Note 7 - Federal Home Loan Bank of Indianapolis Advances

6 Months Ended

Jun. 30, 2016

Federal Home Loan Bank Advances, Disclosure [Text Block]

FEDERAL HOME LOAN BANK

OF INDIANAPOLIS

ADVANCES

Federal Home Loan Bank of Indianapolis (“FHLBI”) advances totaled $178 million at June 30, 2016, and mature at varying dates from December 2016 through April 2023, with fixed rates of interest from 1.04% to 2.11% and averaging 1.47%. FHLBI advances totaled $68.0 million at December 31, 2015, and were to mature at varying dates ranging from December 2016 through August 2022, with fixed rates of interest from 1.22% to 2.11% and averaging 1.49%.

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, 2016 totaled about $491 million, with availability based on collateral approximating $313 million.

Maturities of currently outstanding FHLBI advances are as follows:

2016	$	3,000,000
2017		45,000,000
2018		20,000,000
2019		20,000,000
2020		20,000,000
Thereafter		70,000,000