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Borrowed Funds
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
BORROWED FUNDS 12. BORROWED FUNDS
The following is a summary of borrowed funds by type, at or for the twelve months ended:
 
(Dollars in thousands)
Balance at
End of
Period
Weighted
Average
Interest
Rate
Maximum
Outstanding
at Month
End During
the Period
Average
Amount
Outstanding
During the
Year
Weighted
Average
Interest
Rate
During the
Year
December 31, 2021
Federal funds purchased $— — %$— $27 — %
FHLB advances— — — 184 2.72 
Trust preferred borrowings67,011 1.91 67,011 67,011 1.90 
Senior debt147,939 2.94 246,763 192,243 3.38 
Other borrowed funds24,527 0.10 27,292 21,634 0.10 
December 31, 2020
Federal funds purchased $— — %$174,725 $34,974 1.35 %
FHLB advances6,623 2.63 119,971 88,011 2.22 
Trust preferred borrowings67,011 1.97 67,011 67,011 2.61 
Senior debt246,617 3.79 246,617 108,420 4.61 
Other borrowed funds20,390 0.10 23,673 18,854 0.10 
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
During 2021 and 2020, the Company purchased federal funds as a short-term funding source. The Company had no securities sold under agreements to repurchase at December 31, 2021 and December 31, 2020.
Federal Home Loan Bank Advances
Advances from the FHLB matured in January 2021, with an interest rate of 2.60%.
Pursuant to collateral agreements with the FHLB, advances are secured by qualifying loan collateral, qualifying fixed-income securities, FHLB stock and an interest-bearing demand deposit account with the FHLB. As a member of the FHLB, the Company is required to purchase and hold shares of capital stock in the FHLB and was in compliance with this requirement with a stock investment in FHLB of $6.1 million at December 31, 2021 and $5.8 million at December 31, 2020. This stock is carried on the accompanying Consolidated Statements of Financial Condition at cost, which approximates liquidation value.
The Company received dividends on its stock investment in FHLB of $0.1 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively. For additional information regarding FHLB Stock, see Note 18.
Trust Preferred Borrowings
In 2005, the Company issued $67.0 million of aggregate principal amount of Pooled Floating Rate Securities at a variable interest rate of 177 basis points over the three-month LIBOR rate. These securities are currently callable and have a maturity date of June 1, 2035.
Senior Debt
On June 13, 2016, the Company issued $100.0 million of senior notes due 2026 (the 2026 Notes). The 2026 Notes had a fixed coupon rate of 4.50% from issuance to but excluding June 15, 2021 and a variable coupon rate of three month LIBOR plus 3.30% from June 15, 2021 until maturity. The 2026 Notes were redeemed on June 15, 2021 at 100% of principal plus accrued and unpaid interest using cash on hand.
On December 3, 2020, the Company issued $150.0 million of senior notes due 2030 (the 2030 Notes). The 2030 Notes mature on December 15, 2030 and have a fixed coupon rate of 2.75% from issuance until December 15, 2025 and a variable coupon rate equal to the three-month term SOFR, reset quarterly, plus 2.485% from December 15, 2025 until maturity. The 2030 Notes may be redeemed beginning December 15, 2025 at 100% of principal plus accrued and unpaid interest. The remaining net proceeds from the issuance of the 2030 Notes are being used for general corporate purposes, including, but not limited to, financing organic growth, acquisitions, repurchases of common stock, and redemption of outstanding indebtedness.
Other Borrowed Funds
Included in other borrowed funds are collateralized borrowings of $24.5 million and $20.4 million at December 31, 2021 and 2020, respectively, consisting of outstanding retail repurchase agreements, contractual arrangements under which portions of certain securities are sold overnight to retail customers under agreements to repurchase. Such borrowings were collateralized by mortgage-backed securities.
Borrower in Custody
The Company had $282.1 million and $347.1 million of loans and securities pledged to the Federal Reserve of Philadelphia (FRB) at December 31, 2021 and December 31, 2020, respectively. The Company did not borrow funds from the FRB during 2021 or 2020.