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Derivative and Other Financial Instruments with Off-Balance Sheet Risks | 12 Months Ended
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Jun. 30, 2023
Derivative and Other Financial Instruments with Off-Balance Sheet Risks |
Derivative and Other Financial Instruments with Off-Balance Sheet Risks | Note 14: Derivative and Other Financial Instruments with Off-Balance Sheet Risks ​ The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of originating loans or providing funds under existing lines of credit, loan sale commitments to third parties and option contracts. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the accompanying Consolidated Statements of Financial Condition. The Corporation’s exposure to credit loss, in the event of non-performance by the counterparty to these financial instruments, is represented by the contractual amount of these instruments. The Corporation uses the same credit policies in entering into financial instruments with off-balance sheet risk as it does for on-balance sheet instruments. As of June 30, 2023 and 2022, the Corporation had commitments to extend credit on loans to be held for investment of $2.4 million and $43.4 million, respectively. ​ The following table provides information at the dates indicated regarding undisbursed funds to borrowers on existing lines of credit with the Corporation as well as commitments to originate loans to be held for investment at the dates indicated below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30,
Commitments | ​ | 2023 | ​ | 2022
(In Thousands) |  | ​ |  |  | ​ |
Undisbursed loan funds – Construction loans | ​ | $ | 2,032 | ​ | $ | 3,384
Undisbursed lines of credit – Commercial business loans | ​ |  | 607 | ​ |  | 541
Undisbursed lines of credit – Consumer loans | ​ |  | 363 | ​ |  | 390
Commitments to extend credit on loans to be held for investment | ​ |  | 2,394 | ​ |  | 43,386
Total | ​ | $ | 5,396 | ​ | $ | 47,701
​ The following table provides information regarding the allowance for loan losses for the undisbursed funds and commitments to extend credit on loans to be held for investment for the fiscal years ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | June 30,
(In Thousands) |  | 2023 |  | 2022
Balance, beginning of the year | ​ | $ | 130 | ​ | $ | 127
(Recovery) provision | ​ |  | (88) | ​ |  | 3
Balance, end of the year | ​ | $ | 42 | ​ | $ | 130
​

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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