Note 11 - Advances From the Federal Home Loan Bank

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

(

11

) Advances from the Federal Home Loan Bank

Bancorp had outstanding borrowings of

$48.2

million at

December 31, 2018,

via

fourteen

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

$18.2

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)	December 31, 201 8					December 31, 201 7
Year	Advance		Fixed Rate			Advance		Fixed Rate
2019	$	30,000		2.54	%	$	30,000		1.48	%
2020		1,691		2.23			1,741		2.23
2021		215		2.12			288		2.12
2024		2,240		2.36			2,454		2.36
2025		4,626		2.42			5,149		2.42
2026		8,185		1.99			8,564		1.99
2028		1,220		1.49			1,262		1.49
Total	$	48,177		2.39	%	$	49,458		1.74	%

Payments based on amortization schedules over the next

five

years are as follows:

(In thousands)
2019	$	31,420
2020		2,924
2021		1,298
2022		1,268
2023		1,297
2024 and beyond		9,970

In addition to fixed-rate advances listed above, at

December 31, 2017,

Bancorp had a

$150

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

first

week of

January 2018

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

No

cash management advances were outstanding as of

December 31, 2018.

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 views the borrowings as an effective alternative to brokered deposits to fund loan growth. At

December 31, 2018,

the amount of available credit from the FHLB totaled

$537

million. Bancorp also has

$105

million in federal funds lines available from correspondent banks.