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Note 7 - Federal Home Loan Bank of Indianapolis Advances | 3 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Federal Home Loan Bank Advances, Disclosure [Text Block] |
7. | FEDERAL HOME LOAN BANK OF INDIANAPOLIS ADVANCES
Federal Home Loan Bank of Indianapolis (“FHLBI”) bullet advances totaled $354 million at March 31, 2022, and were expected to mature at varying dates from April 2022 through June 2027, with fixed rates of interest from 0.55% to 3.18% and averaging 1.98%. FHLBI bullet advances totaled $374 million at December 31, 2021, and were expected to mature at varying dates from January 2022 through June 2027, with fixed rates of interest from 0.55% to 3.18% and averaging 2.00%. Maturities of FHLBI bullet advances as of March 31, 2022 were as follows:
2022 |  | $ | 74,000,000 |
2023 |  |  | 80,000,000 |
2024 |  |  | 80,000,000 |
2025 |  |  | 50,000,000 |
2026 |  |  | 30,000,000 |
Thereafter |  |  | 40,000,000 |
FHLBI amortizing advances totaled $28.3 million as of March 31, 2022, with an average rate of 2.52%. We had no FHLBI amortizing advances outstanding as of December 31, 2021. FHLBI amortizing advances are obtained periodically to assist in managing interest rate risk associated with certain longer-term fixed rate commercial loans, with annual principal payments that closely align with the scheduled amortization of the underlying commercial loans. Schedule principal payments of FHLBI amortizing advances as of March 31, 2022 were as follows:
2022 |  | $ | 0 |
2023 |  |  | 353,000 |
2024 |  |  | 826,000 |
2025 |  |  | 862,000 |
2026 |  |  | 899,000 |
Thereafter |  |  | 25,323,000 |
Each advance is payable at its maturity date and is subject to a prepayment fee if paid prior to the maturity date. The advances are collateralized by residential mortgage loans, first mortgage liens on multi-family residential property loans, first mortgage liens on commercial real estate property loans, and substantially all other assets of our bank, under a blanket lien arrangement. Our borrowing line of credit as of March 31, 2022 totaled $932 million, with remaining availability based on collateral equaling $544 million.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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