Note 8 - Federal Home Loan Bank Advances and Repurchase Agreements
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Federal Home Loan Bank Advances, Disclosure [Text Block]
(8)
Federal Home Loan Bank Advances and Repurchase Agreements
The Bank did not have any advances outstanding from the Federal Home Loan Bank of Indianapolis as of
December
31,
2016
and
2015.
 
The Bank maintains an overdraft line of credit with the Federal Home Loan Bank of Indianapolis. The amount of credit available was
$20,000,000
as of
December
31,
2016
and
2015.
The interest rate on the line of credit is equal to the variable advance rate and is only charged on amounts advanced. The variable advance rate was
0.90%
on
December
31,
2016
and
0.58%
on
December
31,
2015.
The line of credit was subject to the provisions and conditions of the credit policy of the Federal Home Loan Bank of Indianapolis.
 
As of
December
31,
2016
investment securities with a carrying value of
$21,431,000
were pledged to secure the Federal Home Loan Bank line of credit. As of
December
31,
2015
investment securities with a carrying value of
$26,437,000
were pledged to secure the Federal Home Loan Bank line of credit.
 
The Bank did not have any borrowings under Repurchase Agreements as of
December
31,
2016.
The Bank had
one
borrowing under a Repurchase Agreement as of
December
31,
2015.
The amount of the borrowing was
$15,000,000
as of
December
31,
2015
and had a fixed interest rate of
4.65%.
The borrowing under a repurchase agreement matured on
June
8,
2016.Investment
securities issued by U.S. Government agencies with a carrying value of
$16,960,000
were pledged to secure the Repurchase Agreement borrowing at
December
31,
2015.