Note 7 - Short-term Borrowings

12 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 7—SHORT-TERM BORROWINGS

Short-term borrowings consisted of federal funds purchased, repurchase agreements, a loan from the Federal Reserve Bank’s Bank Term Funding Program, and a line of credit for the Company. Information concerning all short-term borrowings at June 30, 2024 and 2023, maturing in less than one year is summarized as follows:

	2024			2023
Balance at June 30	$	30,007		$	26,367
Average balance during the year		27,041			22,603
Maximum month-end balance		36,902			26,367
Average interest rate during the year		2.60	%		1.76	%
Weighted average rate, June 30		2.97	%		2.20	%

In fiscal year 2024, the Company obtained a loan from the Federal Reserve Bank’s Bank Term Funding Program for $10,000. Also, the Company has an unsecured $5,000 line of credit to provide capital support to the holding company. The outstanding balance on the line of credit was zero as of June 30, 2024 and $1,200 as of June 30, 2023. 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, 2024 and 2023 are presented in the following table:

	Overnight and Continuous
	2024		2023
U.S. government-sponsored entities and agencies pledged	$	3,835	$	3,730
Residential mortgage-backed securities pledged		17,911		19,648
Commercial mortgage-backed securities		3,401		3,641
Total pledged	$	25,147	$	27,019
Repurchase agreements	$	18,307	$	23,783

Total interest expense on short-term borrowings was $702 and $397 for the years ended June 30, 2024 and 2023, respectively.