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Borrowed Funds
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands):
March 31, 2022December 31, 2021
Securities sold under repurchase agreements$118,759 116,760 
FHLB line of credit— — 
FHLB advances280,848 510,014 
Total borrowed funds$399,606 626,774 
At March 31, 2022, FHLB advances were at fixed rates and mature between April 2022 and July 2025, and at December 31, 2021, FHLB advances were at fixed rates with maturities between January 2022 and July 2025. These advances are secured by loans receivable under a blanket collateral agreement.
Scheduled maturities of FHLB advances at March 31, 2022 are as follows (in thousands):
 2022
Due in one year or less$102,971 
Due after one year through two years45,049 
Due after two years through three years74,668 
Due after three years through four years58,160 
Thereafter— 
Total FHLB advances$280,848 
Scheduled maturities of securities sold under repurchase agreements at March 31, 2022 are as follows (in thousands):
 2022
Due in one year or less$118,759 
Thereafter— 
Total securities sold under repurchase agreements$118,759 
The following tables set forth certain information as to borrowed funds for the periods ended March 31, 2022 and December 31, 2021 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
March 31, 2022
Securities sold under repurchase agreements$120,188 117,615 0.30 %
FHLB line of credit— — — 
FHLB advances488,996 432,064 0.99 
December 31, 2021
Securities sold under repurchase agreements$132,005 116,158 0.07 %
FHLB line of credit— 205 0.34 
FHLB advances941,939 673,014 1.27 
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.
At March 31, 2022 and December 31, 2021, available for sale debt securities pledged as collateral for repurchase agreements totaled $133.3 million and $136.0 million, respectively.
Interest expense on borrowings for the three months ended March 31, 2022 and 2021 was $1.2 million and $2.8 million, respectively.