Borrowings

12 Months Ended

Dec. 31, 2019

Borrowings consisted of FHLB advances, securities sold under agreements to repurchase (repurchase agreements), and floating rate advances and are summarized as follows (in thousands):



	December 31,
	2019		2018
Repurchase agreements	$	75,000	$	—
Other borrowings:
FHLB advances	776,000		403,502
Floating rate advances	6,004		5,345
Obligations under capital leases	—		44
	$	857,004	$	408,891

FHLB advances are secured by a blanket lien on unencumbered securities and the Company’s FHLB capital stock.

FHLB advances and repurchase agreements have contractual maturities as follows (in thousands):



	December 31, 2019
	FHLB		Repurchase
	Advances		Agreements
2020	$	411,000	$	—
2021	145,000		25,000
2022	95,000		25,000
2023	87,500		—
2024	25,000		25,000
Thereafter	12,500		—
	$	776,000	$	75,000

Further information regarding FHLB advances and repurchase agreements is summarized as follows (in thousands):



	December 31,
	2019			2018			2019			2018
	FHLB Advances						Repurchase Agreements
Average balance during year	$	518,372		$	448,012		$	45,342		$	—
Maximum outstanding at any month end	$	776,000		$	475,582		$	75,000		$	—
Weighted average interest rate at end of year	2.04		%	1.95		%	2.30		%	—		%
Weighted average interest rate during year	2.08		%	1.82		%	2.35		%	—		%

All of the repurchase agreements mature after more than 90 days. The repurchase agreements are secured primarily by mortgage-backed securities with an amortized cost of $78.9 million and a fair value of $78.3 million. There were no repurchase agreements at December 31, 2018.

The Company has the ability to obtain additional funding from the FHLB and Federal Reserve Bank discount window of approximately $1.43 billion, utilizing unencumbered and unpledged securities of $284.8 million and multifamily loans of $1.1 billion at December 31, 2019. The Company expects to have sufficient funds available to meet current commitments in the normal course of business.

Interest expense on borrowings is summarized as follows (in thousands):



	Years Ended December 31,
	2019		2018		2017
Repurchase agreements	$	1,065	$	7	$	137
FHLB advances	10,795		8,172		7,390
Floating rate advances	170		123		33
Obligations under capital leases	—		7		30
	$	12,030	$	8,309	$	7,590