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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable
3 Months Ended
Mar. 31, 2019
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, 2019
 
December 31, 2018
 
 
Balance
 
Weighted Average
Balance
 
Weighted
Average Rate
 
Balance
 
Weighted Average
Balance
 
Weighted
Average Rate
 
 
(Dollars in Thousands)
Federal funds purchased
 
$

 
$

 
%
 
$

 
$
119

 
2.43
%
FHLB advances
 
245,500

 
267,989

 
2.16

 
274,500

 
274,382

 
2.06

Line of credit
 

 

 

 

 
3

 
4.47

Other borrowings
 
675

 
675

 
8.00

 
675

 
675

 
7.94

Subordinated notes payable
 
23,783

 
23,774

 
6.63

 
23,769

 
23,739

 
6.64

Junior subordinated notes
 
10,037

 
10,034

 
10.92

 
10,033

 
10,025

 
11.10

 
 
$
279,995

 
$
302,472

 
2.82

 
$
308,977

 
$
308,943

 
2.72

 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term borrowings
 
$
119,000

 
 
 
 
 
$
136,500

 
 
 
 
Long-term borrowings
 
160,995

 
 
 
 
 
172,477

 
 
 
 
 
 
$
279,995

 
 
 
 
 
$
308,977

 
 
 
 


As of March 31, 2019 and December 31, 2018, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. Per the promissory note dated February 19, 2019, the Corporation pays a commitment fee on this line of credit. During both the three months ended March 31, 2019 and 2018, the Corporation incurred interest expense due to this fee of $3,000.