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Borrowings
 12 Months Ended
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,
 20212020
Repurchase agreements$50,000 $75,000 
Other borrowings:  
FHLB advances365,000 510,000 
Floating rate advances6,755 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
 FHLBRepurchase
 AdvancesAgreements
2022$95,000 $25,000 
202387,500 — 
202425,000 25,000 
2025112,500 — 
Thereafter45,000 — 
 $365,000 $50,000 
 December 31, 2020
 FHLBRepurchase
 AdvancesAgreements
2021$145,000 $25,000 
202295,000 25,000 
202387,500 — 
202425,000 25,000 
2025112,500 — 
Thereafter45,000 — 
 $510,000 $75,000 

Further information regarding FHLB advances and repurchase agreements is summarized as follows (in thousands):
December 31,
2021202020212020
FHLB AdvancesRepurchase 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 year2.10 %2.05 %2.36 %2.30 %
Weighted average interest rate during year2.08 %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,
 202120202019
Repurchase agreements$1,416 $1,762 $1,065 
FHLB advances9,026 11,323 10,795 
Floating rate advances— 22 170 
 $10,442 $13,107 $12,030