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Borrowings | 12 Months Ended
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Jun. 30, 2015
Banking and Thrift [Abstract] |
Borrowings | Borrowings Advances from the FHLB – San Francisco, which mature on various dates through 2025, are collateralized by pledges of certain real estate loans with an aggregate balance at June 30, 2015 and 2014 of $767.3 million and $727.4 million, respectively. In addition, the Bank pledged investment securities totaling $698,000 at June 30, 2015 to collateralize its FHLB – San Francisco advances under the Securities-Backed Credit (“SBC”) program as compared to $833,000 at June 30, 2014. At June 30, 2015, the Bank’s FHLB – San Francisco borrowing capacity, which is limited to 35% of total assets reported on the Bank’s quarterly Call Report, was approximately $424.9 million as compared to $393.8 million at June 30, 2014 which was similarly limited. As of June 30, 2015 and 2014, the remaining/available borrowing facility was $324.0 million and $344.8 million, respectively, and the remaining/available collateral was $587.9 million and $537.8 million, respectively. In addition, as of June 30, 2015 and 2014, the Bank has a $12.2 million and $14.4 million discount window facility, respectively, at the Federal Reserve Bank of San Francisco, collateralized by investment securities with a fair market value of $13.0 million and $15.2 million, respectively. As of June 30, 2015, the Bank also has a borrowing arrangement in the form of a federal funds facility with its correspondent bank for $12.0 million which matures on June 30, 2016 and the Bank intends to request a renewal upon maturity. The Bank has no advances under its correspondent bank or discount window facility at June 2015 and 2014. Borrowings at June 30, 2015 and 2014 consisted of the following:
(In Thousands) | June 30,
2015 | 2014
FHLB – San Francisco advances | $ | 91,367 |  | $ | 41,431 |
In addition to the total borrowings described above, the Bank utilizes its borrowing facility for letters of credit and MPF credit enhancement. The outstanding letters of credit at June 30, 2015 and 2014 were $7.0 million and $5.0 million, respectively; and the outstanding MPF credit enhancement at these dates was $2.5 million and $2.5 million, respectively. As a member of the FHLB – San Francisco, the Bank is required to maintain a minimum investment in FHLB – San Francisco capital stock. The Bank held the required stock investment of $8.1 million and no excess capital stock at June 30, 2015, as compared to the required investment of $7.1 million and no excess capital stock at June 30, 2014. The FHLB – San Francisco did not redeem any capital stock in fiscal 2015, however the Bank purchased $1.0 million of capital stock. In fiscal 2014, $8.2 million of excess capital stock was redeemed and no capital stock was purchased. In fiscal 2015, 2014 and 2013, the FHLB – San Francisco distributed $796,000, $793,000 and $438,000 of cash dividends, respectively, to the Bank. The following tables set forth certain information regarding borrowings by the Bank at the dates and for the years indicated:
| At or For the Year Ended June 30,
(Dollars in Thousands) | 2015 | 2014 | 2013
Balance outstanding at the end of year: FHLB – San Francisco advances | $ | 91,367 |  | $ | 41,431 |  | $ | 106,491 |
Weighted-average rate at the end of year: FHLB – San Francisco advances | 2.78 | % | 3.18 | % | 3.55 | %
Maximum amount of borrowings outstanding at any month end: FHLB – San Francisco advances | $ | 131,384 |  | $ | 81,486 |  | $ | 126,542 |
Average short-term borrowings during the year with respect to:(1) |  |  |
FHLB – San Francisco advances | $ | 6,800 |  | $ | 13,333 |  | $ | 61,667 |
Weighted-average short-term borrowing rate during the year with respect to:(1) |  |  |
FHLB – San Francisco advances | 0.22 | % | 3.14 | % | 3.87 | %
(1) Borrowings with a remaining term of 12 months or less. The aggregate annual contractual maturities of borrowings at June 30, 2015 and 2014 are as follows:
(Dollars in Thousands) | June 30,
2015 | 2014
Within one year | $ | — |  | $ | — |
Over one to two years | — |  | — |
Over two to three years | 10,059 |  | — |
Over three to four years | 10,000 |  | 10,080 |
Over four to five years | — |  | 10,000 |
Over five years | 71,308 |  | 21,351 |
Total borrowings | $ | 91,367 |  | $ | 41,431 |
Weighted average interest rate | 2.78 | % | 3.18 | %

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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