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Repurchase Agreements
12 Months Ended
Jun. 30, 2023
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 the agreement to repurchase amounted to $10.8 million at June 30, 2023 and $9.2 million at June 30, 2022. At June 30, 2023, all $10.8 million of our repurchase agreements had an overnight maturity. The maximum amount of outstanding agreements at any
month-end
during 2023 and 2022 totaled $11,050,000 and $9,244,000, respectively, and the monthly average of such agreements totaled $10,015,000 and $7,277,000 for 2023 and 2022, 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.