Annual report pursuant to Section 13 and 15(d)

Borrowed Funds

v2.4.0.8
Borrowed Funds
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 8 – Borrowed Funds
 
At year end, borrowed funds are summarized below:
 
 
 
(Dollars in thousands)
 
 
 
2013
 
2012
 
Fixed rate advances from the FHLB
 
 
30,100
 
 
28,000
 
Putable advances from the FHLB
 
 
-
 
 
5,000
 
Line of credit at FHLB
 
 
714
 
 
-
 
Other
 
 
84
 
 
207
 
Total
 
$
30,898
 
$
33,207
 
 
At December 31, 2013, scheduled maturities of borrowed funds were as follows:
 
 
 
(Dollars in thousands)
 
2014
 
$
8,798
 
2015
 
 
6,000
 
2016
 
 
6,000
 
2017
 
 
8,000
 
2018
 
 
2,100
 
Total
 
$
30,898
 
 
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 year end, information concerning these retail repurchase agreements is summarized below:
 
 
 
(Dollars in thousands)
 
 
 
2013
 
 
2012
 
Ending balance
 
$
14,031
 
 
$
16,298
 
Average balance during the year
 
 
18,016
 
 
 
20,561
 
Maximum month-end balance during the year
 
 
21,652
 
 
 
25,278
 
Securities underlying the agreements at year end:
 
 
 
 
 
 
 
 
Carrying value
 
 
23,729
 
 
 
28,002
 
Fair value
 
 
23,729
 
 
 
28,002
 
Average interest rate during the year
 
 
0.38
%
 
 
0.38
%
Average interest rate at year end
 
 
0.38
%
 
 
0.31
%
 
At year-end, advances from the Federal Home Loan Bank were as follows:
 
 
 
(Dollars in thousands)
 
 
 
2013
 
2012
 
Fixed rate advances, maturing January 2014 through November 2018 at rates from 0.61% to 2.56%; average rate: 2013 – 1.47%; 2012 – 1.84%
 
$
30,100
 
$
28,000
 
Putable advance, maturing February 2013 at a fixed rate of 2.62%
 
 
-
 
 
5,000
 
 
Fixed rate advances are payable at maturity, with a prepayment penalty. Putable advances are fixed for a period of one to three years and then may adjust quarterly to the three-month London Interbank Offered Rate until maturity. Once the putable advance interest rate adjusts, the Bancorp has the option to prepay the advance on specified quarterly interest rate reset dates. The advances were collateralized by mortgage loans totaling approximately $188,810,000 and $164,463,000 at December 31, 2013 and 2012, respectively. In addition to the fixed rate and putable advances, the Bancorp maintains a $10,000,000 line of credit with the Federal Home Loan Bank of Indianapolis. There was approximately $714,000 outstanding on the line of credit at December 31, 2013 and no balance outstanding at December 31, 2012. Other borrowings at December 31, 2013 and 2012 are comprised of reclassified bank balances.