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v3.23.3

Borrowed Funds | 9 Months Ended
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Sep. 30, 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. A summary of borrowed funds without stated maturity dates was as follows for the:
| Three Months Ended September 30
| 2023 |  | 2022
| 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 | $ | 54,327 |  |  | $ | 46,574 |  |  | 1.90 | % |  | $ | 54,051 |  |  | $ | 49,267 |  |  | 0.07 | %
Federal funds purchased | $ | — |  |  | $ | 1 |  |  | 6.13 | % |  | $ | — |  |  | $ | — |  |  | — | %
FRB Discount Window | $ | — |  |  | $ | 135 |  |  | 5.30 | % |  | $ | — |  |  | $ | — |  |  | — | %
| Nine Months Ended September 30
| 2023 |  | 2022
| 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 | $ | 54,327 |  |  | $ | 40,601 |  |  | 1.64 | % |  | $ | 54,051 |  |  | $ | 48,118 |  |  | 0.07 | %
Federal funds purchased | $ | — |  |  | $ | 17 |  |  | 6.08 | % |  | $ | — |  |  | $ | 1 |  |  | 0.79 | %
FRB Discount Window | $ | — |  |  | $ | 89 |  |  | 5.28 | % |  | $ | — |  |  | $ | — |  |  | — | %
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 $75,225 and $58,291 at September 30, 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:
| September 30, 2023 |  | December 31, 2022
| Amount |  | Rate |  | Amount |  | Rate
Securities sold under agreements to repurchase without stated maturity dates | $ | 52,330 |  |  | 2.43 | % |  | $ | 57,771 |  |  | 0.49 | %
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:
| September 30 2023 |  | December 31 2022
Pledged to secure borrowed funds | $ | 380,424 |  |  | $ | 347,331 |
Pledged to secure repurchase agreements | 75,225 |  |  | 58,291 |
Pledged for public deposits and for other purposes necessary or required by law | 72,730 |  |  | 48,698 |
Total | $ | 528,379 |  |  | $ | 454,320 |
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
| September 30 2023 |  | December 31 2022
U.S. Treasury | $ | 63,109 |  |  | $ | 29,351 |
States and political subdivisions | — |  |  | 11,037 |
Mortgage-backed securities | 9,410 |  |  | 6,819 |
Collateralized mortgage obligations | 2,706 |  |  | 11,084 |
Total | $ | 75,225 |  |  | $ | 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 September 30, 2023, we had the ability to borrow up to an additional $287,910, 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, 2023 |  | December 31, 2022
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate due 2023 | $ | 65,000 |  |  | 5.57 | % |  | $ | — |  |  | — | %
FHLB advances outstanding as of September 30, 2023 were short-term, with maturities within four weeks after September 30, 2023. 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, 2023 |  | December 31, 2022
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate at 3.25% to floating, due 2031 | $ | 30,000 |  |  | 3.25 | % |  | $ | 30,000 |  |  | 3.25 | %
Unamortized issuance costs | (688) |  |  |  |  | (755) |  |  |
Total subordinated debt, net | $ | 29,312 |  |  |  |  | $ | 29,245 |  |  |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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