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Borrowed Funds

12 Months Ended

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

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