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Borrowed Funds
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
BORROWED FUNDS 13. 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, 2019
Federal funds purchased $195,000  1.62 %$200,000  $135,720  2.19 %
FHLB advances112,675  2.20  635,830  226,728  2.43  
Trust preferred borrowings67,011  3.62  67,011  67,011  4.14  
Senior debt98,605  4.78  98,605  98,492  4.79  
Other borrowed funds15,997  0.10  55,400  29,786  0.30  
December 31, 2018
Federal funds purchased $157,975  2.52 %$157,975  $89,325  1.90 %
FHLB advances328,465  2.52  695,484  426,755  1.97  
Trust preferred borrowings67,011  4.51  67,011  67,011  3.84  
Senior debt98,388  4.50  98,388  98,275  4.80  
Other borrowed funds47,949  0.23  71,584  39,314  0.12  
Federal Home Loan Bank Advances
Advances from the FHLB with rates ranging from 1.50% to 2.79% at December 31, 2019 are due as follows:
 
(Dollars in thousands)Amount
Weighted
Average
Rate
2020$33,465  1.80 %
202135,833  2.74  
202243,377  2.28  
$112,675  2.28 %
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, we are required to purchase and hold shares of capital stock in the FHLB in an amount at least equal to 0.10% of our member asset value plus 4.00% of advances outstanding. We were in compliance with this requirement with a stock investment in FHLB of $21.1 million at December 31, 2019 and $19.3 million at December 31, 2018. This stock is carried on the accompanying Consolidated Statements of Financial Condition at cost, which approximates liquidation value.
We received dividends on our stock investment in FHLB of $1.5 million for the years ended December 31, 2019 and 2018. For additional information regarding FHLB Stock, see Note 19.
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
During 2019 and 2018, we purchased federal funds as a short-term funding source. At December 31, 2019, we had purchased $195.0 million in federal funds at an average rate of 1.60%. At December 31, 2018, we had purchased $158.0 million in federal funds at an average rate of 2.52%.
We had no securities sold under agreements to repurchase at December 31, 2019 and December 31, 2018.
Trust Preferred Borrowings
In 2005, we 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 callable and have a maturity date of June 1, 2035.
Senior Debt
On June 13, 2016, the Company issued $100.0 million of the 2016 senior notes. The 2016 senior notes mature on June 15, 2026 and have 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 2016 senior notes may be redeemed beginning on June 15, 2021 at 100% of principal plus accrued and unpaid interest. The proceeds are being used for general corporate purposes.
Other Borrowed Funds
Included in other borrowed funds are collateralized borrowings of $16.0 million and $47.9 million at December 31, 2019 and 2018, 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. The average rates on these borrowings were 0.30% and 0.12% at December 31, 2019 and 2018 respectively.
Borrower in Custody
The Bank had $429.0 million and $176.4 million of loans pledged to the Federal Reserve of Philadelphia (FRB) at December 31, 2019 and December 31, 2018, respectively. The Bank did not borrow funds from the FRB during 2019 or 2018.