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Advances from the Federal Home Loan Bank
 12 Months Ended
Jun. 30, 2020
Federal Home Loan Banks [Abstract]  
ADVANCES FROM THE FEDERAL HOME LOAN BANK

NOTE H - ADVANCES FROM THE FEDERAL HOME LOAN BANK


Advances from the Federal Home Loan Bank, collateralized at June 30, 2020 and 2019 by pledges of certain qualifying residential mortgage loans totaling $172.0 million and $86.8 million, respectively, and the Banks’ investment in Federal Home Loan Bank stock, are summarized as follows:


Maturing year ending June 30    
(in thousands)    
2021  $28,342 
2022   6,307 
2023   12,679 
2024   3,659 
2025   3,643 
2026   31 
2027   22 
2028-2032   32 
   $54,715 

At June 30, 2020 interest rates for advances were fixed ranging from 0.21% to 2.30%, with a weighted-average interest rate of 0.99%.


At June 30, 2019 interest rates for advances were fixed ranging from 2.11% to 2.41%, with a weighted-average interest rate of 2.39%.


Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. Based on collateral composed of first mortgage loans and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to $74.6 million as of June 30, 2020. In addition, we have the ability to borrow from the Federal Reserve Bank Discount Window. At June 30, 2020, based on home equity loans and share loans we had pledged collateral which would enable us to borrow up to $4.8 million. First Federal Savings Bank of Kentucky at June 30, 2020, had a $5.0 million Fed Funds line of credit with the Bankers’ Bank of Kentucky.