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Borrowed Funds (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of short term borrowings

A summary of short-term borrowed funds without stated maturity dates was as follows for the:

			Three Months Ended September 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			$	56,051					$	48,151					3.18		%				$	54,327					$	46,574					1.90		%
Federal funds purchased			—						—						0.00		%				—						1						6.13		%
FRB Discount Window			5,300						153						5.18		%				—						135						5.30		%

			Nine Months Ended September 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			$	56,051					$	43,140					3.17		%				$	54,327					$	40,601					1.64		%
Federal funds purchased			—						1						6.52		%				—						17						6.08		%
FRB Discount Window			5,300						56						5.21		%				—						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 $68,327 and $67,764 at September 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:

			September 30, 2024												December 31, 2023
			Amount						Rate						Amount						Rate
Securities sold under agreements to repurchase without stated maturity dates			$	47,134					3.17		%				$	46,801					3.11		%

Summary of pledged financial instruments

We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:

			September 30 2024						December 31 2023
Pledged to secure borrowed funds			$	387,466					$	391,529
Pledged to secure repurchase agreements			68,327						67,764
Pledged for public deposits and for other purposes necessary or required by law			96,356						84,099
Total			$	552,149					$	543,392

AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:

			September 30 2024						December 31 2023
U.S. Treasury			$	57,296					$	55,623
Mortgage-backed securities			8,559						9,462
Collateralized mortgage obligations			2,472						2,679
Total			$	68,327					$	67,764

Federal Home Loan Bank, Advances

The following table lists the maturities and weighted average interest rates of FHLB advances as of:

			September 30, 2024												December 31, 2023
			Amount						Rate						Amount						Rate
Fixed rate due 2024			$	15,000					5.00		%				$	40,000					5.55		%

Schedule of Subordinated Borrowing

The following table summarizes our outstanding notes as of:

			September 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			(598)												(665)
Total subordinated debt, net			$	29,402											$	29,335

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Tabular disclosure of advances made and reported by Federal Home Loan Bank (FHLBank).

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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

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-Section 50
-Paragraph 1A
-Publisher FASB
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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.

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

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