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BORROWINGS | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS For the periods ended below, advances from the Federal Home Loan Bank of Indianapolis ("FHLBI") were as follows:
(dollars in thousands) |  | March 31, 2025 |  | December 31, 2024
Short-term fixed rate bullet advance, 4.49%, due April 3, 2025 |  | $ | 107,000 |  |  | $ | 0 |
Long-term fixed rate bullet advance, 0.00%, due March 12, 2035 |  | 1,200 |  |  | 0 |
Total |  | $ | 108,200 |  |  | $ | 0 |
For the period ended March 31, 2025, the Company had advances outstanding from the FHLBI of $108.2 million. The fixed rate bullet advance due April 3, 2025 had an interest rate of 4.49% in the amount $107.0 million and was paid at maturity. The fixed rate bullet advance due March 12, 2035 has an interest rate of 0.00% in the amount of $1.2 million. The $1.2 million advance is a rate-subsidized Community Development Financial Institution ("CDFI") Rate Buydown Advance offered by the FHLBI. The Company extended a low cost loan to a qualifying CDFI within its operating footprint that was then funded by the fixed rate advance from the Rate Buydown Advance program. For the period ended December 31, 2024, the Company had no advances outstanding with the FHLBI. There were no Federal Funds purchased outstanding at March 31, 2025 and December 31, 2024. On October 2, 2024, the Company renewed an unsecured revolving credit agreement with a financial institution allowing the Company to borrow up to $30.0 million. The credit agreement has a one year term which may be amended, extended, modified or renewed. Funds provided under the agreement can 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 8, 2025, and expires on April 30, 2027, 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. There were no outstanding borrowings on the credit agreement at March 31, 2025 and December 31, 2024.

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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