NOTE 9 – Borrowings

Borrowings consist of the following:


	December 31, 2019		June 30, 2019
FHLB fixed rate advance (2.45%, matured 7/1/19)	$	—	$	7,500,000
FHLB fixed rate advance (2.43%, matured 7/2/19)		—		15,000,000
FHLB fixed rate advance (2.45%, matured 7/3/19)		—		5,000,000
FHLB fixed rate advance (2.43%, matured 7/3/19)		—		8,000,000
FHLB fixed rate advance (2.649%, matured 7/23/19)		—		2,500,000
FHLB fixed rate advance (2.649%, matured 7/24/19)		—		3,100,000
FHLB fixed rate advance (2.647%, matured 7/25/19)		—		3,100,000
FHLB fixed rate advance (1.72%, matures 1/2/20)		4,000,000		—
FHLB fixed rate advance (1.72%, matures 1/3/20)		7,500,000		—
FHLB fixed rate advance (1.72%, matures 1/6/20)		3,000,000		—
FHLB fixed rate advance (1.74%, matures 1/7/20)		1,000,000		—
FHLB fixed rate advance (1.74%, matures 1/7/20)		500,000
FHLB fixed rate advance (1.72%, matures 1/8/20)		4,500,000		—
	$	20,500,000	$	44,200,000

The Bank has a master contract agreement with the FHLB, which provides for borrowing up to the maximum $125,769,661 at December 31, 2019. The FHLB provides both fixed and floating rate advances. Within the master contract agreement, the Bank also has an open line of credit with the FHLB with a variable interest rate. There were $0 outstanding advances on the open line of credit as of December 31, 2019 and June 30, 2019.

Additionally, the Bank had $20,500,000 and $44,200,000 outstanding in term advances at December 31, 2019 and June 30, 2019, respectively. The advances are collateralized by a security agreement pledging a majority of the Bank’s one- to four-family and multifamily mortgages.

The Bank has an agreement with U.S. Bank, which provides for borrowing up to the maximum of $5,000,000, at December 31, 2019 and June 30, 2019. There were no amounts outstanding as of December 31, 2019 or June 30, 2019.