Annual report [Section 13 and 15(d), not S-K Item 405]

Borrowings

v3.26.1
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
At December 31, 2025, and December 31, 2024, borrowed funds are summarized below:
(Dollars in thousands)
December 31,
2025		 December 31,
2024
FHLB Fixed rate advance with outstanding rate of 4.85%, maturing
May 16, 2025
 $ -  $ 10,000 
FHLB Fixed rate advance with outstanding rate of 4.77%, maturing
May 19, 2025
 -  10,000 
FHLB Fixed rate advance with outstanding rate of 3.63%, maturing
March 7, 2028 (1)
10,000  - 
FHLB Fixed rate advance with outstanding rate of 3.46%, maturing
June 26, 2028 (1)
10,000  - 
FHLB Fixed rate advance with outstanding rate of 3.38%, maturing
August 7, 2028 (1)
-  10,000 
FHLB Fixed rate advance with outstanding rate of 3.84%, maturing February 28, 2029 (1)
15,000  15,000 
FHLB Fixed rate advance with outstanding rate of 3.74%, maturing February 28, 2029 (1)
10,000  10,000 
FHLB Fixed rate advance with outstanding rate of 3.22%, maturing
August 7, 2029 (1)
-  10,000 
Total $ 45,000  $ 65,000 
(1) FHLB retains puttable option to call these advances after a period of time.

At December 31, 2025, scheduled maturities of borrowed funds were as follows:
(Dollars in thousands)
2026 $ - 
2027 - 
2028 20,000 
2029 25,000 
2030 - 
Total $ 45,000 
The Company has available liquidity of $876.0 million including borrowing capacity from the FHLB and Federal Reserve facilities and other sources. The Company also maintains a $25.0 million line of credit with the Federal Home Loan Bank of Indianapolis. The Company did not have a balance on the line of credit with the FHLB at December 31, 2025, or as of December 31, 2024. The Company did not utilize the borrowing capacity available through the Federal Reserve discount window at December 31, 2025 or December 31, 2024. The Company did not have other borrowings at December 31, 2025, or as of December 31, 2024.
Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $380.7 million at December 31, 2025. FHLB retains puttable option to call some of these advances 6 to 12 months after issuance.
At December 31, 2025, the Bank had available approximately $673.9 million in credit lines with various money center banks, including the FHLB and Federal Reserve.
The Bank uses federal funds purchased and repurchase agreements as sources of short-term wholesale funding. Federal funds generally mature within one day. Repurchase agreements consist of variable rate sweeps which mature daily as well as fixed rate term agreements that generally mature within 12 months. Repurchase agreements decreased from $40.1 million at December 31, 2024 to $39.7 million at December 31, 2025 The repurchase agreements are secured by municipal securities and collateralized mortgage obligations and residential mortgage-backed securities, under the Bank’s control. At December 31, 2025 and December 31, 2024, the Bank had investment securities with a carrying value of $47.2 million and
$57.8 million pledged as collateral for the repurchase agreements, and the fair value of the collateral approximated its carrying value.