Note 9 - Federal Home Loan Bank Advances

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

9

—FEDERAL HOME LOAN BANK ADVANCES

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

						June 30, 20 20					June 30, 201 9
	Stated Interest Rate Range							Weighted Average					Weighted Average
Advance Type	From			To		Amount		Rate			Amount		Rate
Fixed rate, amortizing		1.37	%	1.37	%	$	461		1.37	%	$	—		—	%
Fixed rate		0.00		1.97			24,200		1.59			11,200		1.59
Variable rate		0.26		0.26			6,500		0.26			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
2021	$	13,116
2022		1,794
2023		79
2024		6,567
Thereafter		9,605
Total	$	31,161

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

$92,056

and

$61,812

of

first

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

June 30, 2020

and

2019,

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

$32,425

in additional advances at

June 30, 2020.