Note 7 - Federal Home Loan Bank of Indianapolis Advances

9 Months Ended

Sep. 30, 2018

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

$240

million at

September 30, 2018,

and mature at varying dates from

January 2019

through

June 2025,

with fixed rates of interest from

1.20%

to

3.10%

and averaging

1.99%.

FHLBI advances totaled

$220

million at

December 31, 2017,

and were expected to mature at varying dates ranging from

May 2018

through

April 2024,

with fixed rates of interest from

1.04%

to

2.39%

and averaging

1.72%.

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, 2018

totaled approximately

$786

million, with remaining availability based on collateral approximating

$540

million.

Maturities of currently outstanding FHLBI advances are as follows:

2018	$	0
2019		40,000,000
2020		30,000,000
2021		40,000,000
2022		50,000,000
Thereafter		80,000,000