Borrowed funds are comprised of the following:



	At December 31,
	2019		2018
	(In Thousands)
Advances from the FHLBB	$	758,469	$	784,375
Subordinated debentures and notes	83,591		83,433
Other borrowed funds	60,689		52,734
Total borrowed funds	$	902,749	$	920,542

Interest expense on borrowed funds for the periods indicated is as follows:



	Year Ended December 31,
	2019		2018		2017
	(In Thousands)
Advances from the FHLBB	$	18,701	$	18,650	$	11,330
Subordinated debentures and notes	5,206		5,181		5,081
Other borrowed funds	804		385		170
Total interest expense on borrowed funds	$	24,711	$	24,216	$	16,581

As of December 31, 2019 and 2018, $2.5 billion and $2.4 billion, respectively, of investment securities and loans and leases, were pledged as collateral for repurchase agreements, swap agreements, FHLBB borrowings, and municipal deposits and TT&L. The Banks did not have any outstanding FRB borrowings as of December 31, 2019 and 2018.

FHLBB advances mature as follows:



	At December 31,
	2019						2018
	Amount		Callable Amount		Weighted Average Rate		Amount		Callable Amount		Weighted Average Rate
	(Dollars in Thousands)
Within 1 year	$	599,262	$	—	2.27	%	$	603,590	$	—	2.19	%
Over 1 year to 2 years	139,762		—		2.12	%	160,073		—		2.64	%
Over 2 years to 3 years	3,210		—		0.01	%	580		—		3.07	%
Over 3 years to 4 years	—		—		—	%	3,214		—		0.03	%
Over 4 years to 5 years	4,025		—		3.91	%	—		—		—	%
Over 5 years	12,210		—		3.28	%	16,918		—		3.45	%
	$	758,469	$	—	2.26	%	$	784,375	$	—	2.30	%

Actual maturities of the advances may differ from those presented above since the FHLBB has the right to call certain advances prior to the scheduled maturity.

The FHLBB advances are secured by blanket pledge agreements which require the Banks to maintain certain qualifying assets as collateral. The Banks did not have any FRB borrowings as of December 31, 2019. Total available borrowing capacity for advances from the FHLBB and FRB was $2.2 billion as of December 31, 2019 for the Banks. The total amount of qualifying collateral for FHLBB and FRB borrowings was $3.5 billion as of December 31, 2019.



	Year Ended December 31,
	2019			2018
	(Dollars In Thousands)
Outstanding at end of year	$	60,689		$	52,734
Average outstanding for the year	79,276			46,079
Maximum outstanding at any month-end	122,776			55,144
Weighted average rate at end of year	0.60		%	0.16		%
Weighted average rate paid for the year	1.01		%	0.83		%

In addition to advances from the FHLBB and subordinated debentures and notes, the Company utilizes other funding sources as part of the overall liquidity strategy. Those funding sources include repurchase agreements, committed and uncommitted lines of credit with several financial institutions.

The Company periodically enters into repurchase agreements with its larger deposit and commercial customers as part of its cash management services which are typically overnight borrowings. Repurchase agreements with customers decreased $10.0 million to $42.7 million as of December 31, 2019 from $52.7 million as of December 31, 2018.

The Company has access to a $12.0 million committed line of credit as of December 31, 2019. As of December 31, 2019 and December 31, 2018, the Company did not have any borrowings on this committed line of credit outstanding.

The Banks also have access to funding through several uncommitted lines of credit of $475.0 million. As of December 31, 2019, the Company had $18.0 million borrowings on outstanding uncommitted lines of credit as compared to December 31, 2018, when the Company had no borrowings on outstanding uncommitted lines of credit.

On September 15, 2014, the Company issued $75.0 million of 6.0% fixed-to-floating subordinated notes due September 15, 2029. The Company is obligated to pay 6.0% interest semiannually between September 2014 and September 2024. Subsequently, the Company is obligated to pay 3-month LIBOR plus 3.315% quarterly until the notes mature in September 2029.

Carrying Amount

Issue Date

Rate

Maturity Date

Next Call Date

December 31, 2019

December 31, 2018

(Dollars in Thousands)

June 26, 2003

Variable;

3-month LIBOR + 3.10%

June 26, 2033

March 25, 2020

4,826

4,803

March 17, 2004

Variable;

3-month LIBOR + 2.79%

March 17, 2034

March 16, 2020

4,739

4,704

September 15, 2014

6.0% Fixed-to-Variable;

3-month LIBOR + 3.315%

September 15, 2029

September 15, 2024

74,026

73,926

Total

83,591

83,433

The above carrying amounts of the acquired subordinated debentures included $0.4 million of accretion adjustments and $1.0 million of capitalized debt issuance costs as of December 31, 2019. This compares to $0.5 million of accretion adjustments and $1.1 million of capitalized debt issuance costs as of December 31, 2018.