Note 8 - Short-term Borrowings

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 8—SHORT-TERM BORROWINGS

Short-term borrowings consisted of repurchase agreements and a line of credit for the Corporation. Information concerning all short-term borrowings at June 30, 2022 and 2021, maturing in less than one year is summarized as follows:

	2022			2021
Balance at June 30	$	21,295		$	12,203
Average balance during the year		12,960			8,895
Maximum month-end balance		21,878			13,275
Average interest rate during the year		0.36	%		0.10	%
Weighted average rate, June 30		0.61	%		0.05	%

In fiscal year 2022, the Corporation acquired an unsecured $5,000 line of credit to provide capital support to the Bank and for other general corporate purposes. As of June 30, 2022, the outstanding balance on the line of credit was $1,270. Repurchase agreements are financing arrangements that mature daily and are used to facilitate the needs of our customers. Physical control of all the securities is maintained for all securities pledged to secure repurchase agreements. Securities available-for-sale pledged for repurchase agreements as of June 30, 2022 and 2021 are presented in the following table:

	Overnight and Continuous
	2022		2021
U.S. government-sponsored entities and agencies pledged	$	3,331	$	767
Residential mortgage-backed securities pledged		11,954		6,493
Commercial mortgage-backed securities		6,682		6,042
Total pledged	$	21,967	$	13,302
Repurchase agreements	$	20,025	$	12,203

Total interest expense on short-term borrowings was $47 and $9 for the years ended June 30, 2022 and 2021, respectively.