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Borrowed Funds | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed Funds Borrowed funds are summarized as follows (dollars in thousands):
|  | December 31,
|  | 2022 |  | 2021
|  | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
FHLB advances |  | $ | 1,211,166 |  |  | 4.59 | % |  | $ | — |  |  | — | %
Securities sold under agreements to repurchase with customers |  | 69,097 |  |  | 0.16 |  |  | 118,769 |  |  | 0.16 |
Other borrowings |  | 195,403 |  |  | 5.87 |  |  | 229,141 |  |  | 4.47 |
Total borrowed funds |  | $ | 1,475,666 |  |  | 4.55 | % |  | $ | 347,910 |  |  | 3.00 | %
In March 2022, the Company redeemed $35.0 million of subordinated debt due September 30, 2026, which was reported in Other borrowings. The debt carried an interest rate of 4.14% based on a floating rate of three months LIBOR plus 392 basis points. The Company pledges certain securities and loans to secure various borrowings or borrowing capacity. The estimated fair value of securities pledged for the ability to draw on FHLB advances, access to the Federal Reserve discount window, and other borrowings and for other purposes required by law amounted to $935.4 million and $1.14 billion at December 31, 2022 and 2021, respectively, which included $105.3 million and $142.9 million at December 31, 2022 and 2021, respectively, pledged as collateral for securities sold under agreements to repurchase with customers. The securities pledged, which collateralize the 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 repurchase agreements. The Company also pledges eligible mortgage loans to secure FHLB and Federal Reserve System (“FRB”) advances. At December 31, 2022, the Bank pledged $6.49 billion of eligible mortgage loans to secure FHLB and FRB advances. FHLB advances and repurchase agreements had contractual maturities at December 31, 2022 as follows (in thousands):
|  | FHLB Advances |  | Repurchase Agreements
For the Year Ended December 31, |  |  |  |
2023 |  | $ | 1,209,500 |  |  | $ | 69,097 |
2025 |  | 1,666 |  |  | — |
Total |  | $ | 1,211,166 |  |  | $ | 69,097 |
The other borrowings at December 31, 2022 included the following (in thousands):
Type of Debt |  | Stated Value |  | Carrying Value |  | Interest Rate |  | Maturity
Subordinated debt |  | $ | 125,000 |  |  | $ | 123,537 |  |  | 5.701 | % | (1) | May 15, 2030
Trust preferred |  | 10,000 |  |  | 8,123 |  |  | 3 month LIBOR plus 225 basis points | (2) | December 15, 2034
Trust preferred |  | 30,000 |  |  | 23,589 |  |  | 3 month LIBOR plus 135 basis points | (2) | March 15, 2036
Trust preferred |  | 5,000 |  |  | 5,000 |  |  | 3 month LIBOR plus 165 basis points | (2) | August 1, 2036
Trust preferred |  | 7,500 |  |  | 7,500 |  |  | 3 month LIBOR plus 166 basis points | (2) | November 1, 2036
Trust preferred |  | 10,000 |  |  | 7,922 |  |  | 3 month LIBOR plus 153 basis points | (2) | June 30, 2037
Trust preferred |  | 10,000 |  |  | 10,000 |  |  | 3 month LIBOR plus 175 basis points | (2) | September 1, 2037
Trust preferred |  | 10,000 |  |  | 7,798 |  |  | 3 month LIBOR plus 139 basis points | (2) | October 1, 2037
Finance lease |  | 1,934 |  |  | 1,934 |  |  | 5.625 | % |  | July 31, 2029
Total |  | $ | 209,434 |  |  | $ | 195,403 |  |  |  |  |
(1)Adjusts to a floating rate of 509.5 basis points over 3 month Secured Overnight Financing Rate (“SOFR”) on May 15, 2025. (2)All trust preferred debt carry interest rates which adjust to a spread over LIBOR on a quarterly basis and are expected to convert to a spread over the SOFR upon LIBOR cessation. All of the trust preferred debt is currently callable. Interest expense on borrowings for the years ended December 31, 2022, 2021, and 2020 was as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
FHLB advances |  | $ | 10,365 |  |  | $ | — |  |  | $ | 7,018 |
Reverse repurchase agreements |  | 159 |  |  | 253 |  |  | 562 |
Other borrowings |  | 12,153 |  |  | 11,291 |  |  | 10,787 |
Total interest expense on borrowings |  | $ | 22,677 |  |  | $ | 11,544 |  |  | $ | 18,367 |

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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