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FHLB Advances, Other Borrowings and Junior Subordinated Notes
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
FHLB Advances, Other Borrowings and Junior Subordinated Notes FHLB Advances, Other Borrowings and Subordinated Notes and Debentures
The composition of borrowed funds is shown below.
 December 31, 2023December 31, 2022
BalanceWeighted
Average
Balance		Weighted
Average
Rate		BalanceWeighted
Average
Balance		Weighted
Average
Rate
 (Dollars in Thousands)
Federal funds purchased$— $3 5.37 %$— $14 7.42 %
FHLB advances
281,500 351,990 2.52 416,380 414,191 1.70 
Line of credit
— 38 7.26 — 85 2.78 
Other borrowings20 600 8.33 6,088 8,624 5.23 
Subordinated notes and debentures49,396 38,250 5.16 34,340 35,095 5.06 
Junior subordinated notes(1)
— — — — 2,429 20.75 
 $330,916 $390,881 2.79 $456,808 $460,438 2.12 
(1)     Weighted average rate of junior subordinated notes and debentures 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, 2023 is as follows:
(In Thousands)
Maturities during the year ended December 31, 
2024$120,520 
202548,000 
202665,000 
202728,000 
2028— 
Thereafter69,396 
$330,916 
The Corporation has a $649.0 million FHLB line of credit available for advances which is collateralized as noted below. At December 31, 2023, $367.5 million of this line remained unused. There were $281.5 million of term FHLB advances outstanding at December 31, 2023 with stated fixed interest rates ranging from 0.50% to 5.58% compared to $416.4 million of term FHLB advances outstanding at December 31, 2022 with stated fixed interest rates ranging from 0.31% to 4.69%. The term FHLB advances outstanding at December 31, 2023 are due at various dates through May 2030.
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 $1.172 billion and $1.059 billion were pledged as collateral at December 31, 2023 and 2022, respectively.
The Corporation has a senior line of credit with a third-party financial institution of $10.5 million. As of December 31, 2023, the line of credit carried an interest rate of SOFR + 2.36% that matured on February 19, 2024 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, 2023, 2022, and 2021 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, 2023. On February 20, 2024, 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, 2025.
The Corporation issued new subordinated debentures as of September 29, 2023. The aggregate principal amount of the newly issued subordinated debentures was $15.0 million which qualified as Tier 2 capital. The subordinated debentures bear a fixed interest rate of 8.0% with a maturity date of September 29, 2033. The Corporation may, at its option, redeem the debentures, in whole or part, at any time after the fifth anniversary of issuance. As of December 31, 2023, $573,000 of debt issuance costs remain in the subordinated note and debenture payable balance, of which $48,000 was related to the recently issued subordinated debentures.
As of December 31, 2023, the Corporation had other borrowings of $20,000, which consisted of sold tax credit investments accounted for as secured borrowings because they did not qualify for true sale accounting. 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. The Corporation has entered into derivative contracts hedging a portion of the borrowings included in the 2024 maturities above. As of December 31, 2023, the notional amount of derivatives designated as cash flow hedges totaled $96.4 million with a weighted average remaining maturity of 2.5 years and a weighted average rate of 1.78%.