Note 8 - Short-term Borrowings

12 Months Ended

Jun. 30, 2021

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,

2021

and

2020,

maturing in less than

one

year is summarized as follows:

	2021			2020
Balance at June 30	$	12,203		$	6,943
Average balance during the year		8,895			4,306
Maximum month-end balance		13,275			7,705
Average interest rate during the year		0.10	%		1.00	%
Weighted average rate, June 30		0.05	%		0.25	%

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, 2021

and

2020

are presented in the following table:

	Overnight and Continuous
	2021		2020
U.S. government-sponsored entities and agencies pledged	$	767	$	1,031
Residential mortgage-backed securities pledged		6,493		2,720
Commercial mortgage-backed securities		6,042		3,288
Total pledged	$	13,302	$	7,039
Repurchase agreements	$	12,203	$	6,943

Total interest expense on short-term borrowings was

$9

and

$43

for the years ended

June 30, 2021

and

2020,

respectively.