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BORROWINGS
 9 Months Ended
Sep. 30, 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)September 30, 2025December 31, 2024
Short-term fixed rate bullet advance, 4.31%, due October 3, 2025
$55,000 $0 
Long-term fixed rate bullet advance, 0.00%, due March 12, 2035
1,200 0 
Total$56,200 $0 
For the period ended September 30, 2025, the Company had advances outstanding from the Federal Home Loan Bank of Indianapolis ("FHLBI") of $56.2 million. The fixed rate bullet advance of $55.0 million due October 3, 2025 had an interest rate of 4.31%. The fixed rate bullet advance of $1.2 million due March 12, 2035 had an interest rate of 0.00%. 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 September 30, 2025 and December 31, 2024.
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, 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 September 30, 2025 and December 31, 2024.