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Note 10 - Borrowed Funds
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 10 – Borrowed Funds

At December 31, 2021, and December 31, 2020, borrowed funds are summarized below:

 

  

(Dollars in thousands)

 
  

2021

  

2020

 

Fixed rate advances from the FHLB

 $-  $6,000 

Other

  -   149 

Total

 $-  $6,149 

 

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

 $14,581  $13,711 

Average balance during the year

  17,789   16,975 

Maximum month-end balance during the year

  24,514   21,100 

Securities underlying the agreements at year end:

        

Carrying value

  14,885   23,860 

Fair value

  14,885   23,860 

Average interest rate during the year

  0.26%  0.58%

Average interest rate at year end

  0.26%  0.32%

 

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

 

 

 

 

 

 

 

 

 

 

 

  

(Dollars in thousands)

 
  

2020

  

2019

 

Fixed rate advances, none oustanding as of year ended 2021; average rate: 2021 – N/A; 2020 – 2.66%

 $-  $6,000 

 

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 at December 31, 2021. 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, 2021 or December 31, 2020. The Bancorp did not have other borrowings at December 31, 2021, as of December 31, 2020, the Bancorp had outstanding federal funds purchased of $149 thousand.