Company: ISBA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000842517-25-000099
Chunk: 54

Company: ISABELLA BANK CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 by law67,794 86,162 Total$519,967 $548,987 AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:March 312025December 312024U.S. Treasury$48,114 $57,271 Mortgage-backed securities7,769 7,979 Collateralized mortgage obligations2,211 2,289 Total$58,094 $67,539 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 March 31, 2025, we had the ability to borrow up to an additional $377,824 without pledging additional collateral.

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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:March 31, 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 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 as of:March 31, 2025December 31, 2024AmountRateAmountRateFixed rate at 3.25% to floating, due 2031$30,000 3.25 %$30,000 3.25 %Unamortized issuance costs(553)(576)Total subordinated debt, net