Borrowed Funds

6 Months Ended

Jun. 30, 2023

Borrowed Funds [Abstract]

Borrowed Funds

Note 12 – Borrowed Funds

The following is a summary of borrowings:

(Dollars in thousands)	Six Months Ended June 30, 2023		Year Ended December 31, 2022
Short-term Correspondent Bank Advance:
Securities sold under agreements to repurchase:
Outstanding at end of period	$	50,078	$	64,565
Weighted average interest rate at end of period		0.23%		0.12%
Maximum amount outstanding as of any month end	$	53,892	$	75,912
Average amount outstanding	$	51,988	$	63,182
Approximate weighted average rate during the period		0.21%		0.12%
FHLB advances, bearing fixed interest at rates ranging from 4.53% to 4.69% at June 30, 2023	$	80,000	$	-
Junior subordinated debt, bearing variable interest rate of 8.26% at June 30, 2023 and 7.49% at December 31, 2022		30,929		30,929
Total borrowings outstanding	$	161,007	$	95,494

At June 30, 2023, the repurchase agreements were secured by $66.4 million in investment securities issued by government related agencies.  A minimum of 102% of fair value is pledged against account balances.