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ADVANCES FROM THE FEDERAL HOME LOAN BANK

12 Months Ended

Jun. 30, 2023

Advance from Federal Home Loan Bank [Abstract]

ADVANCES FROM THE FEDERAL HOME LOAN BANK

ADVANCES FROM THE FEDERAL HOME LOAN BANK

At June 30, 2023 and 2022, the Company’s fixed-rate FHLB advances had interest rates that ranged from 2.07% to 2.82% with a weighted average of 2.32% and ranged from 1.68% to 2.82% with a weighted average of 2.26%, respectively.

Maturities of fixed-rate advances from FHLB are as follows:

			At June 30,
			2023												2022
(Dollars in thousands)			Amount						Weighted- Average Rate						Amount						Weighted- Average Rate
Within one year			$	—					—		%				$	27,500					2.08		%
After one but within two years			30,000						2.82		%				—						—		%
After two but within three years			—						—		%				30,000						2.82		%
After three but within four years			—						—		%				—						—		%
After four but within five years			—						—		%				—						—		%
After five years			60,000						2.07		%				60,000						2.07		%
Total			$	90,000					2.32		%				$	117,500					2.26		%

Advances from the FHLB were collateralized by the Company’s pledge of certain loans and investment securities to the FHLB, and by the Company’s investment in capital stock of the FHLB of San Francisco. Generally, each advance carries a prepayment penalty and is payable in full at its maturity date.

At June 30, 2023, the Company had $3,052.0 million available immediately and $4,524.1 million available with additional collateral for advances from the FHLB for terms up to ten years.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480876/942-470-45-1

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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
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-Publisher FASB
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