Note 9 - Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 9 - FEDERAL HOME LOAN BANK ADVANCES

Federal Home Loan Bank of Indianapolis (“FHLBI”) advances totaled $374 million at December 31, 2021, and were expected to mature at varying dates from January 2022 through June 2027, with fixed rates of interest from 0.55% to 3.18% and averaging 2.00%. Federal Home Loan Bank of Indianapolis (“FHLBI”) advances totaled $394 million at December 31, 2020, and were expected to mature at varying dates from November 2021 through June 2027, with fixed rates of interest from 0.55% to 3.18% and averaging 2.06%.

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 December 31, 2021 totaled $889 million, with remaining availability based on collateral of $509 million.

Scheduled maturities as of December 31, 2021:

2022	$	94,000,000
2023		80,000,000
2024		80,000,000
2025		50,000,000
2026		30,000,000
2027		40,000,000