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Borrowed Funds
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):
June 30, 2023December 31, 2022
Securities sold under repurchase agreements$82,470 98,000 
FHLB line of credit179,000 486,000 
FHLB advances1,588,244 753,370 
Total borrowed funds$1,849,714 1,337,370 
At June 30, 2023, FHLB advances were at fixed rates and mature between July 2023 and September 2026, and at December 31, 2022, FHLB advances were at fixed rates with maturities between January 2023 and July 2025. These advances are secured by loans receivable under a blanket collateral agreement.
Scheduled maturities of FHLB advances and overnight borrowings at June 30, 2023 are as follows (in thousands):
 2023
Due in one year or less$1,020,648 
Due after one year through two years514,492 
Due after two years through three years174,660 
Due after three years through four years57,444 
Thereafter— 
Total FHLB advances and overnight borrowings$1,767,244 
Scheduled maturities of securities sold under repurchase agreements at June 30, 2023 are as follows (in thousands):
 2023
Due in one year or less$82,470 
Thereafter— 
Total securities sold under repurchase agreements$82,470 
The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2023 and December 31, 2022 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
June 30, 2023
Securities sold under repurchase agreements$99,669 93,066 1.41 %
FHLB overnight borrowings402,000 223,980 4.87 
FHLB advances1,588,245 1,125,698 2.78 
December 31, 2022
Securities sold under repurchase agreements$125,506 113,550 0.38 %
FHLB overnight borrowings486,000 139,012 3.32 
FHLB advances753,370 503,713 0.85 
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 June 30, 2023 and December 31, 2022, available for sale debt securities pledged as collateral for repurchase agreements totaled $95.5 million and $116.5 million, respectively.
Interest expense on borrowings for the three and six months ended June 30, 2023 amounted to $14.1 million and $21.6 million, respectively. Interest expense on borrowings for the three and six months ended June 30, 2022 amounted to $1.1 million and $2.3 million, respectively.