Note 7 - Federal Home Loan Bank of Indianapolis Advances

6 Months Ended

Jun. 30, 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

$245

million at

June 30, 2017,

and mature at varying dates from

August 2017

through

April 2024

, with fixed rates of interest from

1.04%

to

2.39%

and averaging

1.69%.

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

June 30, 2017

totaled about

$541

million, with remaining availability based on collateral approximating

$296

million.

Maturities of currently outstanding FHLBI advances are as follows:

2017	$	25,000,000
2018		20,000,000
2019		40,000,000
2020		30,000,000
2021		40,000,000
Thereafter		90,000,000