NOTE 9 – Borrowings

Borrowings consist of the following:


	March 31, 2020		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 (0.28%, matures 4/2/20)		2,500,000		—
FHLB fixed rate advance (0.35%, matures 4/23/20)		5,000,000		—
FHLB fixed rate advance (1.07%, matures 6/2/20)		7,000,000		—
FHLB fixed rate advance (0.74%, matures 6/12/20)		5,000,000		—
FHLB fixed rate advance (0.61%, matures 9/11/20)		5,000,000		—
	$	24,500,000	$	44,200,000

The Bank has a master contract agreement with the FHLB, which provides for borrowing up to the maximum $130,006,641 at March 31, 2020. 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 no outstanding advances on the open line of credit as of March 31, 2020 and June 30, 2019.

Additionally, the Bank had $24,500,000 and $44,200,000 outstanding in term advances at March 31, 2020 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. There were no amounts outstanding as of March 31, 2020 or June 30, 2019.