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Borrowed Funds | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed Funds Borrowed funds at December 31, 2020 and 2019 are summarized as follows (in thousands):
| 2020 |  | 2019
Securities sold under repurchase agreements | $ | 99,936 |  |  | 60,737 |
FHLB line of credit | 25,000 |  |  | 298,000 |
FHLB advances | 1,051,036 |  |  | 766,409 |
Total borrowed funds | $ | 1,175,972 |  |  | 1,125,146 |
At December 31, 2020, FHLB advances were at fixed rates and mature between January 2020 and May 2022, and at December 31, 2019, FHLB advances were at fixed rates and mature between January 2019 and April 2022. These advances are secured by loans receivable under a blanket collateral agreement. Scheduled maturities of FHLB advances at December 31, 2020 are as follows (in thousands):
| 2020
Due in one year or less | $ | 754,481 |
Due after one year through two years | 168,686 |
Due after two years through three years | 58,650 |
Due after three years through four years | 19,219 |
Thereafter | — |
Total FHLB advances | $ | 1,051,036 |
Scheduled maturities of securities sold under repurchase agreements at December 31, 2020 are as follows (in thousands):
| 2020
Due in one year or less | $ | 99,936 |
Due after one year through two years | — |
Due after two years through three years | — |
Due after three years through four years | — |
Due after four years through five years | — |
Thereafter | — |
Total securities sold under repurchase agreements | $ | 99,936 |
The following tables set forth certain information as to borrowed funds for the years ended December 31, 2020 and 2019 (in thousands):
| Maximum balance |  | Average balance |  | Weighted average interest rate
2020 |  |  |  |  |
Securities sold under repurchase agreements | $ | 115,233 |  |  | 86,194 |  |  | 0.28 | %
FHLB line of credit | 422,000 |  |  | 97,853 |  |  | 1.09 |
FHLB advances | 1,177,083 |  |  | 1,045,282 |  |  | 1.49 |
2019 |  |  |  |  |
Securities sold under repurchase agreements | $ | 96,914 |  |  | 71,234 |  |  | .49 | %
FHLB line of credit | 451,000 |  |  | 325,481 |  |  | 2.40 |
FHLB advances | 1,190,006 |  |  | 939,916 |  |  | 2.11 |
Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. At December 31, 2020 and December 31, 2019, available for sale debt securities pledged as collateral for repurchase agreements totaled $105.1 million and $56.5 million, respectively. Interest expense on borrowings for the years ended December 31, 2020, 2019 and 2018 amounted to $16.6 million, $28.0 million and $28.5 million, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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