Annual report pursuant to Section 13 and 15(d)

Note 10 - Borrowed Funds

v3.20.1
Note 10 - Borrowed Funds
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Debt Disclosure [Text Block]
Note
10
–
Borrowed Funds
At
December 31, 2019,
and
December 31, 2018,
borrowed funds are summarized below:
 
   
(Dollars in thousands)
  
   
2019
    
2018
  
Fixed rate advances from the FHLB
   $
14,000
     $
23,000
  
Variable rate advances from the FHLB
    
-
      
20,000
  
Total
   $
14,000
     $
43,000
  
 
At
December 31, 2019,
scheduled maturities of borrowed funds were as follows:
 
   
(Dollars in thousands)
  
2020
   $
8,000
  
2021
    
6,000
  
Total
   $
14,000
  
 
Repurchase agreements generally mature within
one
year and are secured by U.S. government and U.S. agency securities, under the Bancorp’s control. At
December 31,
information concerning these retail repurchase agreements is summarized below:
 
   
(Dollars in thousands)
  
   
2019
    
2018
  
Ending balance
   $
11,499
     $
11,628
  
Average balance during the year
    
12,928
      
12,754
  
Maximum month-end balance during the year
    
20,628
      
16,672
  
Securities underlying the agreements at year end:
                
Carrying value
    
16,961
      
16,262
  
Fair value
    
16,961
      
16,262
  
Average interest rate during the year
    
1.80
 %    
1.38
 %
Average interest rate at year end
    
1.51
 %    
1.44
 %
 
 
At
December 31,
advances from the Federal Home Loan Bank were as follows:
 
   
(Dollars in thousands)
  
   
2019
    
2018
  
Fixed rate advances, maturing June 2020 through March 2021 at rates from 2.11% to 2.76%; average rate: 2019 – 2.62%; 2018 – 2.29%
   $
14,000
     $
23,000
  
                 
Variable rate advances, none outstanding as of year ended 2019; average rate: 2018 – 2.87%
   $
-
     $
20,000
  
 
Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately
$340.0
million and
$259.8
million at
December 31, 2019
and
2018,
respectively. In addition to the fixed rate advances, the Bancorp maintains a
$20.0
million line of credit with the Federal Home Loan Bank of Indianapolis. The Bancorp did
not
have a balance on the line of credit at
December 31, 2019
or
December 31, 2018.
The Bancorp did
not
have other borrowings at
December 31, 2019
or
December 31, 2018.