035
NBT Statutory Trust II	February 2006		50,000	3-month Term SOFR + 0.26161% plus 1.40%		51,547	March 2036
Alliance Financial Capital Trust I	December 2003		10,000	3-month Term SOFR + 0.26161% plus 2.85%		10,310	January 2034
Alliance Financial Capital Trust II	September 2006		15,000	3-month Term SOFR + 0.26161% plus 1.65%		15,464	September 2036