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Borrowed Funds
 3 Months Ended
Mar. 31, 2023
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-month periods ended March 31, 2023 and 2022.
A summary of securities sold under repurchase agreements without stated maturity dates was as follows for the:
Three Months Ended March 31
20232022
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$54,236 $39,706 1.33 %$53,970 $49,058 0.07 %
Federal funds purchased$— $3 5.27 %$— $1 0.61 %
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 $35,848 and $58,291 at March 31, 2023 and December 31, 2022, 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:
March 31, 2023December 31, 2022
AmountRateAmountRate
Securities sold under agreements to repurchase without stated maturity dates$31,995 1.80 %$57,771 0.49 %
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:
March 31
2023		December 31
2022
Pledged to secure borrowed funds$347,101 $347,331 
Pledged to secure repurchase agreements35,848 58,291 
Pledged for public deposits and for other purposes necessary or required by law74,017 48,698 
Total$456,966 $454,320 
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
March 31
2023		December 31
2022
U.S. Treasury$32,242 $29,351 
States and political subdivisions2,960 11,037 
Mortgage-backed securities646 6,819 
Collateralized mortgage obligations— 11,084 
Total$35,848 $58,291 
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 March 31, 2023, we had the ability to borrow up to an additional $348,829, without pledging additional collateral.
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:
March 31, 2023December 31, 2022
AmountRateAmountRate
Fixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %
Unamortized issuance costs(733)(755)
Total subordinated debt, net$29,267 $29,245