8.BORROWINGS

Borrowings consist of the following at March 31, 2016, December 31, 2015 and March 31, 2015 (dollars in thousands):


	March 31,		December 31,		March 31,
	2016		2015		2015

Federal Home Loan Bank fixed rate advances at March 31, 2016 with a weighted average rate of 1.44% maturing in 2016, 2018, 2019 and 2020	$	35,000	$	35,000	$	35,000
Correspondent bank line of credit - holding company		8,550		7,750		8,500
Bank line of credit - wholly owned asset based lending subsidiary		—		—		2,961
Correspondent bank term note, current floor rate of 4%, maturing December 28, 2017		2,200		2,300		2,600
USDA Rural Development, fixed-rate note payable, maturing August 24, 2024 interest payable at 1%		704		704		778

	$	46,454	$	45,754	$	49,839

The Federal Home Loan Bank borrowings are collateralized at March 31, 2016 by the following: a collateral agreement on the Corporation’s one to four family residential real estate loans with a book value of approximately $34.337 million; mortgage related and municipal securities with an amortized cost and estimated fair value of $7.895 million and $7.987 million, respectively; and Federal Home Loan Bank stock owned by the Bank totaling $2.169 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, 2016.

The USDA Rural Development borrowing is collateralized by loans totaling $.114 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 $.660 million, and guaranteed by the Corporation.

The Corporation currently has one banking borrowing relationship. The 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.