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FEDERAL HOME LOAN BANK ADVANCES
12 Months Ended
Jun. 30, 2013
Banking and Thrift [Abstract]  
Federal Home Loan Bank Advances, Disclosure [Text Block]
NOTE 7—FEDERAL HOME LOAN BANK ADVANCES
 
A summary of Federal Home Loan Bank (FHLB) advances were as follows:
 
Advance Type
 
Maturity
 
Term
 
Interest Rate
 
 
Balance
June 30, 2013
 
Balance
June 30, 2012
 
Principal and interest, mortgage matched
 
04/01/2014
 
Fixed
 
 
2.54
%
 
$
16
 
$
44
 
Interest-only, single maturity
 
10/09/2015
 
Fixed
 
 
1.43
 
 
 
500
 
 
500
 
Interest-only, single maturity
 
10/12/2017
 
Fixed
 
 
2.07
 
 
 
500
 
 
500
 
Interest-only, putable
 
12/07/2017
 
Fixed
 
 
3.24
 
 
 
5,000
 
 
5,000
 
Principal and interest, mortgage matched
 
04/01/2019
 
Fixed
 
 
4.30
 
 
 
350
 
 
402
 
 
 
 
 
 
 
 
 
 
 
$
6,366
 
$
6,446
 
 
Each fixed rate advance has a prepayment penalty equal to the present value of 100% of the lost cash flow based upon the difference between the contract rate on the advance and the current rate on the new advance. The $5 million putable advance with the maturity date of December 7, 2017 can be called quarterly until maturity at the option of the FHLB, with the next call option being September 9, 2013. The following table is a summary of the scheduled principal payments for all advances:
 
Twelve Months Ending June 30
 
Principal
Payments
 
2014
 
$
75
 
2015
 
 
56
 
2016
 
 
559
 
2017
 
 
62
 
2018
 
 
5,564
 
Thereafter
 
 
50
 
 
 
$
6,366
 
 
During fiscal year 2011, the Corporation prepaid two $500 fixed rate single maturity advances and replaced them with two $500 fixed rate single maturity advances with lower rates. Because the present value of the cash flows of the new debt including the prepayment penalty was not more than 10% different than the old debt, the transaction was considered to be an exchange rather than an extinguishment of debt. As such, prepayment penalties totaling $16 were capitalized and are being amortized over the life of the new debt. Unamortized capitalized prepayment penalties totaled $9 and $11 at June 30, 2013 and 2012, respectively.
 
Pursuant to collateral agreements with the FHLB, advances are secured by all the stock invested in the FHLB and certain qualifying first mortgage loans. The advances were collateralized by $33,950 and $36,907 of first mortgage loans under a blanket lien arrangement at June 30, 2013 and 2012, respectively. Based on this collateral and the Corporation’s holdings of FHLB stock, the Bank was eligible to borrow up to a total of $19,382 in advances at June 30, 2013.