Note 6 - Federal Home Loan Bank Advances

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

(6) Federal Home Loan Bank Advances

Bancorp had outstanding borrowings totaling of

$50.8

million and

$51.1

million at

March

31,

2017

and

December

31,

2016,

respectively, via

14

separate fixed-rate advances. As of

March

31,

2017,

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

$20.8

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)	March 31, 2017					December 31, 2016
Year	Advance		Fixed Rate			Advance		Fixed Rate
2017	$	30,000		0.92	%	$	30,000		0.70	%
2020		1,778		2.23			1,790		2.23
2021		341		2.12			359		2.12
2024		2,611		2.36			2,661		2.36
2025		5,889		2.43			6,025		2.43
2026		8,843		1.99			8,936		1.99
2028		1,293		1.48			1,304		1.48
Total	$	50,755		1.42	%	$	51,075		1.30	%

Advances from the FHLB are collateralized by certain commercial and residential real estate mortgage loans 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

March

31,

2017,

the amount of available credit from the FHLB totaled

$500.1

million.