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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 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 | %
The Company prepaid all of its FHLB advances, in addition to the advances that matured, in 2020. The total FHLB prepayment fees incurred for the year ended December 31, 2020 was $14.3 million. 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 |
The securities collateralizing the reverse repurchase agreements are delivered to the lender with whom each transaction is executed or to a third-party custodian. The lender, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agrees to resell to the Company substantially the same securities at the maturity of the reverse repurchase agreements. Refer to Note 4 Securities. 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 |
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. All of the trust preferred debt is currently callable. 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 |
As a member of the FHLB of New York, the Bank is required to maintain a minimum investment in the capital stock of the FHLB, at cost, in an amount equal to 0.125% of the Bank’s mortgage-related assets, plus 4.5% of the specified value of certain transactions between the Bank and the FHLB.

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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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