Note 7 - Federal Home Loan Bank of Indianapolis Advances

9 Months Ended

Sep. 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

$220

million at

September 30, 2017,

and mature at varying dates from

May 2018

through

April 2024,

with fixed rates of interest from

1.04%

to

2.39%

and averaging

1.72%.

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

September 30, 2017

totaled approximately

$650

million, with remaining availability based on collateral approximating

$430

million.

Maturities of currently outstanding FHLBI advances are as follows:

201 7	$	0
201 8		20,000,000
201 9		40,000,000
20 20		30,000,000
202 1		40,000,000
Thereafter		90,000,000