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v3.22.4

Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of 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 | %
Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements | 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 |
Schedule of Other Borrowings | 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.
Interest Expense on Borrowings | 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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