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Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Jun. 30, 2020
Securities Sold Under Agreements to Repurchase |
Securities Sold Under Agreements to Repurchase | NOTE 7: Securities Sold Under Agreements to Repurchase The Company had no securities sold under agreements to repurchase as of June 30, 2020. The carrying value of securities sold under agreement to repurchase at June 30, 2019 amounted to $4.4 million. The securities underlying the agreements at June 30, 2019 consisted of marketable securities, including $5.8 million of Mortgage-Backed Securities. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The collateral is held by the Company in a segregated custodial account. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained. The following table presents balance and interest rate information on the securities sold under agreements to repurchase. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, |
(dollars in thousands) |  | 2020 |  | 2019 |
Year-end balance | ​ | $ | — | ​ | $ | 4,376 | ​
Average balance during the year | ​ |  | 82 | ​ |  | 3,988 | ​
Maximum month-end balance during the year | ​ |  | — | ​ |  | 4,703 | ​
Average interest during the year | ​ |  | 0.03 | % |  | 0.90 | %
Year-end interest rate | ​ |  | 0.00 | % |  | 0.93 | %
​

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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