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Borrowed Funds (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of short term borrowings | A summary of borrowed funds without stated maturity dates was as follows for the years ended December 31:
| 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 | $ | 55,722 |  |  | $ | 42,982 |  |  | 2.22 | % |  | $ | 58,140 |  |  | $ | 49,973 |  |  | 0.16 | %
Federal funds purchased | — |  |  | 13 |  |  | 6.13 | % |  | — |  |  | 1 |  |  | 3.02 | %
FRB Discount Window | — |  |  | 66 |  |  | 5.34 | % |  | — |  |  | — |  |  | — | %
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 $67,764 and $58,291 at December 31, 2023 and 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 at December 31:
| 2023 |  | 2022
| Amount |  | Rate |  | Amount |  | Rate
Securities sold under agreements to repurchase without stated maturity dates | $ | 46,801 |  |  | 3.11 | % |  | $ | 57,771 |  |  | 0.49 | %
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:
| 2023 |  | 2022
Pledged to secure borrowed funds | $ | 391,529 |  |  | $ | 347,331 |
Pledged to secure repurchase agreements | 67,764 |  |  | 58,291 |
Pledged for public deposits and for other purposes necessary or required by law | 84,099 |  |  | 48,698 |
Total | $ | 543,392 |  |  | $ | 454,320 |
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at December 31:
| 2023 |  | 2022
U.S. Treasury | $ | 55,623 |  |  | $ | 29,351 |
States and political subdivisions | — |  |  | 11,037 |
Mortgage-backed securities | 9,462 |  |  | 6,819 |
Collateralized mortgage obligations | 2,679 |  |  | 11,084 |
Total | $ | 67,764 |  |  | $ | 58,291 |
Federal home loan bank, advances | The following table lists the maturity and weighted average interest rate of FHLB advances as of:
| 2023 |  | 2022
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate due 2024 | $ | 40,000 |  |  | 5.55 | % |  | $ | — |  |  | — | %
Schedule of Subordinated Borrowing | The following table summarizes our outstanding notes at December 31:
| 2023 |  | 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 | (665) |  |  |  |  | (755) |  |  |  |  |  |  |
Total subordinated debt, net | $ | 29,335 |  |  |  |  | $ | 29,245 |  |  |  |  |  |  |

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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 -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481444/860-30-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A + 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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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