NOTES PAYABLE |
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| NOTES PAYABLE | NOTE 7 – NOTES PAYABLE The Company utilizes FHLB advances to fund liquidity. The Company had outstanding balances borrowed from the FHLB of $100.0 million and $110.0 million at March 31, 2026 and December 31, 2025, respectively. The advances, rate, and maturities of FHLB advances were as follows:
Future maturities of borrowings were as follows:
As of March 31, 2026, the Company had borrowing availability at the FHLB totaling $226.4 million in addition to the existing borrowings noted in the tables above. The Company has also issued $102.8 million in letters of credit through the FHLB with expiration dates through November 2026. The Company assumed $65.0 million of FHLB borrowings as part of the Centre acquisition on January 1, 2026. The Company repaid these borrowings in full on January 23, 2026, prior to the contractual maturity. As a result, the Company recognized $1.3 million of purchase accounting fair value adjustment related to the borrowings, which reduced interest expense from borrowed funds, and incurred a $1.1 million prepayment penalty paid to the FHLB which is reflected in other noninterest expense. |
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