Federal Home Loan Bank Stock

3 Months Ended

Sep. 30, 2023

Federal Home Loan Banks [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 approximately $4,764,000 and $3,127,000 of Federal Home Loan Bank stock as of September 30, 2023 and June 30, 2023, respectively. The FHLB provides liquidity and funding through advances.