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FHLB Advances, Other Borrowings and Subordinated Notes and Debentures
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
FHLB Advances, Other Borrowings and Subordinated Notes and Debentures FHLB Advances, Other Borrowings and Subordinated Notes and Debentures
The composition of borrowed funds is shown below. Average balances represent year-to-date averages.
 March 31, 2024December 31, 2023
BalanceWeighted Average
Balance		Weighted
Average Rate		BalanceWeighted Average
Balance		Weighted
Average Rate
 (Dollars in Thousands)
Federal funds purchased$— $— — %$— $3 5.37 %
FHLB advances
332,250 287,307 2.39 281,500 351,990 2.52 
Line of credit— — — — 38 7.26 
Other borrowings10 20 — 20 600 8.33 
Subordinated notes and debentures
49,458 49,438 5.78 49,396 38,250 5.16 
 $381,718 $336,765 2.89 $330,916 $390,881 2.79 

A summary of annual maturities of borrowings at March 31, 2024 is as follows:
(In Thousands)
Maturities during the year ended December 31, 
2024$160,810 
202548,000 
202665,000 
202728,000 
202810,450 
Thereafter69,458 
$381,718 

As of March 31, 2024 and December 31, 2023, the Corporation had other borrowings of $10,000 and $20,000, respectively, which consisted of sold tax credit investments 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 March 31, 2024, the notional amount of derivatives designated as cash flow hedges totaled $88.4 million with a weighted average remaining maturity of 2.4 years and a weighted average rate of 1.66%.
As of March 31, 2024 and December 31, 2023, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. 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