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Borrowed Funds (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Summary of borrowed funds

Borrowed funds consist of the following obligations as of:

	September 30, 2018							December 31, 2017
	Amount				Rate			Amount				Rate
FHLB advances	$	320,000			2.17	%		$	290,000			1.94	%
Securities sold under agreements to repurchase without stated maturity dates	39,776				0.10	%		54,878				0.12	%
Total	$	359,776			1.94	%		$	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:

	September 30, 2018							December 31, 2017
	Amount				Rate			Amount				Rate
Fixed rate due 2018	$	20,000			1.86	%		$	70,000			1.96	%
Fixed rate due 2019	100,000				1.94	%		85,000				1.87	%
Fixed rate due 2020	55,000				2.18	%		35,000				1.80	%
Fixed rate due 2021	50,000				1.91	%		50,000				1.91	%
Variable rate due 2021 (1)	10,000				2.62	%		10,000				1.72	%
Fixed rate due 2022	20,000				1.97	%		20,000				1.97	%
Fixed rate due 2023	35,000				3.17	%		10,000				3.90	%
Fixed rate due 2024	20,000				2.96	%		—				—	%
Fixed rate due 2026	10,000				1.17	%		10,000				1.17	%
Total	$	320,000			2.17	%		$	290,000			1.94	%

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

Summary of short term borrowings

The following tables provide 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 and nine month periods ended September 30, 2018.

	Three Months Ended September 30
	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	$	40,346			$	34,886			0.09	%		$	58,464			$	53,846			0.13	%
Federal funds purchased	—				1,375				1.90	%		3,815				1,474				1.20	%
FRB Discount Window	—				—				—	%		—				82				1.60	%

	Nine Months Ended September 30
	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	$	40,346			$	34,608			0.14	%		$	58,464			$	55,051			0.13	%
Federal funds purchased	16,200				5,000				2.52	%		5,965				3,280				1.13	%
FRB Discount Window	—				—				—	%		—				57				1.54	%

Summary of pledged financial instruments

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

	September 30 2018				December 31 2017
Pledged to secure borrowed funds	$	432,217			$	410,988
Pledged to secure repurchase agreements	39,795				54,898
Pledged for public deposits and for other purposes necessary or required by law	33,978				27,976
Total	$	505,990			$	493,862

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

	September 30 2018				December 31 2017
States and political subdivisions	$	7,045			$	7,332
Mortgage-backed securities	7,450				13,199
Collateralized mortgage obligations	25,300				34,367
Total	$	39,795			$	54,898

Schedule of derivative instruments

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

September 30, 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

2.6

$

10,000

Other Assets

$

451

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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