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BANK-OWNED LIFE INSURANCE

12 Months Ended

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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- References

No definition available.

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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

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