Note 8 - Federal Home Loan Bank of Indianapolis Advances

6 Months Ended

Jun. 30, 2015

Disclosure Text Block [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

8. FEDERAL HOME LOAN BANK OF INDIANAPOLIS ADVANCES

Federal Home Loan Bank of Indianapolis (“FHLBI”) advances totaled $48.0 million at June 30, 2015, and mature at varying dates from December 2016 through September 2017, with fixed rates of interest from 1.22% to 1.51% and averaging 1.33%. FHLBI advances totaled $54.0 million at December 31, 2014, and were expected to mature at varying dates ranging from January 2015 through September 2017, with fixed rates of interest from 0.62% to 1.51% and averaging 1.26%.

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, 2015 totaled about $531 million, with availability based on collateral approximating $483 million.

Maturities of currently outstanding FHLBI advances are as follows:

2015	$	0
2016		3,000,000
2017		45,000,000
2018		0
2019		0