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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable
 3 Months Ended
Mar. 31, 2023
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, 2023December 31, 2022
BalanceWeighted Average
Balance		Weighted
Average Rate		BalanceWeighted Average
Balance		Weighted
Average Rate
 (Dollars in Thousands)
Federal funds purchased$— $11 5.29 %$— $14 7.42 %
FHLB advances
307,500 398,109 2.47 416,380 414,191 1.70 
Line of credit— — — — 85 2.78 
Other borrowings— 2,433 8.22 6,088 8,624 5.23 
Subordinated notes payable34,359 34,350 4.83 34,340 35,095 5.06 
Junior subordinated notes(1)
— — — — 2,429 20.75 
 $341,859 $434,903 2.69 $456,808 $460,438 2.12 
(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 March 31, 2023 is as follows:
(In Thousands)
Maturities during the year ended December 31, 
2023$128,000 
202435,500 
202556,000 
202660,000 
202728,000 
Thereafter34,359 
$341,859 
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. As of March 31, 2023, the Corporation had no other borrowings following the first quarter repurchase of the sold loans.
As of March 31, 2023 and December 31, 2022, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. 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