Note 8 - Short-term Borrowings

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

8

—SHORT-TERM BORROWINGS

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

June 

30,

2020

and

2019,

maturing in less than

one

year is summarized as follows:

	20 20			201 9
Balance at June 30	$	6,943		$	3,686
Average balance during the year		4,306			3,521
Maximum month-end balance		7,705			3,975
Average interest rate during the year		1.00	%		1.45	%
Weighted average rate, June 30		0.25	%		1.39	%

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, 2020

and

2019

are presented in the following table:

	Overnight and Continuous
	20 20		201 9
U.S. government-sponsored entities and agencies pledged	$	1,031	$	998
Residential mortgage-backed securities pledged		2,720		3,938
Commercial mortgage-backed securities		3,288		—
Total pledged	$	7,039	$	4,936
Repurchase agreements	$	6,943	$	3,686

Total interest expense on short-term borrowings was

$43

and

$51

for the years ended

June 30, 2020

and

2019,

respectively.