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.
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