12. Other Borrowed Funds and Subordinated Debentures

The following is a summary of other borrowed funds and subordinated debentures as of December 31,


	2014			2013			2012
(dollars in thousands)
Amount outstanding at December 31	$	431,583		$	291,227		$	231,227
Weighted average rate at December 31		1.91	%		3.04	%		3.54	%
Maximum amount outstanding at any month end	$	431,583		$	291,227		$	277,226
Daily average balance outstanding during the year	$	271,710		$	231,032		$	217,542
Weighted average rate during the year		3.34	%		3.73	%		3.82	%

FEDERAL HOME LOAN BANK BORROWINGS

Federal Home Loan Bank of Boston (“FHLBB”) borrowings are collateralized by a blanket pledge agreement on the Bank’s FHLBB stock, certain qualified investment securities, deposits at the FHLBB and residential mortgages held in the Bank’s portfolios. The Bank’s remaining term borrowing capacity at the FHLBB at December 31, 2014, was approximately $221,384,000. In addition, the Bank has a $14,500,000 line of credit with the FHLBB. A schedule of the maturity distribution of FHLBB advances with the weighted average interest rates is as follows:


	2014					2013					2012
December 31,	Amount		Weighted Average Rate			Amount		Weighted Average Rate			Amount		Weighted Average Rate
(dollars in thousands)
Within one year	$	169,500		0.51	%	$	53,000		0.40	%	$	46,000		1.86	%
Over one year to two years		55,000		3.07	%		19,500		2.42	%		17,500		3.01	%
Over two years to three years		45,000		3.18	%		55,000		3.07	%		19,500		2.42	%
Over three years to five years		70,000		2.43	%		77,000		3.05	%		90,000		3.33	%
Over five years		56,000		3.16	%		50,500		3.39	%		22,000		4.19	%

Total	$	395,500		1.89	%	$	255,000		2.52	%	$	195,000		2.96	%

Included in the table above are $35,000,000 of FHLBB advances for each of the years at December 31, 2014, 2013 and 2012, respectively, that are putable at the discretion of FHLBB. These put dates were not utilized in the table above.

During 2013, the Company restructured $14,500,000 of FHLBB advances. Prior to restructure, the weighted average rate on these advances was 3.16% and the weighted average remaining maturity was 12 months. Subsequent to restructure, the weighted average rate was 3.24% and the weighted average maturity was 68 months. The restructures were accounted for as modifications.

SUBORDINATED DEBENTURES

Subordinated debentures totaled $36,083,000 at December 31, 2014 and 2013. In May 1998, the Company consummated the sale of a trust preferred securities offering, in which it issued $29,639,000 of subordinated debt securities due 2029 to its newly formed unconsolidated subsidiary Century Bancorp Capital Trust. Century Bancorp Capital Trust then issued 2,875,000 shares of Cumulative Trust Preferred Securities with a liquidation value of $10 per share. These securities pay dividends at an annualized rate of 8.30%. The Company redeemed through its subsidiary, Century Bancorp Capital Trust, its 8.30% Trust Preferred Securities on January 10, 2005.

In December 2004, the Company consummated the sale of a trust preferred securities offering, in which it issued $36,083,000 of subordinated debt securities due 2034 to its newly formed unconsolidated subsidiary Century Bancorp Capital Trust II.

Century Bancorp Capital Trust II then issued 35,000 shares of Cumulative Trust Preferred Securities with a liquidation value of $1,000 per share. These securities paid dividends at an annualized rate of 6.65% for the first ten years and then converted to the three-month LIBOR rate plus 1.87% for the remaining 20 years.

OTHER BORROWED FUNDS

There were no overnight federal funds purchased at December 31, 2014 and 2013.

The Bank also has an outstanding loan in the amount of $0 and $144,000 at December 31, 2014 and 2013, borrowed against the cash value of a whole life insurance policy for a key executive of the Bank.