FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Jun. 30, 2015

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 7—FEDERAL HOME LOAN BANK ADVANCES

A summary of Federal Home Loan Bank (FHLB) advances were as follows:

						Balance		Balance
Advance Type	Maturity	Term	Interest Rate			June 30, 2015		June 30, 2014
Interest-only, single maturity	10/09/2015	Fixed		1.43	%	$	500	$	500
Interest-only, single maturity	10/12/2017	Fixed		2.07			500		500
Interest-only, putable	12/07/2017	Fixed		3.24			5,000		5,000
Principal and interest, mortgage matched	04/01/2019	Fixed		4.30			240		296
						$	6,240	$	6,296

Each fixed rate advance has a prepayment penalty equal to the present value of 100% of the lost cash flow based upon the difference between the contract rate on the advance and the current rate on the new advance. The $5 million putable advance with the maturity date of December 7, 2017 can be called quarterly until maturity at the option of the FHLB, with the next call option being September 8, 2015. The following table is a summary of the scheduled principal payments for all advances:

	Principal
Twelve Months Ending June 30	Payments
2016	$	564
2017		62
2018		5,564
2019		50
	$	6,240

Pursuant to collateral agreements with the FHLB, advances are secured by all the stock invested in the FHLB and certain qualifying first mortgage loans. The advances were collateralized by $29,143 and $31,641 of first mortgage loans under a blanket lien arrangement at June 30, 2015 and 2014, respectively. Based on this collateral and the Corporation’s holdings of FHLB stock, the Bank was eligible to borrow up to a total of $17,727 in advances at June 30, 2015.