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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable
 9 Months Ended
Sep. 30, 2021
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.
 September 30, 2021December 31, 2020
BalanceWeighted Average
Balance		Weighted
Average Rate		BalanceWeighted Average
Balance		Weighted
Average Rate
 (Dollars in Thousands)
Federal funds purchased$— $— — %$— $71 0.69 %
Federal Reserve PPPLF
— — — — 15,207 0.35 
FHLB advances
357,800 384,581 1.30 394,500 379,891 1.45 
Line of credit— 100 2.89 — — — 
Other borrowings12,512 6,950 4.28 920 676 12.60 
Subordinated notes payable23,778 23,761 5.94 23,747 23,725 5.95 
Junior subordinated notes10,072 10,066 11.02 10,062 10,054 11.09 
 $404,162 $425,458 1.84 $429,229 $429,624 1.91 
A summary of annual maturities of borrowings at September 30, 2021 is as follows:
(In Thousands)
Maturities during the year ended December 31, 
2021$128,290 
202234,000 
202337,300 
202435,500 
202524,547 
Thereafter144,525 
$404,162 
During the second quarter of 2020, the Corporation tested its ability to borrow from the Federal Reserve Paycheck Protection Program Liquidity Facility (“PPPLF”) in the event funding was required to support the Banks PPP lending efforts. On April 28, 2020, the Corporation borrowed $29.6 million from the PPPLF at a rate of 0.35%. As of November 2, 2020, the borrowing was paid in full.
As of September 30, 2021, the Corporation had other borrowings of $12.5 million, which consisted of $11.5 million of sold loans accounted for as secured borrowings because they did not qualify for true sale accounting, and borrowings associated with our investment in a community development entity.
As of September 30, 2021 and December 31, 2020, 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, 2021, the Corporation pays a fee on this line of credit. During both the nine months ended September 30, 2021 and 2020, the Corporation incurred interest expense of $10,000 due to this fee.