XML 36 R18.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Borrowed Funds
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds at December 31, 2019 and 2018 are summarized as follows (in thousands):
20192018
Securities sold under repurchase agreements$60,737  121,322  
FHLB line of credit298,000  283,000  
FHLB advances766,409  1,037,960  
Total borrowed funds$1,125,146  1,442,282  
At December 31, 2019, FHLB advances were at fixed rates and mature between January 2020 and May 2022, and at December 31, 2018, FHLB advances were at fixed rates and mature between January 2019 and April 2022. These advances are secured by loans receivable under a blanket collateral agreement.
Scheduled maturities of FHLB advances at December 31, 2019 are as follows (in thousands):
 2019
Due in one year or less$489,169  
Due after one year through two years146,240  
Due after two years through three years131,000  
Due after three years through four years—  
Thereafter—  
Total FHLB advances$766,409  
Scheduled maturities of securities sold under repurchase agreements at December 31, 2019 are as follows (in thousands):
 2019
Due in one year or less$60,737  
Thereafter—  
Total securities sold under repurchase agreements$60,737  
The following tables set forth certain information as to borrowed funds for the years ended December 31, 2019 and 2018 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
2019
Securities sold under repurchase agreements$96,914  71,234  0.49 %
FHLB line of credit451,000  325,481  2.40  
FHLB advances1,190,006  939,916  2.11  
2018
Securities sold under repurchase agreements$153,715  139,729  1.04 %
FHLB line of credit487,000  259,189  2.09  
FHLB advances1,256,525  1,136,988  1.90  
Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements.
Interest expense on borrowings for the years ended December 31, 2019, 2018 and 2017 amounted to $28.0 million, $28.5 million and $26.2 million, respectively.