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Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Summary of borrowed funds

Borrowed funds consist of the following obligations as of:

	March 31, 2018							December 31, 2017
	Amount				Rate			Amount				Rate
FHLB advances	$	260,000			1.94	%		$	290,000			1.94	%
Securities sold under agreements to repurchase without stated maturity dates	32,913				0.09	%		54,878				0.12	%
Federal funds purchased	10,200				1.89	%		—				—	%
Total	$	303,113			1.74	%		$	344,878			1.65	%

Federal Home Loan Bank, Advances

The following table lists the maturities and weighted average interest rates of FHLB advances as of:

	March 31, 2018							December 31, 2017
	Amount				Rate			Amount				Rate
Fixed rate due 2018	$	30,000			1.57	%		$	70,000			1.96	%
Fixed rate due 2019	85,000				1.87	%		85,000				1.87	%
Fixed rate due 2020	35,000				1.80	%		35,000				1.80	%
Fixed rate due 2021	50,000				1.91	%		50,000				1.91	%
Variable rate due 2021 1	10,000				2.15	%		10,000				1.72	%
Fixed rate due 2022	20,000				1.97	%		20,000				1.97	%
Fixed rate due 2023	20,000				3.36	%		10,000				3.90	%
Fixed rate due 2026	10,000				1.17	%		10,000				1.17	%
Total	$	260,000			1.94	%		$	290,000			1.94	%

⁽¹⁾  Hedged advance (see "Derivative Instruments" section below)

Summary of short term borrowings

The following table provides a summary of securities sold under repurchase agreements without stated maturity dates and federal funds purchased. We had no FRB Discount Window advances during the three month periods ended March 31, 2018 or 2017.

	Three Months Ended March 31
	2018											2017
	Maximum Month End Balance				Average Balance				Weighted Average Interest Rate During the Period			Maximum Month End Balance				Average Balance				Weighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates	$	38,967			$	35,995			0.10	%		$	58,088			$	57,505			0.13	%
Federal funds purchased	10,200				4,460				1.66	%		5,200				863				0.96	%

Summary of pledged financial instruments

We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:

	March 31 2018				December 31 2017
Pledged to secure borrowed funds	$	402,702			$	410,988
Pledged to secure repurchase agreements	32,933				54,898
Pledged for public deposits and for other purposes necessary or required by law	33,958				27,976
Total	$	469,593			$	493,862

AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:

	March 31 2018				December 31 2017
States and political subdivisions	$	2,413			$	7,332
Mortgage-backed securities	9,192				13,199
Collateralized mortgage obligations	21,328				34,367
Total	$	32,933			$	54,898

Schedule of derivative instruments

The following tables provide information on derivatives related to variable rate borrowings as of:

March 31, 2018

Pay Rate

Receive Rate

Remaining Life (Years)

Notional Amount

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments

Cash Flow Hedges:

Interest rate swaps

1.56

%

3-Month LIBOR

3.1

$

10,000

Other Assets

$

413

December 31, 2017

Pay Rate

Receive Rate

Remaining Life (Years)

Notional Amount

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments

Cash Flow Hedges:

Interest rate swaps

1.56

%

3-Month LIBOR

3.3

$

10,000

Other Assets

$

291

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