Company: ISBA
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000842517-25-000053
Chunk: 117

Company: ISABELLA BANK CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 117
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2023, and 2022, respectively.

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Table of Contents

Note 6 – Deposits

Scheduled annual maturities of time deposits for each of the next five years, and thereafter, are as follows:Scheduled Maturities of Time Deposits2025$340,229 202628,909 20278,451 20285,836 20294,102 Thereafter64 Total$387,591 Interest expense on time deposits greater than $250 was $5,540 in 2024, $3,419 in 2023, and $621 in 2022.

Note 7 – Borrowed Funds

Short-term borrowingsSecurities sold under repurchase agreements without stated maturity dates, federal funds purchased, and FRB Discount Window advances generally mature within one to four days from the transaction date.  A summary of borrowed funds without stated maturity dates was as follows for the years ended December 31:20242023Maximum 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$56,051 $44,808 3.18 %$55,722 $42,982 2.22 %Federal funds purchased— 1 5.55 %— 13 6.13 %FRB Discount Window5,300 315 4.80 %— 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 $67,539 and $67,764 at December 31, 2024 and 2023, 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 31:20242023AmountRateAmountRateSecurities sold under agreements to repurchase without stated maturity dates$53,567 3.18 %$46,801 3.11 %We had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at December 31:20242023Pledged to secure borrowed funds$395,286 $391,529 Pledged to secure