Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2022

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