NEW INDEPENDENT BANCSHARES, INC. AND SUBSIDIARY Notes to the Consolidated Financial Statements
NOTE 10.
DEPOSITS
Deposits are summarized as follows at December 31:
Demand Deposits- Noninterest Bearing NOW Accounts Money Market Demand Accounts Savings Accounts Certificates of Deposit Total Deposits
$
$
2025 |
|
2024 |
135,053,343 |
$ |
107,675,202 |
107,564,460 |
|
109,864,393 |
183,244,549 |
|
111,339,107 |
97,858,014 |
|
90,740,623 |
156,131,339 |
|
97,870,453 |
679,851,705 |
$ |
517,489,778 |
Time certificate of deposits that meet or exceed the FDIC Insurance limit of $ 250,000 amounted to $ 77,990,824 and $ 52,945,340 at December 31, 2025 and 2024, respectively.
Aggregate individual balances of all time deposits by maturity are as follows at December 31:
2026 2027 2028 2029 2030 Total
$
$
145,176,651 6,694,664 2,191,354 1,032,327 1,036,343
156,131,339
NOTE 11.
BORROWINGS
FHLB Borrowings The Bank has an Advances, Pledges, and Security Agreement with the Federal Home Loan Bank of Indianapolis(" FHLB "). Management has been authorized by the Board of Directors to borrow up to $ 55,000,000 under this agreement. There were no outstanding FHLB advances as of December 31, 2025 and December 31, 2024.
Other Borrowings The Bank has an overdraft line of credit with FHLB. The Board of Directors has allocated $ 10 million of the advance limit to the line of credit. The line of credit was issued with a one-year term and will automatically extend for an additional one-year term. Interest on overdrafts will be calculated using the variable advance rate and accrued daily. As of December 31, 2025, there was no outstanding balance on the line of credit.
The FHLB advance and line of credit arrangement is secured by the pledge of 1-4 family mortgage loans and other real estate loans( junior lien term loans and commercial real estate loans). Under the related blanket collateral agreement, the Bank must maintain eligible collateral as follows: 1-4 family mortgage loans of 145 % of total advances, plus the lesser of( a) 200 % of core capital,( b) 50 % of lendable 1-4 family mortgage loans, or( c) 1 / 2 of eligible other real estate loans. Approximately $ 89 million was available to the Bank based on the collateral requirements under the advance agreement at December 31, 2025.
The Bank had $ 15.8 million available under federal funds unsecured lines of credit. As of December 31, 2025 and 2024, there was no outstanding balance on these lines of credit.
46 | 2025 NWSB Annual Report