| Borrowings Total outstanding borrowings consisted of the following: | | | | | | | | | | | | | | | | | March 31,
2025 | | December 31,
2024 | | Borrowings | | | | | In March 2021, the Company entered into a 60-month term loan agreement of $50.0 million with a third party correspondent bank. The loan accrues interest at a fixed rate of 2.95% with a monthly payment sufficient to fully amortize the loan, with all remaining unpaid principal and interest due at maturity on March 30, 2026. The Company paid the Lender a non-refundable $325 thousand loan origination fee upon signing of the Note that is presented as a direct deduction from the carrying amount of the loan and will be amortized into interest expense over the life of the loan. | | $ | 10,588 | | | $ | 13,184 | | In March 2024, the Company entered into a 60-month term loan agreement of $100.0 million with a third party correspondent bank. The loan accrues interest at a fixed rate of 5.95% with monthly interest payments until maturity on March 28, 2029, and $33.0 million of principal to be paid in year 4, and $67.0 million of principal to be paid in year 5. The Company paid the Lender a non-refundable $600 thousand loan origination fee upon signing of the Note that is represented as a direct deduction from the carrying amount of the loan and will be amortized into interest expense over the life of the loan. | | 99,540 | | | 99,505 | | Other long term debt (1) | | 119 | | | 131 | | | Total borrowings | | $ | 110,247 | | | $ | 112,820 | |
(1) Includes finance leases. As of March 31, 2025 and December 31, 2024, the Company’s unused borrowing capacity was $3.80 billion and $3.55 billion, respectively, based upon securities and loans identified as available for collateral. Unused borrowing capacity consists of access through the Federal Reserve Bank's discount window, available lines of credit with the Federal Home Loan Bank and other correspondent banks, and access to a repurchase agreement. If additional collateral is available, the Company's aggregate borrowing capacity with all of the above sources is $6.36 billion and $6.10 billion as of March 31, 2025 and December 31, 2024, respectively.
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