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SHORT-TERM BORROWINGS
12 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

NOTE 7—SHORT-TERM BORROWINGS

 

Short-term borrowings consisted of repurchase agreements. Repurchase agreements are financing arrangements. Physical control is maintained for all securities pledged to secure repurchase agreements. Information concerning all short-term borrowings at June 30, maturing in less than one year is summarized as follows:

 

    2012     2011  
Balance at June 30   $ 13,722     $ 17,012  
Average balance during the year     15,293       14,892  
Maximum month-end balance     17,636       18,169  
Average interest rate during the year     0.19 %     0.30 %
Weighted average rate, June 30     0.16 %     0.27 %

  

Repurchase agreements mature daily. The Bank has pledged obligations of government-sponsored entities and mortgage-backed securities with a carrying value of $15,320 and $18,055 at June 30, 2012 and 2011, respectively, as collateral for the repurchase agreements. Total interest expense on short-term borrowings was $29 and $45 for the years ended June 30, 2012 and 2011, respectively.