BORROWINGS

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS

For the years ending December 31, there was one outstanding advance from the FHLB as follows:

(dollars in thousands)	2021		2020
Federal Home Loan Bank of Indianapolis Putable Advance, 0.39%, Due March 4, 2030	$	75,000	$	75,000

The outstanding advance is a fixed-rate putable advance and may not be prepaid by the Company without penalty. The note requires monthly interest payments and is secured by residential real estate loans and securities with a carrying value of $478.4 million and $611.2 million at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Company owned $10.4 million of FHLB stock, which also secures debts owed to the FHLB. The Company is authorized by the Board to borrow up to $800.0 million at the FHLB, but availability is limited to $227.8 million based on collateral and outstanding borrowings. Federal Reserve Discount Window borrowings were secured by commercial loans and investment securities with a carrying value of $804.4 million and $557.2 million as of December 31, 2021 and 2020. The Company had a borrowing capacity of $616.5 million and $490.4 million at the Federal Reserve Bank as of December 31, 2021 and 2020, respectively. There were no borrowings outstanding at the Federal Reserve Bank at December 31, 2021 and 2020.

The Company had $350.0 million of availability in federal funds lines with eleven correspondent banks as of December 31, 2021 and 2020; no amounts were drawn on as of either year end. The Bank is also a member of the American Financial Exchange (AFX) where overnight fed funds purchased can be obtained from other banks on the Exchange that have approved the Bank for an unsecured, overnight line. These funds are only available if the approving banks have an ‘offer’ out to sell that day. As of December 31, 2021 and 2020, the total amount approved for the Bank via AFX banks was $319.0 million and $394.0 million, respectively. There were no amounts drawn as of December 31, 2021 and 2020.

On August 2, 2019 the Company entered into an unsecured revolving credit agreement with another financial institution allowing the Company to borrow up to $30.0 million; this credit agreement was subsequently amended and renewed on July 30, 2021. Funds provided under the agreement may 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 13, 2021. The credit agreement includes a negative pledge agreement whereby the Company agrees not to pledge or otherwise encumber the stock of the Bank. The credit agreement has a one year term which may be amended, extended, modified or renewed. Outstanding borrowings on the credit agreement were $0.00 million and $10.5 million at December 31, 2021 and 2020, respectively.