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Borrowings | 12 Months Ended
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Jun. 30, 2017
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, 2017 and 2016 of $733.4 million and $776.5 million, respectively. In addition, the Bank pledged investment securities totaling $451,000 at June 30, 2017 to collateralize its FHLB – San Francisco advances under the Securities-Backed Credit (“SBC”) program as compared to $591,000 at June 30, 2016. At June 30, 2017, 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 $419.8 million as compared to $410.8 million at June 30, 2016 which was similarly limited. As of June 30, 2017 and 2016, the remaining/available borrowing facility was $284.1 million and $309.0 million, respectively, and the remaining/available collateral was $508.1 million and $586.9 million, respectively. In addition, as of June 30, 2017 and 2016, the Bank has a $63.5 million and $46.4 million discount window facility, respectively, at the Federal Reserve Bank of San Francisco, collateralized by investment securities with a fair market value of $67.6 million and $49.4 million, respectively. As of June 30, 2017 and 2016, the Bank also has a borrowing arrangement in the form of a federal funds facility with its correspondent bank for $17.0 million and $12.0 million, respectively. The Bank intends to request a renewal of its borrowing arrangement with the correspondent bank prior to maturity. Borrowings at June 30, 2017 and 2016 consisted of the following:
(In Thousands) | June 30,
2017 | 2016
FHLB – San Francisco advances | $ | 126,226 |  | $ | 91,299 |
Borrowings, consisting of FHLB – San Francisco advances, were $126.2 million at June 30, 2017 compared to $91.3 million at June 30, 2016, due primarily to $20.0 million of new long-term advances and $15.0 million of new short-term advances in fiscal 2017. 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, 2017 and 2016 were $7.0 million and $8.0 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 a stock investment of $8.1 million with no excess capital stock at June 30, 2017. This compares to a required stock investment of $7.8 million with $321,000 of excess capital stock at June 30, 2016. The FHLB – San Francisco did not redeem any capital stock during fiscal 2017 while the Bank purchased $14,000 in FHLB - San Francisco capital stock in fiscal 2017. In fiscal 2016, the FHLB – San Francisco did not redeem any capital stock and the Bank did not purchase any FHLB - San Francisco capital stock. In fiscal 2017, 2016 and 2015, the FHLB – San Francisco distributed $967,000, $721,000 and $796,000 of cash dividends, respectively, to the Bank. The cash dividends received by the Bank in fiscal 2017 include a special cash dividend. 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) | 2017 | 2016 | 2015
Balance outstanding at the end of year: FHLB – San Francisco advances | $ | 126,226 |  | $ | 91,299 |  | $ | 91,367 |
Weighted-average rate at the end of year: FHLB – San Francisco advances | 2.39 | % | 2.78 | % | 2.78 | %
Maximum amount of borrowings outstanding at any month end: FHLB – San Francisco advances | $ | 181,287 |  | $ | 91,362 |  | $ | 131,384 |
Average short-term borrowings during the year with respect to:(1) |  |  |
FHLB – San Francisco advances | $ | 14,022 |  | $ | — |  | $ | 6,800 |
Weighted-average short-term borrowing rate during the year with respect to:(1) |  |  |
FHLB – San Francisco advances | 0.45 | % | — | % | 0.22 | %
(1) Borrowings with a remaining term of 12 months or less. The aggregate annual contractual maturities of borrowings at June 30, 2017 and 2016 were as follows:
(Dollars in Thousands) | June 30,
2017 | 2016
Within one year | $ | 25,011 |  | $ | — |
Over one to two years | 10,000 |  | 10,036 |
Over two to three years | — |  | 10,000 |
Over three to four years | 20,000 |  | — |
Over four to five years | 21,215 |  | 20,000 |
Over five years | 50,000 |  | 51,263 |
Total borrowings | $ | 126,226 |  | $ | 91,299 |
Weighted average interest rate | 2.39 | % | 2.78 | %

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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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