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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Federal home loan bank, advances | The following table lists the maturities and weighted average interest rates of FHLB advances as of December 31:
| 2021 |  | 2020
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate due 2021 | $ | — |  |  | — | % |  | $ | 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 | %
Total | $ | 20,000 |  |  | 1.97 | % |  | $ | 90,000 |  |  | 1.68 | %
(1) Hedged advance (see “Derivative Instruments” section below)
Summary of short term borrowings | We had no FRB Discount Window advances for the years ended December 31, 2021 and 2020. The following table provides a summary of securities sold under repurchase agreements without stated maturity dates and federal funds purchased for the years ended December 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 | $ | 71,059 |  |  | $ | 57,451 |  |  | 0.09 | % |  | $ | 83,499 |  |  | $ | 35,514 |  |  | 0.10 | %
Federal funds purchased | 80 |  |  | 2 |  |  | 0.47 | % |  | — |  |  | 4 |  |  | 0.49 | %
Securities sold under agreements to repurchase are classified as secured borrowings and are reflected at the amount of cash received in connection with the transaction. The securities underlying the agreements have a carrying value and a fair value of $50,173 and $68,773 at December 31, 2021 and 2020, respectively. Such securities remain under our control. We may be required to provide additional collateral based on the fair value of underlying securities. Securities sold under repurchase agreements without stated maturity dates were as follows at December 31:
| 2021 |  | 2020
| Amount |  | Rate |  | Amount |  | Rate
Securities sold under agreements to repurchase without stated maturity dates | $ | 50,162 |  |  | 0.07 | % |  | $ | 68,747 |  |  | 0.13 | %
Summary of pledged financial instruments | We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at December 31:
| 2021 |  | 2020
Pledged to secure borrowed funds | $ | 334,415 |  |  | $ | 302,041 |
Pledged to secure repurchase agreements | 50,173 |  |  | 68,773 |
Pledged for public deposits and for other purposes necessary or required by law | 28,154 |  |  | 39,641 |
Total | $ | 412,742 |  |  | $ | 410,455 |
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at December 31:
| 2021 |  | 2020
U.S. Treasury | $ | 9,711 |  |  | $ | — |
States and political subdivisions | 13,491 |  |  | 12,728 |
Mortgage-backed securities | 13,174 |  |  | 30,250 |
Collateralized mortgage obligations | 13,797 |  |  | 25,795 |
Total | $ | 50,173 |  |  | $ | 68,773 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 December 31, 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 table summarizes our outstanding notes at December 31:
| 2021 |  |
| Amount |  | Rate |  |  |  |
Fixed rate at 3.25% to floating, due 2031 | $ | 30,000 |  |  | 3.25 | % |  |  |  |
Unamortized issuance costs | (842) |  |  |  |  |  |  |
Total subordinated debt, net | $ | 29,158 |  |  |  |  |  |  |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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