7.BORROWINGS

Borrowings consist of the following at March 31, 2015, December 31, 2014 and March 31, 2014 (dollars in thousands):

	March 31,		December 31,		March 31,
	2015		2014		2014

Federal Home Loan Bank fixed rate advances at March 31, 2015 with a weighted average rate of 1.68% maturing in 2016, 2018 and 2019	$	35,000	$	35,000	$	35,000

Correspondent bank line of credit - holding company	8,500		8,000		—

Bank line of credit - wholly owned asset based lending subsidiary	2,961		3,367		—

Correspondent bank term note, current floor rate of 4%, maturing December 28, 2017	2,600		2,700		3,000

USDA Rural Development, fixed-rate note payable, maturing August 24, 2024, interest payable at 1%	778		779		852

	$	49,839	$	49,846	$	38,852

The Federal Home Loan Bank borrowings are collateralized at March 31, 2015 by the following: a collateral agreement on the Corporation’s one to four family residential real estate loans with a book value of approximately $41.759 million; mortgage related and municipal securities with an amortized cost and estimated fair value of $3.891 million and $4.126 million, respectively; and Federal Home Loan Bank stock owned by the Bank totaling $2.973 million. Prepayment of the advances is subject to the provisions and conditions of the credit policy of the Federal Home Loan Bank of Indianapolis in effect as of March 31, 2015.

The USDA Rural Development borrowing is collateralized by loans totaling $.119 million originated and held by the Corporation’s wholly owned subsidiary, First Rural Relending, and an assignment of a demand deposit account in the amount of $.727 million, and guaranteed by the Corporation.

The Corporation currently has two banking borrowing relationships. The first relationship consists of a non-revolving line of credit and a term note. The line of credit bears interest at 90-day LIBOR plus 2.75%, with a floor rate of 4.00% and has an initial term that expires on December 28, 2017. The term note bears the same interest and matures on March 22, 2017 and requires quarterly principal payments of $100,000 beginning June 30, 2014. This relationship is secured by all of the outstanding mBank stock. The second borrowing relationship consists of a $10 million revolving line of credit, which can be increased to $25 million upon request, used to support asset based lending activities at a wholly-owned subsidiary that currently bears interest at 90-day LIBOR plus 2.75% and has an initial term that expires on September 10, 2016. This line of credit it secured by an assignment of all collateral securing the outstanding loan balances of our asset based lending subsidiary.