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Borrowings | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Borrowings | Borrowings Borrowings consisted of FHLB advances, securities sold under agreements to repurchase (repurchase agreements), and floating rate advances and are summarized as follows (in thousands):
| December 31,
| 2021 |  | 2020
Repurchase agreements | $ | 50,000 |  |  | $ | 75,000 |
Other borrowings: |  |  |
FHLB advances | 365,000 |  |  | 510,000 |
Floating rate advances | 6,755 |  |  | 6,789 |
| $ | 421,755 |  |  | $ | 591,789 |
FHLB advances are secured by a blanket lien on unencumbered securities and the Company’s FHLB capital stock. At December 31, 2021 and 2020, FHLB advances and repurchase agreements had contractual maturities as follows (in thousands):
| December 31, 2021
| FHLB |  | Repurchase
| Advances |  | Agreements
2022 | $ | 95,000 |  |  | $ | 25,000 |
2023 | 87,500 |  |  | — |
2024 | 25,000 |  |  | 25,000 |
2025 | 112,500 |  |  | — |
Thereafter | 45,000 |  |  | — |
| $ | 365,000 |  |  | $ | 50,000 |
| December 31, 2020
| FHLB |  | Repurchase
| Advances |  | Agreements
2021 | $ | 145,000 |  |  | $ | 25,000 |
2022 | 95,000 |  |  | 25,000 |
2023 | 87,500 |  |  | — |
2024 | 25,000 |  |  | 25,000 |
2025 | 112,500 |  |  | — |
Thereafter | 45,000 |  |  | — |
| $ | 510,000 |  |  | $ | 75,000 |
Further information regarding FHLB advances and repurchase agreements is summarized as follows (in thousands):
| December 31,
| 2021 |  | 2020 |  | 2021 |  | 2020
| FHLB Advances |  | Repurchase Agreements
Average balance during year | $ | 434,422 |  |  | $ | 562,467 |  |  | $ | 60,068 |  |  | $ | 75,000 |
Maximum outstanding at any month end | $ | 510,000 |  |  | $ | 695,000 |  |  | $ | 75,000 |  |  | $ | 75,000 |
Weighted average interest rate at end of year | 2.10 | % |  | 2.05 | % |  | 2.36 | % |  | 2.30 | %
Weighted average interest rate during year | 2.08 | % |  | 2.01 | % |  | 2.36 | % |  | 2.35 | %
All of the repurchase agreements mature after more than 90 days. The repurchase agreements were secured primarily by mortgage-backed securities with an amortized cost of $52.6 million and a fair value of $53.8 million as of December 31, 2021. At December 31, 2020, the repurchase agreements were secured primarily by mortgage-backed securities with an amortized cost of $88.9 million and a fair value of $91.4 million. The Company has the ability to obtain additional funding from the FHLB and Federal Reserve Bank discount window of approximately $2.09 billion, utilizing unencumbered and unpledged securities of $647.5 million and multifamily loans of $1.44 billion at December 31, 2021. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. Interest expense on borrowings is summarized as follows (in thousands):
| December 31,
| 2021 |  | 2020 |  | 2019
Repurchase agreements | $ | 1,416 |  |  | $ | 1,762 |  |  | $ | 1,065 |
FHLB advances | 9,026 |  |  | 11,323 |  |  | 10,795 |
Floating rate advances | — |  |  | 22 |  |  | 170 |
| $ | 10,442 |  |  | $ | 13,107 |  |  | $ | 12,030 |

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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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