Advances From The Federal Home Loan Bank

12 Months Ended

Jun. 30, 2014

Advances From The Federal Home Loan Bank [Abstract]

Advances From The Federal Home Loan Bank

15.ADVANCES FROM THE FEDERAL HOME LOAN BANK

At June  30, 2014 and 2013, advances from the FHLB were due as follows (in thousands):

	2014	2013
Maturity:
Due in one year	$                1,551	$            15,486
Due in two years	5,198	1,859
Due in five years	49,166	48,956
Due in seven years	8,292	12,809
Due in ten years	4,266	8,424
Due in twenty years	8,743	10,163
	77,216	97,697
Restructuring prepayment penalty	(86)	(132)
	$              77,130	$            97,565

The advances from the FHLB had interest rates ranging from less than 1% to 6% and were collateralized by approximately $220,052,000 in qualifying loans at June 30, 2014 (calculated at March 31, 2014).  The weighted average interest rate was 2.3% at June 30, 2014.  At June 30, 2013 (calculated at March 31, 2013), the advances from the FHLB had interest rates from less than 1% to 6% and were collateralized by approximately $181,000,000 in qualifying loans.  The weighted average interest rate was 2.7% at June 30, 2013.

During the second quarter of 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 years 2014and 2013 was $46,000 and $34,000, respectively.

At June  30, 2014, the Bank had net borrowing capacity with the FHLB of $142,836,000.