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BANK-OWNED LIFE INSURANCE | 12 Months Ended
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Jun. 30, 2023
Investments, All Other Investments [Abstract] |
BANK-OWNED LIFE INSURANCE | BANK-OWNED LIFE INSURANCE The following table summarizes the activity in the Company’s bank-owned life insurance (“BOLI”) as of the dates indicated:
(Dollars in thousands) | BOLI values
Balance as of June 30, 2020 | $ | 6,380 |
Additions | 50,000 |
Change in Contract Value | 175 |
Balance as of June 30, 2021 | 56,555 |
Additions | 100,000 |
Change in Contract Value | 4,220 |
Balance as of June 30, 2022 | 160,775 |
Death Benefits | (1,805) |
Change in Contract Value | 4,444 |
Balance as of June 30, 2023 | $ | 163,414 |
Bank-owned life insurance is included in “Other assets” in the Consolidated Balance Sheets and in “Banking and service fees” in the Consolidated Statements of Income.

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- Definition The entire disclosure for corporate (COLI) or bank (BOLI) owned life insurance including the amount of cash surrender value that could be received as of the date of the statement of financial position, any restrictions on the company's ability to obtain the value of the life insurance policy on surrender, or any other additional information desired to be disclosed. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//325-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481463/325-30-50-1 + Details
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