Finward Bancorp Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Borrowed Funds

Borrowed Funds

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 9 Borrowed Funds

At year end, borrowed funds are summarized below:

	(Dollars in thousands)
	2014		2013
Fixed rate advances from the FHLB	$	36,100	$	30,100
Line of credit at FHLB		-		714
Other		281		84
Total	$	36,381	$	30,898

At December 31, 2014, scheduled maturities of borrowed funds were as follows:

	(Dollars in thousands)
2015	$	8,281
2016		8,000
2017		10,000
2018		4,100
2019		4,000
2020		2,000
Total	$	36,381

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)
	2014			2013
Ending balance	$	17,525		$	14,031
Average balance during the year		18,029			18,016
Maximum month-end balance during the year		25,540			21,652
Securities underlying the agreements at year end:
Carrying value		103,754			23,729
Fair value		103,754			23,729
Average interest rate during the year		0.37	%		0.38	%
Average interest rate at year end		0.35	%		0.38	%

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

	(Dollars in thousands)
	2014		2013

Fixed rate advances, maturing January 2015 through June 2020 at rates from 0.41% to 2.36%; average rate: 2014 1.31%; 2013 1.47%	$	36,100	$	30,100

maintains a $10.0 million line of credit with the Federal Home Loan Bank of Indianapolis. There was no outstanding balance on the line of credit at December 31, 2014 and approximately $714 thousand outstanding at December 31, 2013. Other borrowings at December 31, 2014 and 2013 are comprised of reclassified bank balances.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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