(10) Borrowed Funds

Borrowed funds are summarized as follows (in thousands):


	December 31,
	2015					2014
	Amount		Weighted Average Rate			Amount		Weighted Average Rate
Federal Home Loan Bank advances	$	324,385		1.41	%	$	305,238		1.18	%
Securities sold under agreements to repurchase		75,872		0.14			67,812		0.12
Other borrowings		22,500		2.00			27,500		2.75

	$	422,757		1.21	%	$	400,550		1.11	%

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
	2015			2014			2015			2014
Average balance	$	253,843		$	219,847		$	73,029		$	64,223
Maximum amount outstanding at any month end		352,624			305,238			77,803			68,856
Average interest rate for the year		1.52	%		1.14	%		0.14	%		0.12	%
Amortized cost of collateral:
Mortgage-backed securities		—			—		$	79,483		$	70,449
Estimated fair value of collateral:
Mortgage-backed securities		—			—			83,233			70,954

The securities collateralizing the reverse repurchase agreements are delivered to the lender with whom each transaction is executed or to a third-party custodian. The lender, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agrees to resell to the Company substantially the same securities at the maturity of the reverse repurchase agreements. (See note 4)

FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2015 as follows (in thousands):


	FHLB Advances		Reverse Repurchase Agreements
Year Ended December 31,
2016	$	88,887	$	75,872
2017		36,922		—
2018		71,958		—
2019		71,618		—
2020		55,000		—

	$	324,385	$	75,872

During 2007, the Company issued $10.0 million of trust preferred securities which carry a floating rate of 175 basis points over 3-month LIBOR adjusted quarterly. Accrued interest is due quarterly with principal due at the maturity date of September 1, 2037. During 2006, the Company issued $12.5 million of trust preferred securities. The trust preferred securities carry a floating rate of 166 basis points over 3-month LIBOR adjusted quarterly. Accrued interest is due quarterly with principal due at the maturity date in 2036. On August 4, 2005, the Company issued $5.0 million of subordinated debt at a fixed interest rate of 6.35%, which was repaid at maturity on November 23, 2015.

Interest expense on borrowings for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands):


	Years Ended December 31,
	2015		2014		2013

Federal Home Loan Bank advances	$	3,850	$	2,515	$	3,986
Securities sold under agreements to repurchase		103		78		124
Other borrowings		780		809		809

	$	4,733	$	3,402	$	4,919

All FHLB advances are secured by the Bank’s mortgage loans and FHLB stock. As a member of the FHLB of New York, the Bank is required to maintain a minimum investment in the capital stock of the FHLB, at cost, in an amount equal to 0.20% of the Bank’s mortgage-related assets, plus 4.5% of the specified value of certain transactions between the Bank and the FHLB.