Federal Home Loan Bank Stock

6 Months Ended

Dec. 31, 2019

Banking and Thrift [Abstract]

Federal Home Loan Bank Stock

Note 7: Federal Home Loan Bank Stock

Federal Home Loan Bank stock is a required investment for institutions that are members of the Federal Home Loan Bank system. The required investment in the common stock is based on a predetermined formula. The Company owned $1,598​​​​​​​,000 and $1,174,000 of Federal Home Loan Bank stock as of December 31, 2019 and June 30, 2019. The FHLB provides liquidity and funding through advances.