Note 8 - Federal Home Loan Bank Advances

12 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 8—FEDERAL HOME LOAN BANK ADVANCES

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

							June 30, 2024					June 30, 2023
	Stated Interest Rate Range								Weighted Average					Weighted Average
Advance Type	From			To			Amount		Rate			Amount		Rate
Fixed rate, amortizing		1.37	%		1.37	%	$	109		1.37	%	$	176		1.37	%
Fixed rate		0.90			1.18			8,000		1.04			8,000		1.04
Variable rate		5.46			5.46			5,600		5.46			600		5.19

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, 2024:

Twelve Months Ending June 30	Principal Payments
2025	$	9,600
2026		109
2027		—
2028		—
2029		—
Thereafter		4,000
Total	$	13,709

Pursuant to collateral agreements with 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 $182,257 and $169,993 of first mortgage and multi-family loans under a blanket lien arrangement at June 30, 2024 and 2023, respectively. Based on this collateral, the Bank was eligible to borrow up to a total of $99,814 in additional advances at June 30, 2024.