NOTE 9 – BORROWED FUNDS

Pursuant to collateral agreements with the FHLB, advances are secured by all stock in the FHLB held by the Bank and a blanket pledge agreement for qualifying first mortgage loans. The Bank had $13,000,000 in outstanding FHLB advances at June 30, 2015 and $15,000,000 in outstanding FHLB advances at June 30, 2014. At June 30, 2015, the Bank had eight outstanding advances from the FHLB totaling $13,000,000 at interest rates ranging from 0.74% to 2.63%. At June 30, 2015 there were no outstanding borrowings under the line of credit agreement with FHLB. At June 30, 2014, the Bank had nine outstanding advances from the FHLB totaling $15,000,000 at interest rates ranging from 0.63% to 2.63%. The outstanding FHLB advances require monthly interest payments and mature at dates ranging from January 2016 through January 2022. The weighted average interest rate on outstanding FHLB advances as of June 30, 2015 is 1.80%. Maturities of FHLB advances and outstanding borrowings under the line of credit agreement are as follows (in thousands) for the year ended June 30:

2016	$	1,000
2017		3,167
2018		2,000
2019		1,667
Thereafter		5,166
Total	$	13,000