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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable | FHLB Advances, Other Borrowings and Junior Subordinated Notes The composition of borrowed funds at June 30, 2017 and December 31, 2016 is shown below. Average balances represent year-to-date averages.
|  | June 30, 2017 |  | December 31, 2016
|  | Balance |  | Weighted Average Balance |  | Weighted Average Rate |  | Balance |  | Weighted Average Balance |  | Weighted Average Rate
|  | (Dollars in Thousands)
Federal funds purchased |  | $ | — |  |  | $ | 122 |  |  | 1.16 | % |  | $ | — |  |  | $ | 178 |  |  | 0.92 | %
FHLB advances |  | 82,000 |  |  | 74,118 |  |  | 1.17 |  |  | 33,578 |  |  | 14,485 |  |  | 0.97 |
Line of credit |  | 10 |  |  | 651 |  |  | 3.60 |  |  | 1,010 |  |  | 2,079 |  |  | 3.26 |
Other borrowings(1) |  | 675 |  |  | 1,816 |  |  | 16.65 |  |  | 2,590 |  |  | 1,739 |  |  | 7.64 |
Subordinated notes payable |  | 23,710 |  |  | 22,615 |  |  | 7.25 |  |  | 22,498 |  |  | 22,467 |  |  | 7.13 |
Junior subordinated notes |  | 10,012 |  |  | 10,007 |  |  | 11.03 |  |  | 10,004 |  |  | 9,997 |  |  | 11.07 |
|  | $ | 116,407 |  |  | $ | 109,329 |  |  | 3.61 |  |  | $ | 69,680 |  |  | $ | 50,945 |  |  | 6.03 |
Short-term borrowings |  | $ | 26,010 |  |  |  |  |  |  | $ | 20,588 |  |  |  |  |
Long-term borrowings |  | 90,397 |  |  |  |  |  |  | 49,092 |  |  |  |  |
|  | $ | 116,407 |  |  |  |  |  |  | $ | 69,680 |  |  |  |  |
(1) | Weighted average rate of other borrowings reflects the cost of prepaying a secured borrowing during the second quarter of 2017.
As of June 30, 2017 and December 31, 2016, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. Per the promissory note dated February 19, 2017, the Corporation pays a commitment fee on this line of credit. During both the six months ended June 30, 2017 and 2016, the Corporation incurred interest expense due to this fee of $7,000.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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