COFI Records Small Increase

After double-digit rises in the Eleventh Federal Home Loan Cost of Funds Index for three of the past four months, the 5-basis-point increase in June is the smallest of the year so far.According to the Federal Home Loan Bank of San Francisco, COFI stood at 2.676% in June, compared with 2.622% in May. According to a chart on the FHLBank's website, average total funds for June were $539.3 billion, made up of average deposit accounts of $304.8 billion, average advances of $140.4 billion, and average other borrowings of $94.1 billion. Total interest expense -- defined as "derived from interest expense reported on deposit accounts, Federal Home Loan Bank advances, and other borrowings, adjusted for the number of days in the month" -- was $1.2 billion. The FHLBank said 33 institutions reported the data used in creating the June index.