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Repurchase Agreements | 12 Months Ended
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Jun. 30, 2022
Brokers and Dealers [Abstract] |
Repurchase Agreements |
Note 9: | Repurchase Agreements
Securities sold under agreements to repurchase consist of obligations of the Company to other parties. The carrying value of securities sold under agreement to repurchase amounted to $9.2 million at June 30, 2022 and $6.2 million at June 30, 2021. At June 30, 2022, all $9.2 million of our repurchase agreements had an overnight maturity. The maximum amount of outstanding agreements at any month-end during 2022 and 2021 totaled $9,244,000 and $7,142,000, respectively, and the monthly average of such agreements totaled $7,277,000 and $5,421,000 for 2022 and 2021, respectively. All of our repurchase agreements were secured by U.S. Government, federal agency and GSE 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.

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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 https://asc.fasb.org/topic&trid=2197590 + Details
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