Note 8 - Federal Home Loan Bank Advances

12 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

8

—FEDERAL HOME LOAN BANK ADVANCES

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

							June 30, 201 9					June 30, 201 8
	Stated Interest Rate Range								Weighted Average					Weighted Average
Advance Type	From			To			Amount		Rate			Amount		Rate
Fixed rate, amortizing		—	%		—	%	$	—		—	%	$	56		4.30	%
Fixed rate		1.18			1.97			11,200		1.59			11,700		1.46
Variable rate		2.56			2.56			11,500		2.56			—		—

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 a comparable new advance. The following table is a summary of the scheduled principal payments for all advances:

Twelve Months Ending June 30	Principal Payments
2020	$	13,000
2021		1,500
2022		1,700
2023		—
Thereafter		6,500
Total	$	22,700

Pursuant to collateral agreements with the FHLB, advances are secured by all the stock invested in the FHLB and certain qualifying

first

mortgage and multi-family loans. The advances were collateralized by

$61,812

and

$53,572

of

first

mortgage and multi-family loans under a blanket lien arrangement at

June 30, 2019

and

2018,

respectively. Based on this collateral and the Corporation’s holdings of FHLB stock, the Bank was eligible to borrow up to a total of

$23,283

in additional advances at

June 30, 2019.