Note 8 - Federal Home Loan Bank Advances

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

( 8 ) Federal Home Loan Bank Advances

Bancorp had outstanding borrowings

totaling

$50.1

million and

$51.1

million at

September 30, 2017

and

December 31, 2016,

respectively, via

14

separate fixed-rate advances. As of

September 30, 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

$20.1

million, principal and interest payments are due monthly based on an amortization schedule.

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

(In thousands)	September 30, 2017					December 31, 2016
Year	Advance		Fixed Rate			Advance		Fixed Rate
2017	$	30,000		1.24	%	$	30,000		0.70	%
2020		1,753		2.23			1,790		2.23
2021		306		2.12			359		2.12
2024		2,505		2.36			2,661		2.36
2025		5,615		2.43			6,025		2.43
2026		8,658		1.99			8,936		1.99
2028		1,273		1.48			1,304		1.48
Total	$	50,110		1.61	%	$	51,075		1.30	%

In addition to fixed-rate advances listed above,

at

September 30, 2017

Bancorp had a

$150

million cash management advance from the FHLB. This advance matured in the

first

week of

October, 2017

and was used to manage Bancorp’s overall cash position. Due to the short term of the advance, it was recorded on the consolidated balance sheet within Federal funds purchased and other short-term borrowings.

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

at times utilizes these borrowings to match fund long-term fixed rate loans. At

September 30, 2017,

the amount of available credit from the FHLB totaled

$367.3

million.