XML 52 R41.htm IDEA: XBRL DOCUMENT

Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2023

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