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BORROWINGS
 3 Months Ended
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, 2025December 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.