Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2021

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