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FHLB Advances and Other Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Advance from Federal Home Loan Bank [Abstract] |
Schedule of Borrowings, Debt and Repurchase Agreements | Information regarding each of these types of borrowings or other indebtedness is as follows:
|  | December 31,
|  | 2023 |  | 2022
|  | Principal |  | Unamortized Discount and Debt Issuance Costs |  | Principal |  | Unamortized Discount and Debt Issuance Costs
Long-term Advances from Federal Home Loan Bank collateralized by qualifying mortgages, investment securities, and mortgage-backed securities |  | $ | 50,000 |  |  | $ | — |  |  | $ | 25,000 |  |  | $ | — |
Junior Subordinated Debentures assumed from American Community Bancorp, Inc. |  | 8,248 |  |  | (1,723) |  |  | 8,248 |  |  | (1,873) |
Junior Subordinated Debentures assumed from River Valley Bancorp, Inc. |  | 7,217 |  |  | (977) |  |  | 7,217 |  |  | (1,082) |
Junior Subordinated Debentures assumed from Citizens First Corporation |  | 5,155 |  |  | (853) |  |  | 5,155 |  |  | (919) |
Junior Subordinated Debentures assumed from Citizens Union Bancorp of Shelbyville, Inc. |  | 20,600 |  |  | (1,885) |  |  | 20,600 |  |  | (2,020) |
Subordinated Debentures |  | 40,000 |  |  | (455) |  |  | 40,000 |  |  | (538) |
Finance Lease Obligation |  | 2,642 |  |  | — |  |  | 2,857 |  |  | — |
Long-term Borrowings |  | 133,862 |  |  | (5,893) |  |  | 109,077 |  |  | (6,432) |
Overnight Variable Rate Advances from Federal Home Loan Bank collateralized by qualifying mortgages, investment securities, and mortgage-backed securities |  | — |  |  | — |  |  | 25,000 |  |  | — |
Federal Funds Purchased |  | 25,000 |  |  | — |  |  | 11,200 |  |  | — |
Repurchase Agreements |  | 40,968 |  |  | — |  |  | 64,961 |  |  | — |
Short-term Borrowings |  | 65,968 |  |  | — |  |  | 101,161 |  |  | — |
Total Borrowings |  | $ | 199,830 |  |  | $ | (5,893) |  |  | $ | 210,238 |  |  | $ | (6,432) |
Schedule of Repurchase Agreements |
|  | 2023 |  | 2022
Average Daily Balance During the Year |  | $ | 51,474 |  |  | $ | 52,932 |
Average Interest Rate During the Year |  | 1.16 | % |  | 0.20 | %
Maximum Month-end Balance During the Year |  | $ | 60,055 |  |  | $ | 72,084 |
Weighted Average Interest Rate at Year-end |  | 1.44 | % |  | 0.57 | %
Schedule of Principal Payments on Long-Term Borrowings | At December 31, 2023, scheduled principal payments on long-term borrowings, excluding the capitalized lease obligation and acquired subordinated debentures (which are discussed below) are as follows:
2024 |  | $ | 25,000 |
2025 |  | — |
2026 |  | — |
2027 |  | — |
2028 |  | 25,000 |
Thereafter |  | 39,545 |
Total |  | $ | 89,545 |
Schedule of Issuance of Subordinated Debentures | The following table summarizes the terms of each issuance:
|  | Date of Issuance |  | Issuance Amount |  | Carrying Amount at December 31, 2023 |  | Variable Rate (1) |  | Rate as of December 31, 2023 |  | Rate as of December 31, 2022 (2) |  | Maturity Date
ACB Trust I |  | 5/6/2005 |  | $ | 5,155 |  |  | $ | 4,105 |  |  | 3-Month SOFR + 2.15% |  | 7.81 | % |  | 6.90 | % |  | May 2035
ACB Trust II |  | 7/15/2005 |  | 3,093 |  |  | 2,420 |  |  | 3-Month SOFR + 1.85% |  | 7.49 | % |  | 6.54 | % |  | July 2035
RIVR Statutory Trust I |  | 3/26/2003 |  | 7,217 |  |  | 6,240 |  |  | 3-Month SOFR + 3.15% |  | 8.77 | % |  | 7.87 | % |  | March 2033
Citizens First Statutory Trust I |  | 10/16/2006 |  | 5,155 |  |  | 4,302 |  |  | 3-Month SOFR +1.65% |  | 7.31 | % |  | 5.39 | % |  | January 2037
CUB Capital Trust I |  | 10/21/2004 |  | 10,310 |  |  | 9,642 |  |  | 3-Month SOFR +2.00% |  | 7.64 | % |  | 6.69 | % |  | November 2034
CUB Capital Trust II |  | 8/17/2005 |  | 10,310 |  |  | 9,073 |  |  | 3-Month SOFR +1.50% |  | 7.16 | % |  | 5.58 | % |  | October 2035
(1) “3-Month SOFR” refers to the three-month CME Term SOFR, which became effective following the first London banking day after June 30, 2023, plus the applicable spread adjustment of 0.26161% percent. (2) Prior to CME Term SOFR becoming effective, the variable rate was based upon LIBOR rates and tenors. See Replacement of LIBOR Benchmark below for additional information.

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