OTHER BORROWINGS |
NOTE 4 – OTHER BORROWINGS
Other borrowings consist of the following: | | | | | | | | | | | | (dollars in thousands) | June 30, 2025 | | December 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.
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