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Borrowed Funds
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Short-term borrowings
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 years ended December 31:
20242023
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$56,051 $44,808 3.18 %$55,722 $42,982 2.22 %
Federal funds purchased— 1 5.55 %— 13 6.13 %
FRB Discount Window5,300 315 4.80 %— 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 $67,539 and $67,764 at December 31, 2024 and 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 at December 31:
20242023
AmountRateAmountRate
Securities sold under agreements to repurchase without stated maturity dates$53,567 3.18 %$46,801 3.11 %
We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at December 31:
20242023
Pledged to secure borrowed funds$395,286 $391,529 
Pledged to secure repurchase agreements67,539 67,764 
Pledged for public deposits and for other purposes necessary or required by law86,162 84,099 
Total$548,987 $543,392 
AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at December 31:
20242023
U.S. Treasury$57,271 $55,623 
Mortgage-backed securities7,979 9,462 
Collateralized mortgage obligations2,289 2,679 
Total$67,539 $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 December 31, 2024, we had the ability to borrow up to an additional $342,130, without pledging additional collateral.
FHLB advances
FHLB advances are collateralized by a blanket lien on all qualified 1-4 family residential real estate loans, specific AFS securities, and FHLB stock.
The following table lists the maturity and weighted average interest rate of FHLB advances as of December 31:
20242023
AmountRateAmountRate
Fixed rate due 2024$— 0.00 %$40,000 5.55 %
Fixed rate due 202530,000 4.52 %— 0.00 %
FHLB advances outstanding as of December 31, 2024 were short-term, with maturities within one week after December 31, 2024.
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 at December 31:
20242023
AmountRateAmountRate
Fixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %
Unamortized issuance costs(576)(665)
Total subordinated debt, net$29,424 $29,335