Note 9 - Federal Home Loan Bank Advances

12 Months Ended

Jun. 30, 2022

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, 2022					June 30, 2021
	Stated Interest Rate Range								Weighted Average					Weighted Average
Advance Type	From			To			Amount		Rate			Amount		Rate
Fixed rate, amortizing		1.37	%		1.37	%	$	256		1.37	%	$	350		1.37	%
Fixed rate		0.90			1.18			8,000		1.04			17,700		1.40

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 as of June 30, 2022:

Twelve Months Ending June 30	Principal Payments
2023	$	84
2024		67
2025		4,056
2026		46
2027		3
Thereafter		4,000
Total	$	8,256

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 $152,868 and $127,703 of first mortgage and multi-family loans under a blanket lien arrangement at June 30, 2022 and 2021, respectively. Based on this collateral and the Corporation’s holdings of FHLB stock, the Bank was eligible to borrow up to a total of $96,548 in additional advances at June 30, 2022.