Borrowed Funds

12 Months Ended

Dec. 31, 2021

Borrowed funds were comprised of the following:


	As of December 31,
	2021		2020
	(In thousands)
FHLB advances	$	14,020	$	14,624
Escrow deposits of borrowers	20,258		13,425
Total borrowed funds	$	34,278	$	28,049

At December 31, 2021 and 2020, the Company had available and unused borrowing capacity of approximately $455.3 million and $503.5 million, respectively, at the Federal Reserve Discount Window. At December 31, 2020, we also had the ability to borrow from the Federal Reserve Paycheck Protection Program Liquidity Facility (“PPPLF”). As of December 31, 2020, the Company had $1.0 billion in PPP loans that could have been pledged to the PPPLF. The Federal Reserve ended the PPPLF as of July 30, 2021. Accordingly, at December 31, 2021, the Company no longer had additional capacity under the PPPLF.

Interest expense on borrowed funds was as follows:


	For the Year Ended December 31,
	2021		2020		2019
	(In thousands)
Federal funds purchased	$	—	$	570	$	3,976
Federal Home Loan Bank advances	163		190		2,406
Escrow deposits of borrowers	2		2		4
Interest rate swap collateral funds	—		—		66
Total interest expense on borrowed funds	$	165	$	762	$	6,452

A summary of FHLBB advances, by maturities were as follows:


	As of December 31,
	2021				2020
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
	(Dollars in thousands)
Within one year	$	17	0.14	%	$	—	—	%
Over one year to three years	1,488		0.32	%	1,412		0.22	%
Over three years to five years	2,854		1.10	%	2,309		1.31	%
Over five years	9,661		1.24	%	10,903		1.22	%
Total Federal Home Loan Bank advances	$	14,020	1.11	%	$	14,624	1.14	%

At December 31, 2021 and 2020, advances from the FHLBB were secured by stock in FHLBB, residential real estate loans and commercial real estate loans. The collateral value of residential real estate and commercial real estate loans securing these advances was $1.0 billion and $888.3 million, respectively, at December 31, 2021, and $913.7 million and $741.5 million, respectively, at December 31, 2020. At December 31, 2021 and 2020, the Bank had available and unused borrowing capacity of approximately $1.8 billion and $1.6 billion, respectively, with the FHLBB.

As a member of the FHLBB, the Company is required to hold FHLBB stock. At December 31, 2021 and 2020, the Company had investments in the FHLBB of $10.9 million and $8.8 million, respectively. At its discretion, the FHLBB may declare dividends on the stock. Included in other noninterest income in the consolidated statements of income are dividends received of $0.2 million, $0.4 million, and $0.8 million during the years ended December 31, 2021, 2020, and 2019, respectively.