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Borrowed Funds (Tables)

12 Months Ended

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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