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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Summary of Borrowed Funds | Borrowed funds are summarized as follows (in thousands):
|  | December 31,
|  | 2020 |  | 2019
|  | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
FHLB advances |  | $ | — |  |  | — | % |  | $ | 519,260 |  |  | 1.84 | %
Securities sold under agreements to repurchase with retail customers |  | 128,454 |  |  | 0.33 |  |  | 71,739 |  |  | 0.42 |
Other borrowings |  | 235,471 |  |  | 4.58 |  |  | 96,801 |  |  | 4.64 |
Total borrowed funds |  | $ | 363,925 |  |  | 3.08 | % |  | $ | 687,800 |  |  | 2.09 | %
Summary of Federal Home Loan Bank Advances and Securities Sold Under Agreements to Repurchase | Information concerning FHLB advances and securities sold under agreements to repurchase with retail customers (“reverse repurchase agreements”) is summarized as follows (in thousands):
|  | FHLB Advances |  | Reverse Repurchase Agreements
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Average balance |  | $ | 413,290 |  |  | $ | 387,925 |  |  | $ | 125,500 |  |  | $ | 64,525 |
Maximum amount outstanding at any month end |  | 825,824 |  |  | 519,260 |  |  | 153,810 |  |  | 71,739 |
Average interest rate for the year |  | 1.70 | % |  | 2.18 | % |  | 0.45 | % |  | 0.43 | %
Amortized cost of collateral: |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 147,445 |  |  | $ | 80,436 |
Estimated fair value of collateral: |  |  |  |  |  |  |  |
Mortgage-backed securities |  | — |  |  | — |  |  | 152,679 |  |  | 81,365 |
Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements | Reverse repurchase agreements have contractual maturities at December 31, 2020 as follows (in thousands):
|  |  |  | Reverse Repurchase Agreements
For the Year Ended December 31, |  |  |  |
2021 |  |  |  | $ | 128,454 |
Total |  |  |  | $ | 128,454 |
Schedule of Other Borrowings | The other borrowings at December 31, 2020 include the following (in thousands):
Type of Debt |  | Stated Value |  | Carrying Value |  | Interest Rate |  | Maturity
Subordinated debt |  | $ | 35,000 |  |  | $ | 34,804 |  |  | 5.125 | % | (1) | September 30, 2026
Subordinated debt |  | 125,000 |  |  | 122,446 |  |  | 5.250 | % | (2) | May 15, 2030
Subordinated debt |  | 7,500 |  |  | 7,539 |  |  | 7.210 | % | (3) | October 1, 2025
Trust preferred |  | 5,000 |  |  | 5,000 |  |  | 3 month LIBOR plus 165 basis points |  | August 1, 2036
Trust preferred |  | 30,000 |  |  | 22,944 |  |  | 3 month LIBOR plus 135 basis points |  | March 15, 2036
Trust preferred |  | 7,500 |  |  | 7,500 |  |  | 3 month LIBOR plus 166 basis points |  | November 1, 2036
Trust preferred |  | 10,000 |  |  | 7,737 |  |  | 3 month LIBOR plus 153 basis points |  | April 19, 2037
Trust preferred |  | 10,000 |  |  | 10,000 |  |  | 3 month LIBOR plus 175 basis points |  | September 1, 2037
Trust preferred |  | 10,000 |  |  | 7,601 |  |  | 3 month LIBOR plus 139 basis points |  | October 1, 2037
Trust preferred |  | 10,000 |  |  | 7,800 |  |  | 3 month LIBOR plus 225 basis points |  | December 15, 2034
Finance lease |  | 2,100 |  |  | 2,100 |  |  | 5.625 | % |  | June 30, 2029
Total |  | $ | 252,100 |  |  | $ | 235,471 |  |  |  |  |
(1)Adjusts to a floating rate of 392 basis points over 3 month London Inter-bank Offered Rate (“LIBOR”) on September 30, 2021. (2)Adjusts to a floating rate of 509.5 basis points over 3 month Secured Overnight Financing Rate on May 15, 2025. (3)In January 2021, the Company prepaid the subordinated debt in its entirety.
Interest Expense on Borrowings | Interest expense on borrowings for the years ended December 31, 2020, 2019, and 2018 was as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
FHLB advances |  | $ | 7,018 |  |  | $ | 8,441 |  |  | $ | 7,885 |
Reverse repurchase agreements |  | 562 |  |  | 276 |  |  | 168 |
Other borrowings |  | 10,787 |  |  | 5,674 |  |  | 5,521 |
Total interest expense on borrowings |  | $ | 18,367 |  |  | $ | 14,391 |  |  | $ | 13,574 |

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