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Borrowed Funds
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Federal funds purchased and repurchase agreements
Securities sold under repurchase agreements without stated maturity dates, federal funds purchased, and FRB Discount Window advances generally mature within one to four days from the transaction date. We had no FRB Discount Window advances during the three and nine-month periods ended September 30, 2022 and 2021.
A summary of securities sold under repurchase agreements without stated maturity dates was as follows for the:
Three Months Ended September 30
20222021
Maximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the PeriodMaximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates$54,051 $49,267 0.07 %$67,519 $62,790 0.10 %
Federal funds purchased$— $— — %$— $— 0.52 %
Nine Months Ended September 30
20222021
Maximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the PeriodMaximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates$54,051 $48,118 0.07 %$67,519 $56,422 0.11 %
Federal funds purchased$— $1 0.79 %$80 $2 0.40 %
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 $55,591 and $50,173 at September 30, 2022 and December 31, 2021, 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 as of:
September 30, 2022December 31, 2021
AmountRateAmountRate
Securities sold under agreements to repurchase without stated maturity dates$52,479 0.07 %$50,162 0.07 %
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:
September 30
2022		December 31
2021
Pledged to secure borrowed funds$341,457 $334,415 
Pledged to secure repurchase agreements55,591 50,173 
Pledged for public deposits and for other purposes necessary or required by law30,374 28,154 
Total$427,422 $412,742 
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
September 30
2022		December 31
2021
U.S. Treasury$19,542 $9,711 
States and political subdivisions18,315 13,491 
Mortgage-backed securities7,370 13,174 
Collateralized mortgage obligations10,364 13,797 
Total$55,591 $50,173 
AFS securities pledged to repurchase agreements are monitored to ensure the appropriate level is collateralized. In the event of maturities, calls, significant principal repayments, or significant decline in market values, we have an adequate level of AFS securities to pledge to satisfy collateral requirements.
As of September 30, 2022, we had the ability to borrow up to an additional $343,437, without pledging additional collateral.
FHLB advances

FHLB advances are collateralized by a blanket lien on all qualified 1-4 family residential real estate loans, specific AFS securities, and FHLB stock.
The following table lists the maturities and weighted average interest rates of FHLB advances as of:
September 30, 2022December 31, 2021
AmountRateAmountRate
Fixed rate due 2022$— — %$20,000 1.97 %
Subordinated Notes
On June 2, 2021, we completed a private placement of $30,000 in aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the "Notes"). The Notes will initially bear a fixed interest rate of 3.25% until June 15, 2026, after which time until maturity on June 15, 2031, the interest rate will reset quarterly to an annual floating rate equal to the then-current 3-month SOFR plus 256 basis points. The Notes are redeemable by us at our option, in whole or in part, on or after June 15, 2026. The Notes are not subject to redemption at the option of the holders.
The following table summarizes our outstanding notes as of:
September 30, 2022December 31, 2021
AmountRateAmountRate
Fixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %
Unamortized issuance costs(775)(842)
Total subordinated debt, net$29,225 $29,158