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Note 6 - OTHER BORROWINGS

9 Months Ended

Sep. 30, 2025

OTHER BORROWINGS.

OTHER BORROWINGS

NOTE 6 – OTHER BORROWINGS

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In August 2025, the Company pledged a portion of its HTM municipal securities in exchange for term borrowings through a repurchase agreement. The repurchase agreements are reported as secured borrowings, as the Company maintains effective control of the financed assets. The secured borrowing has a fixed rate of 4.0% until the remarketing date of July 1, 2028. The table below sets forth information regarding the Company’s repurchase agreements accounted for as secured other borrowings on the Company's consolidated balance sheets for September 30, 2025 and December 31, 2024.  

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Refer to Note 2 to the Consolidated Financial Statements for collateral pledged and held under our repurchase agreements.

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Amount Outstanding

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Interest Rate

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Amount Outstanding

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Interest Rate

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as of September 30, 2025

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as of September 30, 2025

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as of December 31, 2024

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as of December 31, 2024

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Maturity Date

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(dollars in thousands)

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Repurchase agreement

$

134,190

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4.00

%

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$

n/a

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n/a

%

1/1/2055

Issuance costs

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(3,581)

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n/a

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Total other borrowings

$

130,609

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$

n/a

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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