Borrowings

3 Months Ended

Sep. 30, 2021

Borrowings

Borrowings

NOTE 9 – Borrowings

Borrowings consist of the following:

	September 30, 2021		June 30, 2021
FHLB fixed rate advance (0.00%, matures 5/23/22)	$	5,000,000	$	5,000,000
	$	5,000,000	$	5,000,000

The Bank has a master contract agreement with the FHLB, which provides for borrowing up to a maximum 110,106,324 at September 30, 2021. 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 September 30, 2021 and June 30, 2021.

Additionally, the Bank had $5,000,000 outstanding in term advances as of September 30, 2021 and June 30, 2021. 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 September 30, 2021 or June 30, 2021.