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BORROWINGS
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
The following table details outstanding advances with the Federal Home Loan Bank ("FHLB") of Indianapolis for the years ended December 31, 2022 and 2021:
(dollars in thousands)20222021
FHLB of Indianapolis Bullet Advance, 4.21%, Due January 5, 2023
$275,000 $0 
FHLB of Indianapolis Putable Advance, 0.39%, Due March 4, 2030, Called June 6, 2022
0 75,000 
Total FHLB advances$275,000 75,000 
The advance outstanding at December 31, 2022 was a fixed-rate bullet advance and could not be prepaid by the Company without a penalty. The note required payment at maturity and was secured by residential real estate loans and securities with a carrying value of $549.0 million at December 31, 2022.
The advance outstanding at December 31, 2021 was a ten-year fixed-rate putable advance and could not be prepaid by the Company without penalty. The FHLB exercised the putable option on the advance during the second quarter of 2022 and the advance was repaid by the Company. The note was secured by residential real estate loans and securities with a carrying value of $478.4 million at December 31, 2021.
At December 31, 2022 and 2021, the Company owned $12.4 million and $10.4 million, respectively, of FHLB stock which also secures debts owed to the FHLB. The Company is authorized by the Board to borrow up to $800.0 million at the FHLB, but availability is limited to $66.5 million based on collateral and outstanding borrowings. Federal Reserve Discount Window borrowings were secured by commercial loans and investment securities with a carrying value of $928.6 million and $804.4 million as of December 31, 2022 and 2021. The Company had a borrowing capacity of $758.3 million and $616.5 million at the Federal Reserve Bank as of December 31, 2022 and 2021, respectively. There were no borrowings outstanding at the Federal Reserve Bank at December 31, 2022 and 2021.
The Company had $350.0 million of availability in federal funds lines with eleven correspondent banks as of December 31, 2022 and 2021; $22.0 million and $0 were drawn upon as of December 31, 2022 and 2021, respectively. The Bank is also a member of the American Financial Exchange (AFX) where overnight fed funds purchased can be obtained from other banks on the Exchange that have approved the Bank for an unsecured, overnight line. These funds are only available if the approving banks have an ‘offer’ out to sell that day. The total amount approved for the Bank via AFX banks was $319.0 million at December 31, 2022 and 2021. There were no amounts drawn as of December 31, 2022 and 2021.
NOTE 9 – BORROWINGS (continued)
On August 2, 2019 the Company entered into an unsecured revolving credit agreement with another financial institution allowing the Company to borrow up to $30.0 million; this credit agreement was subsequently amended and renewed on July 30, 2022. Funds provided under the agreement may be used to repurchase shares of the Company’s common stock under the share repurchase program, which was reauthorized by the Company’s board of directors on April 13, 2021 and expires on April 30, 2023, and for general operations. The credit agreement includes a negative pledge agreement whereby the Company agrees not to pledge or otherwise encumber the stock of the Bank. The credit agreement has a one year term which may be amended, extended, modified or renewed. There were no outstanding borrowings on the credit agreement at December 31, 2022 and 2021, respectively.