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Borrowed Funds | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed Funds Federal funds purchased and repurchase agreements Securities sold under repurchase agreements without stated maturity dates, and federal funds purchased 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 June 30
| 2024 |  | 2023
| 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 | $ | 44,194 |  |  | $ | 40,593 |  |  | 3.18 | % |  | $ | 39,801 |  |  | $ | 35,447 |  |  | 1.64 | %
Federal funds purchased | — |  |  | — |  |  | 0.00 | % |  | — |  |  | 48 |  |  | 6.13 | %
FRB Discount Window | — |  |  | 15 |  |  | 5.52 | % |  | — |  |  | 129 |  |  | 5.25 | %
| Six Months Ended June 30
| 2024 |  | 2023
| 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 | $ | 44,194 |  |  | $ | 40,607 |  |  | 3.16 | % |  | $ | 54,236 |  |  | $ | 37,565 |  |  | 1.48 | %
Federal funds purchased | — |  |  | 1 |  |  | 6.52 | % |  | — |  |  | 26 |  |  | 6.08 | %
FRB Discount Window | — |  |  | 8 |  |  | 5.52 | % |  | — |  |  | 65 |  |  | 5.25 | %
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 $66,949 and $67,764 at June 30, 2024 and December 31, 2023, 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:
| June 30, 2024 |  | December 31, 2023
| Amount |  | Rate |  | Amount |  | Rate
Securities sold under agreements to repurchase without stated maturity dates | $ | 44,194 |  |  | 3.18 | % |  | $ | 46,801 |  |  | 3.11 | %
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:
| June 30 2024 |  | December 31 2023
Pledged to secure borrowed funds | $ | 384,023 |  |  | $ | 391,529 |
Pledged to secure repurchase agreements | 66,949 |  |  | 67,764 |
Pledged for public deposits and for other purposes necessary or required by law | 93,908 |  |  | 84,099 |
Total | $ | 544,880 |  |  | $ | 543,392 |
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:
| June 30 2024 |  | December 31 2023
U.S. Treasury | $ | 55,820 |  |  | $ | 55,623 |
Mortgage-backed securities | 8,634 |  |  | 9,462 |
Collateralized mortgage obligations | 2,495 |  |  | 2,679 |
Total | $ | 66,949 |  |  | $ | 67,764 |
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 June 30, 2024, we had the ability to borrow up to an additional $320,551 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:
| June 30, 2024 |  | December 31, 2023
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate due 2024 | $ | 45,000 |  |  | 5.57 | % |  | $ | 40,000 |  |  | 5.55 | %
Subordinated notes We have $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:
| June 30, 2024 |  | December 31, 2023
| Amount |  | Rate |  | Amount |  | Rate
Fixed rate at 3.25% to floating, due 2031 | $ | 30,000 |  |  | 3.25 | % |  | $ | 30,000 |  |  | 3.25 | %
Unamortized issuance costs | (620) |  |  |  |  | (665) |  |  |
Total subordinated debt, net | $ | 29,380 |  |  |  |  | $ | 29,335 |  |  |

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