Derivatives and Hedging

9 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Note 10. Derivatives and Hedging

Derivatives not designated as hedges may be used to manage the Company’s exposure to interest rate movements or to provide service to customers. The Company executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that the Company executes with a third party in order to minimize the net risk exposure resulting from such transactions. These interest rate swap agreements do not qualify for hedge accounting treatment, and therefore changes in fair value are reported in current period earnings.

The following table presents summary information about the interest rate swaps as of March 31, 2020 and June 30, 2019.

	March 31,			June 30,
	2020			2019
	(dollars in thousands)
Notional amounts	$	95,628		$	68,535
Weighted average pay rates		3.14	%		3.89	%
Weighted average receive rates		3.14	%		3.89	%
Weighted average maturity	9.18 years			9.84 years
Fair value of combined interest rate swaps	$	-		$	-