Note 9 - Federal Home Loan Bank Advances

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

9

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FEDERAL HOME LOAN BANK ADVANCES

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

						June 30, 2021					June 30, 2020
	Stated Interest Rate Range							Weighted Average					Weighted Average
Advance Type	From			To		Amount		Rate			Amount		Rate
Fixed rate, amortizing		1.37	%	1.37	%	$	350		1.37	%	$	461		1.37	%
Fixed rate		0.90		1.97			17,700		1.40			24,200		1.59
Variable rate		—		—			—		—			6,500		0.26

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
2022	$	1,799
2023		79
2024		6,567
2025		5,556
Thereafter		4,049
Total	$	18,050

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

$127,703

and

$92,056

of

first

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

June 30, 2021

and

2020,

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

$65,491

in additional advances at

June 30, 2021.