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Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of borrowed funds

Borrowed funds consist of the following obligations as of:

			March 31, 2021												December 31, 2020
			Amount						Rate						Amount						Rate
FHLB advances			$	90,000					1.68		%				$	90,000					1.68		%
Securities sold under agreements to repurchase without stated maturity dates			51,967						0.12		%				68,747						0.13		%
Total			$	141,967					1.11		%				$	158,747					1.01		%

Federal Home Loan Bank, Advances

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

			March 31, 2021												December 31, 2020
			Amount						Rate						Amount						Rate
Fixed rate due 2021			$	50,000					1.91		%				$	50,000					1.91		%
Variable rate due 2021 (1)			10,000						0.50		%				10,000						0.52		%
Fixed rate due 2022			20,000						1.97		%				20,000						1.97		%
Fixed rate due 2026			10,000						1.17		%				10,000						1.17		%
Total			$	90,000					1.68		%				$	90,000					1.68		%

(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 was as follows for the:

			Three Months Ended March 31
			2021																		2020
			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			$	54,288					$	54,145					0.12		%				$	32,236					$	30,923					0.10		%

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 2021						December 31 2020
Pledged to secure borrowed funds			$	299,288					$	302,041
Pledged to secure repurchase agreements			51,986						68,773
Pledged for public deposits and for other purposes necessary or required by law			31,190						39,641
Total			$	382,464					$	410,455

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

			March 31 2021						December 31 2020
States and political subdivisions			$	8,656					$	12,728
Mortgage-backed securities			24,690						30,250
Collateralized mortgage obligations			18,640						25,795
Total			$	51,986					$	68,773

Schedule of derivative instruments

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

March 31, 2021

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

0.1

$

10,000

Other liabilities

$

(28)

December 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

0.3

$

10,000

Other liabilities

$

(54)

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