v2.4.0.6
SHORT-TERM BORROWINGS
12 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 6—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:
 
 
 
2013
 
 
2012
 
 
Balance at June 30
 
$
12,490
 
 
$
13,722
 
 
Average balance during the year
 
 
13,457
 
 
 
15,293
 
 
Maximum month-end balance
 
 
15,005
 
 
 
17,636
 
 
Average interest rate during the year
 
 
0.16
%
 
 
0.19
%
 
Weighted average rate, June 30
 
 
0.17
%
 
 
0.16
%
 
 
Repurchase agreements mature daily. The Bank has pledged obligations of government-sponsored entities and mortgage-backed securities with a carrying value of $14,948 and $15,320 at June 30, 2013 and 2012, respectively, as collateral for the repurchase agreements. Total interest expense on short-term borrowings was $22 and $29 for the years ended June 30, 2013 and 2012, respectively.