Company: ISBA
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0000842517-25-000135
Chunk: 58

Company: ISABELLA BANK CORP
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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2,125 2,289 Total$58,119 $67,539 

32

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 June 30, 2025, we had the ability to borrow up to an additional $376,974 without pledging additional collateral.FHLB advancesFHLB advances are collateralized by a blanket lien on all qualified 1-4 family residential real estate loans, specific AFS securities, and FHLB stock.The following table lists the maturities and weighted average interest rates of FHLB advances as of:June 30, 2025December 31, 2024AmountRateAmountRateFixed rate due 2025$— 0.00 %$30,000 4.52 %Subordinated notesWe have $30,000 in aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the "Notes").  The Notes 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 any time 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.  Additionally, the Notes are intended to qualify for Tier 2 capital treatment, subject to regulatory limitations.The following table summarizes our outstanding subordinated notes as of:June 30, 2025December 31, 2024AmountRateAmountRateFixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %Unamortized issuance costs(531)(576)Total subordinated debt, net$29,469 $29,424 

Note 5 – Computation of Earnings Per Common Share

Basic earnings per common share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted earnings per common