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Borrowed Funds (Tables) | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Summary of borrowed funds | Borrowed funds consist of the following obligations as of:
| June 30, 2021 |  | December 31, 2020
| Amount |  | Rate |  | Amount |  | Rate
Securities sold under agreements to repurchase without stated maturity dates | $ | 62,274 |  |  | 0.08 | % |  | $ | 68,747 |  |  | 0.13 | %
FHLB advances | 70,000 |  |  | 1.92 | % |  | 90,000 |  |  | 1.68 | %
Subordinated debt, net of unamortized issuance costs | 29,121 |  |  | 3.65 | % |  | — |  |  | — | %
Total | $ | 161,395 |  |  | 1.52 | % |  | $ | 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:
| June 30, 2021 |  | December 31, 2020
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate due 2021 | $ | 40,000 |  |  | 2.08 | % |  | $ | 50,000 |  |  | 1.91 | %
Variable rate due 2021 (1) | — |  |  | — | % |  | 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 | $ | 70,000 |  |  | 1.92 | % |  | $ | 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 June 30
| 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 | $ | 62,274 |  |  | $ | 52,235 |  |  | 0.11 | % |  | $ | 32,319 |  |  | $ | 31,036 |  |  | 0.10 | %
Federal funds purchased | $ | 80 |  |  | $ | 4 |  |  | 0.40 | % |  | $ | — |  |  | $ | — |  |  | — | %
| Six Months Ended June 30
| 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 | $ | 62,274 |  |  | $ | 53,185 |  |  | 0.11 | % |  | $ | 32,319 |  |  | $ | 30,980 |  |  | 0.10 | %
Federal funds purchased | $ | 80 |  |  | $ | 2 |  |  | 0.40 | % |  | $ | — |  |  | $ | — |  |  | — | %
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 2021 |  | December 31 2020
Pledged to secure borrowed funds | $ | 310,301 |  |  | $ | 302,041 |
Pledged to secure repurchase agreements | 62,829 |  |  | 68,773 |
Pledged for public deposits and for other purposes necessary or required by law | 31,055 |  |  | 39,641 |
Total | $ | 404,185 |  |  | $ | 410,455 |
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
| June 30 2021 |  | December 31 2020
U.S. Treasury | $ | 19,071 |  |  | $ | — |
States and political subdivisions | 11,254 |  |  | 12,728 |
Mortgage-backed securities | 16,387 |  |  | 30,250 |
Collateralized mortgage obligations | 16,117 |  |  | 25,795 |
Total | $ | 62,829 |  |  | $ | 68,773 |
Schedule of derivative instruments | The following table provides information on derivatives related to variable rate borrowings as of December 31, 2020. There were no derivatives related to variable rate borrowings as of June 30, 2021 as the interest rate swap related to borrowings matured during the second quarter of 2021.
| 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) |
Schedule of Subordinated Borrowing | The following is a summary of subordinated debt as of:
| June 30, 2021 |  | December 31, 2020
| Amount |  | Rate |  | Amount |  | Rate
Subordinated debt, net of unamortized issuance costs | $ | 29,121 |  |  | 3.65 | % |  | $ | — |  |  | — | %

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