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Borrowed Funds (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of borrowed funds

Borrowed funds consist of the following obligations as of:

	June 30, 2020							December 31, 2019
	Amount				Rate			Amount				Rate
FHLB advances	$	205,000			2.25	%		$	245,000			2.32	%
Securities sold under agreements to repurchase without stated maturity dates	31,268				0.09	%		30,999				0.09	%
Total	$	236,268			1.96	%		$	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:

	June 30, 2020							December 31, 2019
	Amount				Rate			Amount				Rate
Fixed rate due 2020	$	15,000			1.75	%		$	55,000			2.18	%
Fixed rate due 2021	50,000				1.91	%		50,000				1.91	%
Variable rate due 2021 (1)	10,000				0.69	%		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	$	205,000			2.25	%		$	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 June 30
	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	$	32,319			$	31,036			0.10	%		$	26,761			$	26,569			0.09	%
Federal funds purchased	$	—			$	—			—	%		$	7,070			$	1,982			2.65	%

	Six Months Ended June 30
	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	$	32,319			$	30,980			0.10	%		$	37,441			$	30,755			0.04	%
Federal funds purchased	$	—			$	—			—	%		$	7,070			$	1,224			1.71	%

Summary of pledged financial instruments

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

	June 30 2020				December 31 2019
Pledged to secure borrowed funds	$	344,529			$	368,310
Pledged to secure repurchase agreements	31,291				31,020
Pledged for public deposits and for other purposes necessary or required by law	41,497				59,537
Total	$	417,317			$	458,867

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

	June 30 2020				December 31 2019
States and political subdivisions	$	14,173			$	31,020
Mortgage-backed securities	9,852				—
Collateralized mortgage obligations	7,266				—
Total	$	31,291			$	31,020

Schedule of derivative instruments

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

	June 30, 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		0.8		$	10,000			Other liabilities		$	(98	)

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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