Note 8 - Short-term Borrowings

12 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 8—SHORT-TERM BORROWINGS

Short-term borrowings consisted of federal funds purchased, repurchase agreements, and a line of credit for the Corporation. Information concerning all short-term borrowings at June 30, 2023 and 2022, maturing in less than one year is summarized as follows:

	2023			2022
Balance at June 30	$	26,367		$	21,295
Average balance during the year		22,603			12,960
Maximum month-end balance		26,367			21,878
Average interest rate during the year		1.76	%		0.36	%
Weighted average rate, June 30		2.20	%		0.61	%

In fiscal year 2022, the Corporation obtained an unsecured $5,000 line of credit to provide capital support to the Bank and for other general corporate purposes. The outstanding balance on the line of credit was $1,200 and $1,270 as of June 30, 2023 and 2022, respectively. 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. Available-for-sale securities pledged for repurchase agreements as of June 30, 2023 and 2022 are presented in the following table:

	Overnight and Continuous
	2023		2022
U.S. government-sponsored entities and agencies pledged	$	3,730	$	3,331
Residential mortgage-backed securities pledged		19,648		11,954
Commercial mortgage-backed securities		3,641		6,682
Total pledged	$	27,019	$	21,967
Repurchase agreements	$	23,783	$	20,025

Total interest expense on short-term borrowings was $397 and $47 for the years ended June 30, 2023 and 2022, respectively.