Note 7 - Federal Home Loan Bank of Indianapolis Advances

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

7.

     

FEDERAL HOME LOAN BANK OF INDIANAPOLIS ADVANCES

Federal Home Loan Bank of Indianapolis (“FHLBI”) advances totaled

$205

million at

March

31,

2017,

and mature at varying dates from

May

2017

through

April

2024,

with fixed rates of interest from

1.04%

to

2.39%

and averaging

1.59%.

FHLBI advances totaled

$175

million at

December

31,

2016,

and were expected to mature at varying dates ranging from

March

2017

through

April

2023,

with fixed rates of interest from

1.04%

to

2.11%

and averaging

1.48%.

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

March

31,

2017

totaled about

$541

million, with remaining availability based on collateral approximating

$336

million.

Maturities of currently outstanding FHLBI advances are as follows:

2017	$	35,000,000
2018		20,000,000
2019		30,000,000
2020		30,000,000
2021		30,000,000
Thereafter		60,000,000