Note 7 - Federal Home Loan Bank of Indianapolis Advances

6 Months Ended

Jun. 30, 2019

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

$374

million at

June 30, 2019,

and mature at varying dates from

August 2019

through

June 2025,

with fixed rates of interest from

1.20%

to

3.18%

and averaging

2.39%.

FHLBI advances totaled

$350

million at

December 31, 2018,

and were expected to mature at varying dates from

January 2019

through

June 2025,

with fixed rates of interest from

1.20%

to

3.18%

and averaging

2.30%.

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, 2019

totaled about

$743

million, with remaining availability based on collateral approximating

$363

million.

Maturities of currently outstanding FHLBI advances are as follows:

2019	$	20,000,000
2020		40,000,000
2021		70,000,000
2022		94,000,000
2023		80,000,000
Thereafter		70,000,000