Note 7 - Short-term Borrowings |
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| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Text Block] |
NOTE 7—SHORT-TERM BORROWINGS
As of June 30, 2025 and 2024, short-term borrowings consisted of federal funds purchased, repurchase agreements, and a loan from the Federal Reserve Bank’s Bank Term Funding Program. Information concerning all short-term borrowings maturing in less than one year is summarized as follows:
In fiscal year 2024, the Company obtained a loan from the Federal Reserve Bank’s Bank Term Funding Program for $10,000 that was fully repaid in November 2024. The Company has an unsecured $5,000 line of credit to provide capital support to the holding company. Repurchase agreements are financing arrangements that mature daily and are used to facilitate the needs of our customers. Physical control of all the securities is maintained for all securities pledged to secure repurchase agreements. Available-for-sale securities pledged for repurchase agreements as of June 30, 2025 and 2024 are presented in the following table:
Total interest expense on short-term borrowings was $462 and $702 for the years ended June 30, 2025 and 2024, respectively. |
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