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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable | 3 Months Ended
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Mar. 31, 2020
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 is shown below. Average balances represent year to date averages.
|  | March 31, 2020 |  | December 31, 2019
|  | Balance |  | Weighted Average Balance |  | Weighted Average Rate |  | Balance |  | Weighted Average Balance |  | Weighted Average Rate
|  | (Dollars in Thousands)
Federal funds purchased |  | $ | — |  |  | $ | — |  |  | — | % |  | $ | — |  |  | $ | 59 |  |  | 2.45 | %
FHLB advances |  | 388,500 |  |  | 325,929 |  |  | 1.91 |  |  | 295,000 |  |  | 286,464 |  |  | 2.17 |
Other borrowings |  | 675 |  |  | 675 |  |  | 8.09 |  |  | 675 |  |  | 675 |  |  | 8.11 |
Subordinated notes payable(1) |  | 23,717 |  |  | 23,710 |  |  | 5.95 |  |  | 23,707 |  |  | 24,502 |  |  | 7.45 |
Junior subordinated notes |  | 10,051 |  |  | 10,048 |  |  | 11.04 |  |  | 10,047 |  |  | 10,040 |  |  | 11.08 |
|  | $ | 422,943 |  |  | $ | 360,362 |  |  | 2.45 |  |  | $ | 329,429 |  |  | $ | 321,740 |  |  | 2.87 |
Short-term borrowings |  | $ | 162,000 |  |  |  |  |  |  | $ | 118,500 |  |  |  |  |
Long-term borrowings |  | 260,943 |  |  |  |  |  |  | 210,929 |  |  |  |  |
|  | $ | 422,943 |  |  |  |  |  |  | $ | 329,429 |  |  |  |  |
(1) | Weighted average rate of subordinated notes payable reflects the accelerated amortization of subordinated debt issuance costs as a result of the early redemption of a subordinated note during the third quarter of 2019.
As of March 31, 2020 and December 31, 2019, 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, 2020, the Corporation pays a commitment fee on this line of credit. During both the three months ended March 31, 2020 and 2019, the Corporation incurred interest expense due to this fee of $3,000.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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