Note 8 - Federal Home Loan Bank Advances

6 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

8.     FEDERAL HOME LOAN BANK ADVANCES

Federal Home Loan Bank advances totaled $57.0 million at June 30, 2014, and mature at varying dates from October 2014 through September, 2017, with fixed rates of interest from 0.41% to 1.51% and averaging 1.21%. Federal Home Loan Bank advances totaled $45.0 million at December 31, 2013, maturing at varying dates from March 2017 through September 2017, with fixed rates of interest from 1.22% to 1.51% and averaging 1.34%. The $12.0 million increase during the first six months of 2014 reflects the consummation of the merger with Firstbank effective June 1, 2014.

Each advance is payable at its maturity date and is subject to a prepayment fee if paid prior to the maturity date. The advances are collateralized by residential mortgage loans, first mortgage liens on multi-family residential property loans, first mortgage liens on commercial real estate property loans, and substantially all other assets of our bank, under a blanket lien arrangement. Our borrowing line of credit as of June 30, 2014 totaled about $570 million, with availability based on collateral approximating $509 million.

Maturities of currently outstanding FHLB advances are as follows:

2014	$	3,000,000
2015		6,000,000
2016		3,044,000
2017		45,000,000
2018		0