Borrowed Funds

3 Months Ended

Mar. 31, 2023

Borrowed Funds [Abstract]

Borrowed Funds

Note 13 – Borrowed Funds

The following is a summary of borrowings:

(Dollars in thousands)	Three Months Ended March 31, 2023		Year Ended December 31, 2022
Securities sold under agreements to repurchase:
Outstanding at end of period	$	52,030	$	64,565
Weighted average interest rate at end of period		0.22%		0.12%
Maximum amount outstanding as of any month end	$	53,892	$	75,912
Average amount outstanding	$	57,364	$	63,182
Approximate weighted average rate during the period		0.22%		0.12%
FHLB advances, bearing fixed interest at rates ranging from 4.53% to 4.69% at March 31, 2023	$	80,000	$	-
Junior subordinated debt, bearing variable interest rate of 7.66% at March 31, 2023 and 7.49% at December 31, 2022	$	30,929	$	30,929

Short term borrowings decreased $12.5 million since December 31, 2022, driven by the utilization of cash by municipalities in our Treasury Management product.

At March 31, 2023, the repurchase agreements were secured by $67.3 million in investment securities issued by government related agencies.  A minimum of 102% of fair value is pledged against account balances.

Long-term borrowings increased by $80.0 million due to management’s decision to implement the contingency funding plan in regards to the market disruption.  Two new borrowings totaling $80.0 million with maturities of 12 and 18 months in FHLB advances were obtained in the first quarter.