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FHLB Advances, Other Borrowings and Junior Subordinated Notes
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
FHLB Advances, Other Borrowings and Junior Subordinated Notes FHLB Advances, Other Borrowings and Junior Subordinated Notes
The composition of borrowed funds is shown below.
 December 31, 2022December 31, 2021
BalanceWeighted
Average
Balance		Weighted
Average
Rate		BalanceWeighted
Average
Balance		Weighted
Average
Rate
 (Dollars in Thousands)
Federal funds purchased$— $14 7.42 %$— $— — %
FHLB advances
416,380 414,191 1.70 368,800 376,781 1.30 
Line of credit
— 85 2.78 500 78 2.90 
Other borrowings6,088 8,624 5.23 10,363 8,090 4.11 
Subordinated notes payable34,340 35,095 5.06 23,788 23,766 5.94 
Junior subordinated notes(1)
— 2,429 20.75 10,076 10,068 11.05 
 $456,808 $460,438 2.12 $413,527 $418,783 1.86 
(1)     Weighted average rate of junior subordinated notes reflects the accelerated amortization of subordinated debt issuance costs as a result of the early redemption of the junior subordinated notes during the first quarter of 2022.

A summary of annual maturities of borrowings at December 31, 2022 is as follows:
(In Thousands)
Maturities during the year ended December 31, 
2023$236,880 
202435,500 
202556,000 
202660,000 
202728,000 
Thereafter$40,428 
$456,808 
The Corporation has a $600.8 million FHLB line of credit available for advances which is collateralized as noted below. At December 31, 2022, $184.4 million of this line remained unused. There were $416.4 million of term FHLB advances outstanding at December 31, 2022 with stated fixed interest rates ranging from 0.31% to 4.69% compared to $368.8 million of term FHLB advances outstanding at December 31, 2021 with stated fixed interest rates ranging from 0.00% to 2.51%. The term FHLB advances outstanding at December 31, 2022 are due at various dates through July 2027.
The Corporation is required to maintain as collateral mortgage-related securities, unencumbered first mortgage loans and secured small business loans in its portfolio aggregating at least the amount of outstanding advances from the FHLB. Loans totaling approximately $1.059 billion and $1.305 billion were pledged as collateral at December 31, 2022 and 2021, respectively.
The Corporation has a senior line of credit with a third-party financial institution of $10.5 million. As of December 31, 2022, the line of credit carried an interest rate of SOFR + 2.36% that matured on February 19, 2023 and had certain performance debt covenants of which the Corporation was in compliance. The Corporation pays a commitment fee on this senior line of credit. For the years ended December 31, 2022, 2021, and 2020 the Corporation incurred $13,000 additional interest expense due to this fee. There was no outstanding balance on the line of credit as of December 31, 2022. On February 20, 2023, the credit line was renewed for one additional year with pricing terms of 1-month term SOFR + 2.36% and a maturity date of February 19, 2024.
The Corporation issued a new subordinated note payable as of March 4, 2022. The principal amount of the newly issued subordinated note was $20.0 million which qualified as Tier II capital. The subordinated note bears a fixed interest rate of 3.50% with a maturity date of March 15, 2032. The subordinated note payable has certain financial performance covenants, with which the Corporation was in compliance as of December 31, 2022. The Corporation may, at its option, redeem the note, in whole or part, at any time after the fifth anniversary of issuance. As of June 16, 2022, the $9.1 million subordinated notes
payable that bore a fixed interest rate of 6.00% were redeemed, and the remaining unamortized debt issuance cost was accelerated due to the early redemption. The Corporation also has another series of subordinated notes payable, which qualify as Tier II capital. At December 31, 2022, $15.0 million bore a fixed interest rate of 5.50% with a maturity date of August 15, 2029. The $15.0 million subordinated notes payable have certain performance debt covenants of which the Corporation was in compliance. The Corporation may, at its option, redeem the 5.50% notes, in whole or part, at any time after August 15, 2024. As of December 31, 2022, $659,000 of debt issuance costs remain in the subordinated note payable balance, of which $409,000 is related to the recently issued subordinated note. At December 31, 2022, the aggregate principal amount of subordinated notes payable outstanding was $34.3 million.
In September 2008, Trust II completed the sale of $10.0 million of 10.50% fixed rate trust preferred securities (“Trust Preferred
Securities”). Trust II also issued common securities of $315,000. Trust II used the proceeds from the offering to purchase $10 million of 10.50% junior subordinated notes of the Corporation. The Trust Preferred Securities were mandatorily redeemable upon the maturity of the junior subordinated notes on September 26, 2038. As of March 30, 2022, the junior subordinated notes were redeemed and the remaining unamortized debt issuance cost was accelerated due to the early redemption. As of December 31, 2021 the unamortized debt issuance cost included in junior subordinated notes on the Consolidated Balance Sheet was $293,000.

As of December 31, 2022, the Corporation had other borrowings of $6.1 million, which consisted of sold loans accounted for as secured borrowings because they did not qualify for true sale accounting.