Other Borrowings

12 Months Ended

Dec. 31, 2011

Federal Home Loan Bank Advances Disclosure [Abstract]

Federal Home Loan Bank Advances Disclosure [Text Block]

NOTE 11 - OTHER BORROWINGS

The Bank carried fixed rate, non-callable advances from the Federal Home Loan Bank of Indianapolis totaling $24.0 million and $30.3 million at December 31, 2011 and 2010, respectively. As of December 31, 2011, the rates on the advances ranged from 2.74% to 5.36% with a weighted average rate of 3.43%.

Advances are primarily collateralized by residential mortgage loans under a blanket security agreement. Additional coverage is provided by Other Real Estate Related (“ORER”) and Community Financial Institution (“CFI”) collateral. The unpaid principal balance of the loans pledged as collateral required is between 155% and 250%, depending on the type of collateral and was $150.3 million at year-end 2011. Interest payments are made monthly, with principal due annually and at maturity. If principal payments are paid prior to maturity, advances are subject to a prepayment penalty.

Maturities and scheduled principal payments for other borrowings over the next five years as of December 31 are shown below.

In thousands of dollars	2011
Within one year	$	2,296
Between one and two years		10,306
Between two and three years		9,513
Between three and four years		44
Between four and five years		47
More than five years		1,829
Total	$	24,035