Note 5 - Federal Home Loan Bank Advances

9 Months Ended

Sep. 30, 2015

Disclosure Text Block [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

(5) Federal Home Loan Bank Advances

Bancorp had outstanding borrowings of $43.7 million and $36.8 million at September 30, 2015 and December 31, 2014, respectively, via twelve separate fixed-rate advances. For two advances totaling $30 million, both of which are non-callable, interest payments are due monthly, with principal due at maturity. For the remaining advances totaling $13.7 million, principal and interest payments are due monthly based on an amortization schedule.

The following is a summary of the contractual maturities and average effective rates of outstanding advances:

(In thousands)	September 30, 2015					December 31, 2014
	Advance		Rate			Advance		Rate
2015	$	30,000		2.33	%	$	30,000		2.30	%
2020		1,850		2.23	%		1,885		2.23	%
2021		446		2.12	%		497		2.12	%
2024		2,916		2.36	%		3,064		2.36	%
2025		7,132		2.44	%		-		-
2028		1,355		1.47	%		1,386		1.47	%
	$	43,699		2.32	%	$	36,832		2.27	%

Advances from the FHLB are collateralized by certain commercial and residential real estate mortgage loans totaling $568.9 million under a blanket mortgage collateral agreement and FHLB stock. Bancorp believes these borrowings to be an effective alternative to higher cost time deposits to manage interest rate risk associated with long-term fixed rate loans. At September 30, 2015, the amount of available credit from the FHLB totaled $408.1 million.