Note 6 - Short-term Borrowings

12 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

6—SHORT

-TERM BORROWINGS

Short-term borrowings consisted of repurchase agreements and federal fund purchased. Information concerning all short-term borrowings at

June 

30,

2018

and

2017,

maturing in less than

one

year is summarized as follows:

	201 8			201 7
Balance at June 30	$	13,367		$	23,986
Average balance during the year		24,422			21,053
Maximum month-end balance		28,621			28,073
Average interest rate during the year		0.98	%		0.43	%
Weighted average rate, June 30		1.02	%		0.82	%

Securities sold under agreements to repurchase are utilized to facilitate the needs of our customers. Physical control is maintained for all securities pledged to secure repurchase agreements. Securities available-for-sale pledged for repurchase agreements as of

June 30, 2018

and

2017

are presented in the following table:

	Overnight and Continuous
	201 8		201 7
U.S. government-sponsored entities and agencies pledged	$	—	$	2,015
Residential mortgage-backed securities pledged		5,294		20,923
Collateralized mortgage obligations pledged		—		2,355
Total pledged	$	5,294	$	25,293
Repurchase agreements	$	4,486	$	23,986

Total interest expense on short-term borrowings was

$240

and

$90

for the years ended

June 30, 2018

and

2017,

respectively.