BORROWINGS |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| BORROWINGS | BORROWINGS For the period ended June 30, 2025, the Company had an advance outstanding from the Federal Home Loan Bank of Indianapolis ("FHLBI") of $1.2 million. 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 June 30, 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. During the second quarter of 2025, the Company borrowed $5.0 million on the credit agreement, upon utilization of the share repurchase plan. The credit agreement had an outstanding balance of $5.0 million at June 30, 2025. The outstanding balance was repaid on July 9, 2025. There was no outstanding balance on the credit agreement at December 31, 2024.
|