Advances From The Federal Home Loan Bank

12 Months Ended

Jun. 30, 2013

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Advances From The Federal Home Loan Bank

15.ADVANCES FROM THE FEDERAL HOME LOAN BANK

At June 30, 2013 and 2012, advances from the FHLB were due as follows (in thousands):

	2013	2012
Maturity:
Due in one year	$     15,486	$       9,267
Due in two years	1,859	26,491
Due in five years	48,956	6,721
Due in seven years	12,809	4,850
Due in ten years	8,424	8,304
Due in twenty years	10,163	13,008
	97,697	68,641
Restructuring prepayment penalty	(132)	-
	$     97,565	$     68,641

The advances from the FHLB had interest rates ranging from less than 1% to 6% and were collateralized by approximately $181,000,000 in qualifying loans at June 30, 2013 (calculated at March 31, 2013).  The weighted average interest rate was 2.7% at June 30, 2013.  At June 30, 2012 (calculated at March 31, 2012), the advances from the FHLB had interest rates from 2% to 7% and were collateralized by approximately $382,000,000 in qualifying loans.  The weighted average interest rate was 4.4% at June 30, 2012.

During fiscal 2013, the Bank restructured a portion of its fixed-rate FHLB advances with lower-cost FHLB advances.  Upon restructuring, the Bank incurred a $166,000 prepayment penalty, which is being amortized using the effective interest method over the contractual term of the restructured advances.  Amortization expense for the fiscal 2013 was $34,000.

At June 30, 2013, the Bank had net borrowing capacity with the FHLB of $83,194,000.