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Borrowed Funds
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Borrowed funds as of March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):
March 31, 2024December 31, 2023
Securities sold under repurchase agreements$89,241 72,161 
FHLB line of credit149,000 148,000 
FHLB advances1,269,857 1,299,872 
FRB BTFP Borrowing550,000 450,000 
Total Borrowed Funds$2,058,098 1,970,033 
Total long-term borrowings totaled $305.2 million and $534.8 million as of March 31, 2024 and December 31, 2023, respectively, while total short-term borrowings totaled $1.75 billion and $1.44 billion for the same periods.
As of March 31, 2024, FHLB advances were at fixed rates and mature between April 2024 and September 2027, and as of December 31, 2023, FHLB advances were at fixed rates with maturities between January 2024 and September 2027. These advances are secured by loans receivable under a blanket collateral agreement.
In March 2023, the Bank established a facility under the Bank Term Funding Program ("BTFP" or "Program") with the Federal Reserve Bank of New York ("FRBNY"). As of March 31, 2024, the Company had $550.0 million of advances under the Program. We elected to participate in the BTFP due to significant cost savings compared to other wholesale funding sources. The funding was used to pay off existing wholesale borrowings. The ability to prepay at any time without penalty also enhances our ability to manage our interest rate risk position.
Scheduled maturities of FHLB advances and lines of credit as of March 31, 2024 are as follows (in thousands):
 2024
Due in one year or less$1,363,650 
Due after one year through two years272,762 
Due after two years through three years282,445 
Due after three years through four years50,000 
Thereafter— 
Total FHLB advances and overnight borrowings$1,968,857 
Scheduled maturities of securities sold under repurchase agreements as of March 31, 2024 are as follows (in thousands):
 2024
Due in one year or less$89,241 
Thereafter— 
Total securities sold under repurchase agreements$89,241 
The following tables set forth certain information as to borrowed funds for the periods ended March 31, 2024 and December 31, 2023 (in thousands):
Maximum
balance
Average
balance
Weighted average
interest rate
March 31, 2024
Securities sold under repurchase agreements$89,241 77,928 1.86 %
FHLB overnight borrowings149,000 61,648 5.45 
FHLB advances1,299,867 1,262,614 3.11 
FRB BTFP Borrowing550,000 538,791 4.77 
December 31, 2023
Securities sold under repurchase agreements$99,669 87,227 1.69 %
FHLB overnight borrowings500,000 262,289 5.29 
FHLB advances1,592,277 1,282,124 3.14 
FRB BTFP Borrowing450,000 4,932 4.83 
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. As of March 31, 2024 and December 31, 2023, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLB advances, totaled $993.4 million and $924.6 million, respectively. Additionally, as of March 31, 2024 and December 31, 2023, the par value of securities pledged to secure the BTFP was $580.0 million and $589.1 million.
Interest expense on borrowings for the three months ended March 31, 2024 and 2023, was $17.4 million and $7.5 million, respectively.