Note 7 - Federal Home Loan Bank of Indianapolis Advances

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

7.    FEDERAL HOME LOAN BANK OF INDIANAPOLIS ADVANCES

FHLBI bullet advances totaled $420 million at March 31, 2024, and were scheduled to mature at varying dates from April 2024 through January 2029, with fixed rates of interest from 0.55% to 4.54% and averaging 2.96%. FHLBI bullet advances totaled $440 million at December 31, 2023, and were scheduled to mature at varying dates from January 2024 through December 2028, with fixed rates of interest from 0.55% to 5.05% and averaging 2.93%.

Maturities of FHLBI bullet advances as of March 31, 2024 were as follows:

(Dollars in thousands)
2024	$	60,000
2025		80,000
2026		80,000
2027		100,000
2028		90,000
Thereafter		10,000

FHLBI amortizing advances totaled $27.1 million as of March 31, 2024, with an average rate of 2.52% and with final maturities in 2042. FHLBI amortizing advances totaled $27.9 million as of December 31, 2023, with an average rate of 2.52% and with final maturities in 2042. FHLBI amortizing advances are obtained periodically to assist in managing interest rate risk associated with certain longer-term fixed rate commercial loans, with annual principal payments that closely align with the scheduled amortization of the underlying commercial loans.

Scheduled principal payments on FHLBI amortizing advances as of  March 31, 2024 were as follows:

(Dollars in thousands)
2024	$	0
2025		826
2026		862
2027		899
2028		938
Thereafter		23,558

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  March 31, 2024 totaled $908 million, with remaining availability based on collateral of $464 million.