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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable
 6 Months Ended
Jun. 30, 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.
 June 30, 2023December 31, 2022
BalanceWeighted Average
Balance		Weighted
Average Rate		BalanceWeighted Average
Balance		Weighted
Average Rate
 (Dollars in Thousands)
Federal funds purchased$— $6 5.32 %$— $14 7.42 %
FHLB advances
335,705 382,533 2.57 416,380 414,191 1.70 
Line of credit— 76 7.20 — 85 2.78 
Other borrowings— 1,210 8.26 6,088 8,624 5.23 
Subordinated notes payable34,408 34,368 4.83 34,340 35,095 5.06 
Junior subordinated notes(1)
— — — — 2,429 20.75 
 $370,113 $418,193 2.78 $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 June 30, 2023 is as follows:
(In Thousands)
Maturities during the year ended December 31, 
2023$116,205 
202435,500 
202556,000 
202660,000 
202728,000 
Thereafter74,408 
$370,113 
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 June 30, 2023, the Corporation had no other borrowings. The Corporation has entered into derivative contracts hedging a portion of the borrowings included in the 2023 maturities above. As of June 30, 2023, the notional amount of derivatives designated as cash flow hedges totaled $106.5 million with a weighted average remaining maturity of 2.7 years and a weighted average rate of 1.73%.
As of June 30, 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