v3.25.2
OTHER BORROWINGS
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
OTHER BORROWINGS
NOTE 4 – OTHER BORROWINGS

Other borrowings consist of the following:
(dollars in thousands)June 30, 2025December 31, 2024
FHLB borrowings:  
Fixed Rate Advance due January 21, 2025; fixed interest rate of 4.430%
$— $50,000 
Fixed Rate Advance due March 3, 2025; fixed interest rate of 1.208%
— 15,000 
Fixed Rate Advance due July 21, 2025; fixed interest rate of 4.430%
50,000 — 
Fixed Rate Advance due August 21, 2025; fixed interest rate of 4.440%
50,000 — 
Fixed Rate Advance due September 22, 2025; fixed interest rate of 4.460%
50,000 — 
Fixed Rate Advance due March 2, 2027; fixed interest rate of 1.445%
15,000 15,000 
Fixed Rate Advance due March 4, 2030; fixed interest rate of 1.606%
15,000 15,000 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
1,361 1,366 
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.550%
942 946 
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%
911 984 
Subordinated notes payable:  
Subordinated notes payable due May 31, 2030 net of unaccreted purchase accounting fair value adjustment of $592 and $653, respectively; fixed interest rate of 5.875% through May 31, 2025; variable interest rate thereafter at three-month SOFR plus 3.63%
74,592 74,653 
Subordinated notes payable due October 1, 2030 net of unamortized debt issuance cost of $1,060 and $1,161, respectively; fixed interest rate of 3.875% through September 30, 2025; variable interest rate thereafter at three-month SOFR plus 3.753%
108,940 108,839 
Other Debt:
Advance from correspondent bank due December 1, 2025; secured by a loan receivable; variable interest rate at one-month SOFR plus 2.65%
9,954 10,000 
$376,700 $291,788 

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At June 30, 2025, $3.36 billion was available for borrowing on lines with the FHLB.

As of June 30, 2025, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $92.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At June 30, 2025, the Bank had $2.77 billion of loans pledged at the Federal Reserve discount window and had $2.24 billion available for borrowing.

Subordinated Debt

In July 2025, the Company notified holders of its 5.875% Fixed-To-Floating Rate Subordinated Notes due 2030 that it would be redeeming the notes in full at the September 1, 2025 interest payment date. These notes, which currently total $74 million outstanding, bear interest at 8.22% and will be redeemed at par.