Company: ISBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000842517-25-000099
Chunk: 53

Company: ISABELLA BANK CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 property or area or general market conditions to reflect the expected change in value between the effective date of the appraisal and the measurement date. Appraisals are updated every one to two years depending on the type of loan and the total exposure of the borrower. Loans evaluated for expected credit losses on an individual basis as of March 31, 2025 include $145 in collateral dependent loans secured by residential real estate.

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Note 4 – Borrowed Funds

Short-term borrowingsShort-term borrowings include securities sold under repurchase agreements without stated maturity dates, federal funds purchased, and FRB Discount Window advances, which all generally mature within one to four days from the transaction date.A summary of short-term borrowed funds without stated maturity dates was as follows for the:Three Months Ended March 3120252024Maximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the PeriodMaximum Month End BalanceAverage BalanceWeighted Average Interest Rate During the PeriodSecurities sold under agreements to repurchase without stated maturity dates$47,310 $43,513 3.21 %$43,250 $40,621 3.15 %Federal funds purchased— 21 5.43 %— 2 6.52 %FRB Discount Window— 29 4.51 %— — 0.00 %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 $58,094 and $67,539 at March 31, 2025 and December 31, 2024, 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 as of:March 31, 2025December 31, 2024AmountRateAmountRateSecurities sold under agreements to repurchase without stated maturity dates$47,310 3.08 %$53,567 3.18 %We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:March 312025December 312024Pledged to secure borrowed funds$394,079 $395,286 Pledged to secure repurchase agreements58,094 67,539 Pledged for public deposits and for other purposes necessary or required