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Note 10 - Borrowed Funds

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 10 – Borrowed Funds

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

		(Dollars in thousands)
		2020				2019
Fixed rate advances from the FHLB		$	6,000			$	14,000
Other			149				-
Total		$	6,149			$	14,000

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

		(Dollars in thousands)
2021		$	6,000
Total		$	6,000

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)
		2020				2019
Ending balance		$	13,711			$	11,499
Average balance during the year			16,975				12,928
Maximum month-end balance during the year			21,100				20,628
Securities underlying the agreements at year end:
Carrying value			23,860				16,961
Fair value			23,860				16,961
Average interest rate during the year			0.58	%			1.80	%
Average interest rate at year end			0.32	%			1.51	%

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

		(Dollars in thousands)
		2020				2019
Fixed rate advances, maturing January 2021 through March 2021 at rates from 2.65% to 2.68%; average rate: 2020 – 2.66%; 2019 – 2.62		$	6,000			$	14,000

Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $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.

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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