Note 7 - Short-term Borrowings

12 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

7

—SHORT-TERM BORROWINGS

Short-term borrowings consisted of repurchase agreements and federal fund purchased. Information concerning all short-term borrowings at

June 

30,

2019

and

2018,

maturing in less than

one

year is summarized as follows:

	201 9			201 8
Balance at June 30	$	3,686		$	13,367
Average balance during the year		3,521			24,422
Maximum month-end balance		3,975			28,621
Average interest rate during the year		1.45	%		0.98	%
Weighted average rate, June 30		1.39	%		1.02	%

Securities sold under agreements to repurchase are utilized to facilitate the needs of our customers. Physical control is maintained for all securities pledged to secure repurchase agreements. Securities available-for-sale pledged for repurchase agreements as of

June 30, 2019

and

2018

are presented in the following table:

	Overnight and Continuous
	201 9		201 8
U.S. government-sponsored entities and agencies pledged	$	998	$	—
Residential mortgage-backed securities pledged		3,938		5,294
Total pledged	$	4,936	$	5,294
Repurchase agreements	$	3,686	$	4,486

Total interest expense on short-term borrowings was

$51

and

$240

for the years ended

June 30, 2019

and

2018,

respectively.