Borrowings

12 Months Ended

Dec. 31, 2020

The Company’s repurchase agreements totaled $1,004,583,000 and $569,824,000 at December 31, 2020 and 2019, respectively, and are secured by debt securities with carrying values of $1,151,264,000 and $711,210,000, 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, 2020		December 31, 2019
	Remaining Contractual Maturity of the Agreements
(Dollars in thousands)	Overnight and Continuous


State and local governments	$	787,016	—
Corporate bonds	217,567		—
Residential mortgage-backed securities	—		312,015
Commercial mortgage-backed securities	—		257,809
Total	$	1,004,583	569,824

FHLB 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. During 2020, the Company paid down all FHLB advances and they were zero at year end, December 31, 2020. The scheduled maturities of FHLB advances for 2019 consisted of the following:


	December 31, 2019
(Dollars in thousands)		Amount		Weighted Rate
Maturing within one year		$	31,492	1.81	%
Maturing one year through two years		5,000		2.95	%
Maturing two years through three years		889		5.25	%
Maturing three years through four years		165		5.45	%
Maturing four years through five years		780		4.31	%
Thereafter		285		6.31	%
Total		$	38,611	2.14	%

The Company’s other borrowings consisted of finance lease liabilities and other debt obligations through consolidation of certain VIEs. At December 31, 2020, the Company had $635,000,000 in unsecured lines of credit which are typically renewed on an annual basis with various correspondent entities.