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Other Borrowed Funds and Subordinated Debentures
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Other Borrowed Funds and Subordinated Debentures
12.
Other Borrowed Funds and Subordinated Debentures
The following is a summary of other borrowed funds and subordinated debentures as of December 31,
 
    
2020
     2019     2018  
(dollars in thousands)                   
Amount outstanding at December 31
   
$
213,092
 
   $ 407,038     $ 238,461  
Weighted average rate at December 31
   
 
2.38
% 
     2.37 %      2.76 % 
Maximum amount outstanding at any month end
   
$
348,203
 
   $ 487,502     $ 542,913  
Daily average balance outstanding during the year
   
$
201,656
 
   $ 231,926     $ 291,674  
Weighted average rate during the year
   
 
2.66
% 
     2.95 %      2.61 % 
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, 2020, was approximately $591,974,000. 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:​​​​​​​
 
December 31,   
2020
     2019     2018  
    
Amount
     
Weighted
Average
Rate
     Amount      Weighted
Average
Rate		     Amount      Weighted
Average
Rate		  
(dollars in thousands)                                        
Within one year
   
$
67,500
 
   
 
1.78
% 
   $ 218,000        1.86 %    $ 63,000        2.17 % 
Over one year to two years
   
$
3,500
 
   
 
2.15
% 
   $ 42,500        2.58 %    $ 28,000        2.29 % 
Over two years to three years
   
$
30,000
 
   
 
3.38
% 
   $ 3,500        2.15 %    $ 25,000        3.34 % 
Over three years to five years
   
$
67,000
 
   
 
2.64
% 
   $ 70,000        2.85 %    $ 33,500        2.23 % 
Over five years
   
$
9,009
 
   
 
2.83
% 
   $ 36,955        2.88 %    $ 52,878        2.47 % 
    
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Total
   
$
 177,009
 
   
 
2.44
% 
   $  370,955        2.23 %    $  202,378        2.42 % 
    
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Included in the table above are $40,000,000, $40,000,000, and $40,000,000, respectively, of FHLBB advances at December 31, 2020, 2019 and 2018, that are puttable at the discretion of FHLBB. These put dates were not utilized in the table above.
During 2019, the Company restructured $15,000,000 of FHLBB advances. Prior to the restructure, the weighted average rate on these advances was 3.33% and the weighted average maturity was 14 months. Subsequent to the restructure, the weighted average rate was 2.37% and the weighted average maturity was 60 months.
SUBORDINATED DEBENTURES
Subordinated debentures totaled $36,083,000 at December 31, 2020, 2019, and 2018.
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. The coupon rate on these securities was 2.09% at December 31, 2020 and 3.76% at December 31, 2019.
OTHER BORROWED FUNDS
There were no overnight federal funds purchased at December 31, 2020, 2019, and 2018.