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Borrowed Funds | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed FundsBorrowed funds are summarized as follows (dollars in thousands):
|  | December 31,
|  | 2021 |  | 2020
|  | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
Securities sold under agreements to repurchase with retail customers |  | $ | 118,769 |  |  | 0.16 | % |  | $ | 128,454 |  |  | 0.33 | %
Other borrowings |  | 229,141 |  |  | 4.47 |  |  | 235,471 |  |  | 4.58 |
Total borrowed funds |  | $ | 347,910 |  |  | 3.00 | % |  | $ | 363,925 |  |  | 3.08 | %
In addition to the advances that matured, the Company prepaid all of its FHLB advances in 2020. Information concerning FHLB advances and securities sold under agreements to repurchase with retail customers (“reverse repurchase agreements”) is summarized as follows (dollars in thousands):
|  |  |  | FHLB Advances |  | Reverse Repurchase Agreements
|  |  |  | 2020 |  | 2021 |  | 2020
Average balance |  |  |  | $ | 413,290 |  |  | $ | 134,939 |  |  | $ | 125,500 |
Maximum amount outstanding at any month end |  |  |  | 825,824 |  |  | 156,433 |  |  | 153,810 |
Average interest rate for the year |  |  |  | 1.70 | % |  | 0.19 | % |  | 0.45 | %
Amortized cost of collateral: |  |  |  |  |  |  |  |
Debt and equity securities |  |  |  | $ | — |  |  | $ | 141,423 |  |  | $ | 147,445 |
Estimated fair value of collateral: |  |  |  |  |  |  |  |
Debt and equity securities |  |  |  | — |  |  | 142,924 |  |  | 152,679 |
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. All reverse repurchase agreements have contractual maturities during 2022. The other borrowings at December 31, 2021 include the following (in thousands):
Type of Debt |  | Stated Value |  | Carrying Value |  | Interest Rate |  | Maturity
Subordinated debt |  | $ | 35,000 |  |  | $ | 35,000 |  |  | 4.138 | % | (1) | September 30, 2026
Subordinated debt |  | 125,000 |  |  | 122,989 |  |  | 5.250 | % | (2) | May 15, 2030
Trust preferred |  | 10,000 |  |  | 7,965 |  |  | 3 month LIBOR plus 225 basis points |  | December 15, 2034
Trust preferred |  | 30,000 |  |  | 23,258 |  |  | 3 month LIBOR plus 135 basis points |  | March 15, 2036
Trust preferred |  | 5,000 |  |  | 5,000 |  |  | 3 month LIBOR plus 165 basis points |  | August 1, 2036
Trust preferred |  | 7,500 |  |  | 7,500 |  |  | 3 month LIBOR plus 166 basis points |  | November 1, 2036
Trust preferred |  | 10,000 |  |  | 7,828 |  |  | 3 month LIBOR plus 153 basis points |  | June 30, 2037
Trust preferred |  | 10,000 |  |  | 10,000 |  |  | 3 month LIBOR plus 175 basis points |  | September 1, 2037
Trust preferred |  | 10,000 |  |  | 7,697 |  |  | 3 month LIBOR plus 139 basis points |  | October 1, 2037
Finance lease |  | 1,904 |  |  | 1,904 |  |  | 5.625 | % |  | June 30, 2029
Total |  | $ | 244,404 |  |  | $ | 229,141 |  |  |  |  |
(1)Based on a floating rate of 392 basis points over 3 month London Inter-bank Offered Rate (“LIBOR”). (2)Adjusts to a floating rate of 509.5 basis points over 3 month Secured Overnight Financing Rate on May 15, 2025. All of the trust preferred debt is currently callable. Subsequent to year-end, the Company provided notice to its trustee that, as of March 30, 2022, it will redeem the $35.0 million of subordinated debt maturing September 30, 2026. Interest expense on borrowings for the years ended December 31, 2021, 2020, and 2019 was as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
FHLB advances |  | $ | — |  |  | $ | 7,018 |  |  | $ | 8,441 |
Reverse repurchase agreements |  | 253 |  |  | 562 |  |  | 276 |
Other borrowings |  | 11,291 |  |  | 10,787 |  |  | 5,674 |
Total interest expense on borrowings |  | $ | 11,544 |  |  | $ | 18,367 |  |  | $ | 14,391 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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