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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Summary of Borrowed Funds | Borrowed 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 | %
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 (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 |
Schedule of Other Borrowings | 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.
Interest Expense on Borrowings | 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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