Note 10 – Borrowed Funds

At December 31, 2020, and December 31, 2019, borrowed funds are summarized below:

At December 31, 2020, scheduled maturities of borrowed funds were as follows:

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:

At December 31, advances from the Federal Home Loan Bank were as follows:

Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $506.4 million and $340.0 million at December 31, 2020 and 2019, respectively. In addition to the fixed rate advances, the Bancorp maintains a $25.0 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, 2020 or December 31, 2019. As of December 31, 2020, the Bancorp had outstanding federal funds purchased of $149 thousand, the Bancorp did not have other borrowings at December 31, 2019.