LINES OF CREDIT |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| LINES OF CREDIT | |
| LINES OF CREDIT | NOTE 7 – LINES OF CREDIT We have a $4,915 variable rate (floating plus 2.00%) line of credit agreement with Bremer Bank, which expires in ; and a $3,500 variable rate (floating plus 2.00%) line of credit agreement with Bremer Bank, which also expires . We also have a $19,800 variable rate (Prime-1.50%) line of credit agreement with Gate City Bank, which expires in . The lines of credit are secured by specific properties. At June 30, 2025, the lines of credit have $28,215 available and an unused balance of $4,049 under the agreements. These operating lines are designed to enhance treasury management activities and more effectively manage cash balances. As of June 30, 2025 and December 31, 2024, there was an outstanding balance on the lines of credit of $24,166 and $4,992, respectively. Certain lines of credit agreements include covenants that, in part, impose maintenance of certain debt service coverage and debt to net worth ratios.
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