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Federal Home Loan Bank Advances and Other Borrowings | 3 Months Ended
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Sep. 30, 2024
Federal Home Loan Banks [Abstract] |
Federal Home Loan Bank Advances and Other Borrowings | Note 8: Federal Home Loan Bank Advances and Other Borrowings The Federal Home Loan Bank advances totaled $83,499,000 and $32,999,000 as of September 30, 2024 and June 30, 2024, respectively. The Federal Home Loan Bank advances are secured by mortgage, multi-family, commercial real estate and HELOC loans totaling $414,249,000 at September 30, 2024 and $408,196,000 at June 30, 2024, and are subject to restrictions or penalties in the event of prepayment. Interest rates on advances were from 0 to 5.29 percent with maturities from 2024 to 2030 at September 30, 2024, while interest rates on advances were from 0.00 to 5.29 percent with maturities from 2024 to 2030 at June 30, 2024. At September 30, 2024, the Company’s advances included 7 advances at a rate of 0% totaling $1,499,000 as part of the Federal Home Loan Bank Community Small Business Advance program. Other borrowings include borrowings from the Federal Reserve Bank Term Funding Program (BTFP). The Federal Reserve created the BTFP in March 2023 to offer loans of up to one year in length to qualifying financial institutions which pledge collateral, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. The collateral is valued at par and advances under this program do not include any fees or prepayment penalties. At September 30, 2024 and June 30, 2024, the Company had total borrowings from the Federal Reserve BTFP of $25,175,000 and $25,250,000, respectively, at a rate of 4.76% with a maturity of January 16, 2025. The collateral par value of securities pledged to the Federal Reserve BTFP was $25,178,000 and $25,272,000 as of September 30, 2024 and June 30, 2024, respectively.

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- Definition Disclosure in entirety of federal home loan bank borrowings and others. + References No definition available. + Details
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