Company: ISBA
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0000842517-25-000053
Chunk: 118

Company: ISABELLA BANK CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 118
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 repurchase agreements67,539 67,764 Pledged for public deposits and for other purposes necessary or required by law86,162 84,099 Total$548,987 $543,392 

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Table of Contents

AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at December 31:20242023U.S. Treasury$57,271 $55,623 Mortgage-backed securities7,979 9,462 Collateralized mortgage obligations2,289 2,679 Total$67,539 $67,764 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 December 31, 2024, we had the ability to borrow up to an additional $342,130, without pledging additional collateral.FHLB advancesFHLB advances are collateralized by a blanket lien on all qualified 1-4 family residential real estate loans, specific AFS securities, and FHLB stock.The following table lists the maturity and weighted average interest rate of FHLB advances as of December 31:20242023AmountRateAmountRateFixed rate due 2024$— 0.00 %$40,000 5.55 %Fixed rate due 202530,000 4.52 %— 0.00 %FHLB advances outstanding as of December 31, 2024 were short-term, with maturities within one week after December 31, 2024. Subordinated NotesWe have $30,000 in aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the "Notes").  The Notes will 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 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.The following table summarizes our outstanding notes at December