Annual report pursuant to Section 13 and 15(d)

Borrowed Funds

v3.3.1.900
Borrowed Funds
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 9 – Borrowed Funds
 
At year end, borrowed funds are summarized below:
 
 
 
(Dollars in thousands)
 
 
 
2015
 
 
2014
 
Fixed rate advances from the FHLB
 
$
34,100
 
 
$
36,100
 
Variable rate advances from the FHLB
 
 
5,000
 
 
 
-
 
Line of credit at FHLB
 
 
-
 
 
 
-
 
Other
 
 
393
 
 
 
281
 
Total
 
$
39,493
 
 
$
36,381
 
 
At December 31, 2015, scheduled maturities of borrowed funds were as follows:
 
 
 
(Dollars in thousands)
 
2016
 
$
15,393
 
2017
 
 
12,000
 
2018
 
 
6,100
 
2019
 
 
4,000
 
2020
 
 
2,000
 
Total
 
$
39,493
 
 
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)
 
 
 
2015
 
 
2014
 
Ending balance
 
$
18,508
 
 
$
17,525
 
Average balance during the year
 
 
18,003
 
 
 
18,029
 
Maximum month-end balance during the year
 
 
22,020
 
 
 
25,540
 
Securities underlying the agreements at year end:
 
 
 
 
 
 
 
 
Carrying value
 
 
23,479
 
 
 
103,754
 
Fair value
 
 
23,479
 
 
 
103,754
 
Average interest rate during the year
 
 
0.38
%
 
 
0.37
%
Average interest rate at year end
 
 
0.45
%
 
 
0.35
%
 
At December 31, advances from the Federal Home Loan Bank were as follows:
 
 
 
(Dollars in thousands)
 
 
 
2015
 
 
2014
 
Fixed rate advances, maturing January 2016 through June 2020 at rates from 0.61% to 2.11%; average rate: 2015 – 1.29%; 2014 – 1.31%
 
$
34,100
 
 
$
36,100
 
 
 
 
 
 
 
 
 
 
Variable rate advances, maturing May 2016 at the rate of 0.62% average rate: 2015 – 0.62%; 2014 – N/A
 
 
5,000
 
 
 
-
 
 
Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $231.9 million and $208.1 million at December 31, 2015 and 2014, respectively. In addition to the fixed rate advances, the Bancorp 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, 2015 and December 31, 2014. Other borrowings at December 31, 2015 and 2014 are comprised of reclassified bank balances.