Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2015

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	%

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
	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

Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements

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

Interest Expense on Borrowings

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