Note 10 - Federal Home Loan Bank (FHLB) Advances

6 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

10. FEDERAL HOME LOAN BANK (FHLB) ADVANCES

The following table presents contractual maturities of FHLB long-term advances as of December 31, 2021and June 30, 2021.

	Maturity range		Weighted-average			Stated interest rate range						December 31,		June 30,
Description	from	to	interest rate4			from			to			2021		2021
												(Dollars in Thousands)
Fixed	10/1/2021	10/3/2022		3.09	%		2.95	%		3.09	%	$	5,000	$	10,000
Adjustable	10/1/2021	10/1/2021		N/A			0.29	%		0.36	%		-		25,000
Total												$	5,000	$	35,000

__________________________

 ⁴ As of December 31, 2021

Maturities of FHLB long-term advances at December 31, 2021, are summarized as follows:

Maturing During			Weighted-
Fiscal Year Ended			Average
June 30:	Amount		Interest Rate5
	(Dollars in Thousands)
2022	$	-		-
2023		5,000		3.09	%
2024		-		-
2025		-		-
2026		-		-
2026 and thereafter		-		-
Total	$	5,000		3.09	%

The Company also utilized revolving and short-term FHLB advances. Short-term FHLB advances generally mature within 90 days, while revolving FHLB advances may be repaid by the Company without penalty. The following table presents information regarding such advances as of December 31, 2021 and June 30, 2021:

	December 31, 2021			June 30, 2021
	(Dollars in Thousands)
FHLB revolving and short-term advances:
Ending balance	$	148,600		$	113,093
Average balance		90,018			34,715
Maximum month-end balance		148,600			113,093
Average interest rate		0.25	%		0.34	%
Weighted-average rate at period end		0.05	%		0.28	%

At December 31, 2021, the Company had remaining borrowing capacity with the FHLB of approximately $20.0 million.

The FHLB advances are secured by the Company’s FHLB stock, loans, and mortgage-backed and investment securities held in safekeeping at the FHLB. FHLB advances are subject to substantial prepayment penalties.