Borrowings

12 Months Ended

Dec. 31, 2019

The Company’s repurchase agreements totaled $569,824,000 and $396,151,000 at December 31, 2019 and 2018, respectively, and are secured by debt securities with carrying values of $711,210,000 and $511,294,000, respectively. Securities are pledged to customers at the time of the transaction in an amount at least equal to the outstanding balance and are held in custody accounts by third parties. The fair value of collateral is continually monitored and additional collateral is provided as deemed appropriate. The following tables summarize the carrying value of the Company’s repurchase agreements by remaining contractual maturity and category of collateral:


	December 31, 2019
	Remaining Contractual Maturity of the Agreements
(Dollars in thousands)	Overnight and Continuous		Up to 30 Days	Total




Residential mortgage-backed securities	$	312,015	—	312,015
Commercial mortgage-backed securities	257,809		—	257,809
Total	$	569,824	—	569,824


	December 31, 2018
	Remaining Contractual Maturity of the Agreements
(Dollars in thousands)	Overnight and Continuous		Up to 30 Days	Total




Residential mortgage-backed securities	$	328,174	—	328,174
Commercial mortgage-backed securities	66,339		1,638	67,977
Total	$	394,513	1,638	396,151

The Company’s FHLB advances bear a fixed rate of interest and are subject to restrictions or penalties in the event of prepayment. The advances are collateralized by specifically pledged loans and debt securities, FHLB stock owned by the Company, and a blanket assignment of the unpledged qualifying loans and investments. In September 2019, the Company implemented a balance sheet strategy to increase its net interest income and net interest margin. The strategy included early termination of the Company's pay-fixed interest rate swaps and corresponding debt, including FHLB advances. A $3,531,000 loss was recognized on the early payment of the FHLB advances and was reported in loss on termination of hedging activities on the Company’s statements of operations. The scheduled maturities of FHLB advances consist of the following:


	December 31, 2019						December 31, 2018
(Dollars in thousands)	Amount		Weighted Rate		Amount		Weighted Rate
Maturing within one year	$	31,492	1.81	%	$	285,847	2.63	%
Maturing one year through two years	5,000		2.95	%	1,572		3.50	%
Maturing two years through three years	889		5.25	%	150,370		3.77	%
Maturing three years through four years	165		5.45	%	918		5.25	%
Maturing four years through five years	780		4.31	%	204		5.45	%
Thereafter	285		6.31	%	1,264		4.82	%
Total	$	38,611	2.14	%	$	440,175	3.03	%

The Company’s other borrowings consisted of finance lease liabilities and other debt obligations through consolidation of certain VIEs. At December 31, 2019, the Company had $230,000,000 in unsecured lines of credit which are typically renewed on an annual basis with various correspondent entities.