Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2014

Borrowed funds are summarized as follows (in thousands):


	December 31,
	2014					2013
	Amount		Weighted Average Rate			Amount		Weighted Average Rate

Federal Home Loan Bank advances	$	305,238		1.18	%	$	175,000		0.69	%
Securities sold under agreements to repurchase		67,812		0.12			68,304		0.15
Other borrowings		27,500		2.75			27,500		2.76

	$	400,550		1.11	%	$	270,804		0.76	%

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
	2014			2013			2014			2013
Average balance	$	219,847		$	219,102		$	64,223		$	69,621
Maximum amount outstanding at any month end		305,238			282,500			68,856			73,067
Average interest rate for the year		1.14	%		1.82	%		0.12	%		0.18	%
Amortized cost of collateral:
Mortgage-backed securities		—			—		$	70,449		$	78,474
Estimated fair value of collateral:
Mortgage-backed securities		—			—			70,954			78,512

Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements

FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2014 as follows (in thousands):


	FHLB Advances		Reverse Repurchase Agreements
Year Ended December 31,
2015	$	117,853	$	67,812
2016		6,887		—
2017		36,922		—
2018		71,958		—
2019		71,618		—

	$	305,238	$	67,812

Interest Expense on Borrowings

Interest expense on borrowings for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):


	Years Ended December 31,
	2014		2013		2012
Federal Home Loan Bank advances	$	2,515	$	3,986	$	5,495
Securities sold under agreements to repurchase		78		124		201
Other borrowings		809		809		860

	$	3,402	$	4,919	$	6,556