v3.26.1
BORROWINGS
 6 Months Ended
Jun. 30, 2026
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)June 30, 2026December 31, 2025
Short-term advance$70,000 $170,000 
Long-term advance1,200 1,200 
Total$71,200 $171,200 
For the period ended June 30, 2026, the Company had advances outstanding from the FHLBI of $71.2 million. The short-term advance of $70.0 million was a floating rate advance due September 28, 2026 and had an interest rate of 3.78%, and was fully repaid on July 13, 2026. The long-term advance of $1.2 million was a fixed rate bullet advance due March 12, 2035 and had an interest rate of 0.00%. This advance is a rate-subsidized Community Development Financial Institution ("CDFI") Rate Buydown Advance offered by the FHLBI that funded a low cost loan to a qualifying CDFI. For the period ended December 31, 2025, the Company had advances outstanding with the FHLBI of $171.2 million. The $170.0 million short-term FHLBI advance was repaid on January 8, 2026. There were no Federal Funds purchased outstanding at June 30, 2026 and December 31, 2025.
On October 10, 2025, 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, amended on March 5, 2026, 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 was no outstanding balance on the credit agreement at June 30, 2026 and $13.0 million outstanding at December 31, 2025.