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Federal Home Loan Bank Advances

12 Months Ended

Jun. 30, 2023

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances

Note 7:    Federal Home Loan Bank Advances

The Federal Home Loan Bank advances totaled $19,500,000 and $15,000,000 as of June 30, 2023 and 2022, respectively. The Federal Home Loan Bank advances are secured by mortgage, multi-family, commercial real estate, and HELOC loans totaling $350,838,000 at June 30, 2023. Advances at June 30, 2023, at interest rates from 2.58 to 5.16 percent are subject to restrictions or penalties in the event of prepayment.

IF Bancorp, Inc.

Notes to Consolidated Financial Statements

June 30, 2023 and 2022

(Table dollar amounts in thousands)

Aggregate annual maturities of Federal Home Loan Bank advances at June 30, 2023, are:

2024		$	14,000
2025			3,000
2026			2,500
2027			—
2028			—
Thereafter			—
		$	19,500

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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

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-Topic 942
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-Name Accounting Standards Codification
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