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Borrowed Funds and Subordinated Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowed Funds and Subordinated Debt Borrowed Funds and Subordinated Debt
Borrowed funds and subordinated debt outstanding at December 31, for the years indicated are summarized as follows:
 202420232022
(Dollars in thousands)AmountAverage
Rate		AmountAverage
Rate		AmountAverage
Rate
FHLB advances$147,746 4.47 %$2,830 1.71 %$2,913 1.71 %
FRB advances
— — %20,000 4.84 %— — %
Other borrowings 5,390 3.30 %2,938 0.40 %303 — %
Total borrowed funds$153,136 4.43 %$25,768 3.99 %$3,216 1.55 %
Subordinated debt$59,815 5.84 %$59,498 5.84 %$59,182 5.66 %

The Company's borrowed funds at December 31, 2024, 2023 and 2022 were comprised of overnight or short-term advances from the FRB through the BTFP, term advances related to specific lending projects under the FHLB's community development and affordable housing programs as well as borrowed funds from the NH BFA borrowing under a New Hampshire community development program. NH BFA advances are categorized as "Other borrowings" in the tables below.

At December 31, 2024, 2023 and 2022, the contractual maturity distribution of borrowed funds with the weighted average cost for each category is set forth below:
202420232022
(Dollars in thousands)BalanceRateBalanceRateBalanceRate
Overnight$145,000 4.52 %$— — %$— — %
Within 12 months— — %20,000 4.84 %— — %
Between 1 and 5 years
270 — %270 — %— — %
Over 5 years7,866 2.78 %5,498 1.09 %3,216 1.55 %

Maximum FHLB and other borrowings outstanding at any month-end period during 2024 was $153.1 million, $25.8 million for 2023 and $4.2 million for 2022.

The following table summarizes the average balance and average cost of borrowed funds for the years indicated:
 Year ended December 31,
 202420232022
(Dollars in thousands)Average
Balance		Average
Cost		Average
Balance		Average
Cost		Average
Balance		Average
Cost
FHLB advances$4,886 2.97 %$3,548 2.65 %$3,266 1.59 %
FRB advances
45,838 4.86 %534 3.39 %— — %
Other borrowings5,535 0.95 %1,008 0.13 %20 — %
Total borrowed funds$56,259 4.31 %$5,090 2.23 %$3,286 1.58 %
As a member of the FHLB, the Bank has the potential capacity to borrow an amount up to the value of its discounted qualified collateral. Borrowings from the FHLB are secured by certain securities from the Company's investment portfolio not otherwise pledged and certain residential and commercial real estate loans. At December 31, 2024, based on qualifying collateral minus outstanding advances, the Bank had the capacity to borrow additional funds from the FHLB of up to approximately $670.0 million. In addition, based on qualifying corporate and municipal bond collateral, the Bank had the capacity to borrow funds from the FRB up to approximately $300.0 million at December 31, 2024. The Bank also has pre-approved borrowing arrangements with large correspondent banks to provide overnight and short-term borrowing capacity.

The Company had outstanding subordinated debt, net of deferred issuance costs, of $59.8 million, and $59.5 million at December 31, 2024, and December 31, 2023, respectively. The debt consists of fixed-to-floating rate notes due in 2030 and callable at the Company's option on or after July 15, 2025. The subordinated notes are intended to qualify as Tier 2 capital for regulatory purposes.

The subordinated notes pay interest at a fixed rate of 5.25% per annum through July 15, 2025, after which floating quarterly rates apply. Original debt issuance costs were $1.2 million and have been netted against the subordinated debt on the consolidated balance sheet in accordance with accounting guidance. These costs are being amortized to interest expense over the life of the subordinated notes.