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Borrowed Funds (Tables) | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Summary of borrowed funds | Borrowed funds consist of the following obligations as of:
| March 31, 2020 |  | December 31, 2019
| Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 235,000 |  |  | 2.34 | % |  | $ | 245,000 |  |  | 2.32 | %
Securities sold under agreements to repurchase without stated maturity dates | 28,171 |  |  | 0.09 | % |  | 30,999 |  |  | 0.09 | %
Total | $ | 263,171 |  |  | 2.10 | % |  | $ | 275,999 |  |  | 2.07 | %
Federal Home Loan Bank, Advances | The following table lists the maturities and weighted average interest rates of FHLB advances as of:
| March 31, 2020 |  | December 31, 2019
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate due 2020 | $ | 45,000 |  |  | 2.28 | % |  | $ | 55,000 |  |  | 2.18 | %
Fixed rate due 2021 | 50,000 |  |  | 1.91 | % |  | 50,000 |  |  | 1.91 | %
Variable rate due 2021 (1) | 10,000 |  |  | 1.99 | % |  | 10,000 |  |  | 2.20 | %
Fixed rate due 2022 | 20,000 |  |  | 1.97 | % |  | 20,000 |  |  | 1.97 | %
Fixed rate due 2023 | 45,000 |  |  | 2.97 | % |  | 45,000 |  |  | 2.97 | %
Fixed rate due 2024 | 55,000 |  |  | 2.68 | % |  | 55,000 |  |  | 2.68 | %
Fixed rate due 2026 | 10,000 |  |  | 1.17 | % |  | 10,000 |  |  | 1.17 | %
Total | $ | 235,000 |  |  | 2.34 | % |  | $ | 245,000 |  |  | 2.32 | %
(1) | Hedged advance (see “Derivative Instruments” section below)
Summary of short term borrowings | A summary of securities sold under repurchase agreements without stated maturity dates and federal funds purchased was as follows for the:
| Three Months Ended March 31
| 2020 |  | 2019
| 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 | $ | 32,236 |  |  | $ | 30,923 |  |  | 0.10 | % |  | $ | 37,441 |  |  | $ | 34,987 |  |  | 0.10 | %
Federal funds purchased | — |  |  | — |  |  | — | % |  | 1,860 |  |  | 458 |  |  | 2.65 | %
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 2020 |  | December 31 2019
Pledged to secure borrowed funds | $ | 364,985 |  |  | $ | 368,310 |
Pledged to secure repurchase agreements | 28,171 |  |  | 31,020 |
Pledged for public deposits and for other purposes necessary or required by law | 57,129 |  |  | 59,537 |
Total | $ | 450,285 |  |  | $ | 458,867 |
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
| March 31 2020 |  | December 31 2019
States and political subdivisions | $ | 12,002 |  |  | $ | 31,020 |
Mortgage-backed securities | 9,492 |  |  | — |
Collateralized mortgage obligations | 6,677 |  |  | — |
Total | $ | 28,171 |  |  | $ | 31,020 |
Schedule of derivative instruments | The following tables provide information on derivatives related to variable rate borrowings as of:
| March 31, 2020
| 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 |  | 1.1 |  | $ | 10,000 |  |  | Other liabilities |  | $ | (69 | )
| December 31, 2019
| 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 |  | 1.3 |  | $ | 10,000 |  |  | Other assets |  | $ | 67 |

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