Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2018

Borrowed funds are summarized as follows (in thousands):



	December 31,
	2018				2017
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Federal Home Loan Bank advances	$	449,383	2.15	%	$	288,691	1.74	%
Securities sold under agreements to repurchase	61,760		0.30		79,668		0.21
Other borrowings	99,530		5.24		56,519		4.48
	$	610,673	2.47	%	$	424,878	1.82	%

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 (“reverse repurchase agreements”) is summarized as follows (in thousands):



	FHLB Advances						Reverse Repurchase Agreements
	2018			2017			2018			2017
Average balance	$	382,464		$	258,870		$	66,340		$	74,712
Maximum amount outstanding at any month end	675,802			291,615			82,463			80,945
Average interest rate for the year	2.06		%	1.73		%	0.25		%	0.16		%
Amortized cost of collateral:
Mortgage-backed securities	$	—		$	—		$	75,425		$	58,020
Estimated fair value of collateral:
Mortgage-backed securities	—			—			74,144			58,007

Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements

FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2018 as follows (in thousands):



	FHLB Advances		Reverse Repurchase Agreements
For the Year Ended December 31,
2019	$	280,077	$	61,760
2020	89,770		—
2021	24,743		—
2022	54,793		—
2023	—		—
Total	$	449,383	$	61,760

Schedule of Other Borrowings

The other borrowings at December 31, 2018 include the following (in thousands):



Type of Debt	Stated Value		Carrying Value		Interest Rate			Maturity
Subordinated debt	$	35,000	$	34,281	5.125	%	⁽¹⁾	September 30, 2026
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		10,000		3 month LIBOR plus 175 basis points			September 1, 2037
Trust preferred	30,000		22,361		3 month LIBOR plus 135 basis points			March 15, 2036
Trust preferred	10,000		7,571		3 month LIBOR plus 153 basis points			June 30, 2037
Trust preferred	10,000		7,422		3 month LIBOR plus 139 basis points			October 1, 2037
Capital lease	3,263		3,263		7.990	%		August 30, 2025
Capital lease	2,132		2,132		5.625	%		June 30, 2029


(1)	Adjusts to a floating rate of 392 basis points over 3 month LIBOR on September 30, 2021.

Interest Expense on Borrowings

Interest expense on borrowings for the years ended December 31, 2018, 2017, and 2016 is as follows (in thousands):



	For the Year Ended December 31,
	2018		2017		2016
Federal Home Loan Bank advances	$	7,885	$	4,486	$	4,471
Securities sold under agreements to repurchase	168		121		102
Other borrowings	5,521		2,668		1,073
	$	13,574	$	7,275	$	5,646