v3.25.1
Borrowed Funds and Subordinated Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowed Funds and Subordinated Debt Borrowed Funds and Subordinated Debt
Borrowed funds at March 31, 2025 and December 31, 2024 are summarized, as follows:
March 31, 2025December 31, 2024
(Dollars in thousands)BalanceRateBalanceRate
Overnight$85,000 4.53 %$145,000 4.52 %
Between 1 and 5 years1,270 0.47 %270 — %
Over 5 years8,223 2.70 %7,866 2.78 %
Total borrowed funds$94,493 4.32 %$153,136 4.43 %

The Company's borrowed funds at March 31, 2025 and December 31, 2024 were comprised of advances from the FRB and FHLB as well as secured borrowings from the NH BFA.

The Company also had outstanding subordinated debt (net of deferred issuance costs) of $59.9 million at March 31, 2025 and $59.8 million at December 31, 2024. The outstanding subordinated notes are due on July 15, 2030 and callable at the
Company's option on or after July 15, 2025. Beginning July 15, 2025, the interest rate shall reset quarterly to the then three-month SOFR plus 517.5 basis points, payable quarterly in arrears.