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Borrowed Funds (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of borrowed funds

Borrowed funds consist of the following obligations as of:

			September 30, 2021												December 31, 2020
			Amount						Rate						Amount						Rate
Securities sold under agreements to repurchase without stated maturity dates			$	67,519					0.08		%				$	68,747					0.13		%
FHLB advances			60,000						1.84		%				90,000						1.68		%
Subordinated debt, net of unamortized issuance costs			29,136						3.66		%				—						—		%
Total			$	156,655					1.42		%				$	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:

			September 30, 2021												December 31, 2020
			Amount						Rate						Amount						Rate
Fixed rate due 2021			$	30,000					1.98		%				$	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			$	60,000					1.84		%				$	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 September 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			$	67,519					$	62,790					0.10		%				$	33,349					$	30,578					0.10		%
Federal funds purchased			$	—					$	—					0.52		%				$	—					$	5					0.49		%

			Nine Months Ended September 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			$	67,519					$	56,422					0.11		%				$	33,349					$	30,845					0.10		%
Federal funds purchased			$	80					$	2					0.40		%				$	—					$	2					0.49		%

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 2021						December 31 2020
Pledged to secure borrowed funds			$	308,633					$	302,041
Pledged to secure repurchase agreements			67,542						68,773
Pledged for public deposits and for other purposes necessary or required by law			28,794						39,641
Total			$	404,969					$	410,455

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

			September 30 2021						December 31 2020
U.S. Treasury			$	19,782					$	—
States and political subdivisions			13,904						12,728
Mortgage-backed securities			17,141						30,250
Collateralized mortgage obligations			16,715						25,795
Total			$	67,542					$	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 September 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:

			September 30, 2021												December 31, 2020
			Amount						Rate						Amount						Rate
Subordinated debt, net of unamortized issuance costs			$	29,136					3.66		%				$	—					—		%

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