XML 49 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Debt Securities | 3 Months Ended
--- | ---
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Debt Securities Debt securities available for sale consist of the following at the dates indicated:
| September 30, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. government agencies | $ | 17,997 |  |  | $ | — |  |  | $ | (681) |  |  | $ | 17,316 |
MBS, residential | 94,178 |  |  | — |  |  | (2,671) |  |  | 91,507 |
Municipal bonds | 5,533 |  |  | 1 |  |  | (114) |  |  | 5,420 |
Corporate bonds | 49,292 |  |  | — |  |  | (1,794) |  |  | 47,498 |
Total | $ | 167,000 |  |  | $ | 1 |  |  | $ | (5,260) |  |  | $ | 161,741 |
| June 30, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
U.S. government agencies | $ | 18,993 |  |  | $ | 5 |  |  | $ | (539) |  |  | $ | 18,459 |
MBS, residential | 48,377 |  |  | 3 |  |  | (1,147) |  |  | 47,233 |
Municipal bonds | 5,545 |  |  | 31 |  |  | (18) |  |  | 5,558 |
Corporate bonds | 57,184 |  |  | 1 |  |  | (1,457) |  |  | 55,728 |
Total | $ | 130,099 |  |  | $ | 40 |  |  | $ | (3,161) |  |  | $ | 126,978 |
Debt securities available for sale by contractual maturity at September 30, 2022 and June 30, 2022 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.
| September 30, 2022
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 34,292 |  |  | $ | 33,933 |
Due after one year through five years | 33,012 |  |  | 31,271 |
Due after five years through ten years | 5,518 |  |  | 5,030 |
Due after ten years | — |  |  | — |
MBS, residential | 94,178 |  |  | 91,507 |
Total | $ | 167,000 |  |  | $ | 161,741 |
| June 30, 2022
| Amortized Cost |  | Estimated Fair Value |  |  |  |
Due within one year | $ | 35,350 |  |  | $ | 34,956 |  |  |  |  |
Due after one year through five years | 40,325 |  |  | 39,018 |  |  |  |  |
Due after five years through ten years | 6,047 |  |  | 5,771 |  |  |  |  |
Due after ten years | — |  |  | — |  |  |  |  |
MBS, residential | 48,377 |  |  | 47,233 |  |  |  |  |
Total | $ | 130,099 |  |  | $ | 126,978 |  |  |  |  |
The Company had no sales of debt securities available for sale and no gross realized gains or losses were recognized during the three months ended September 30, 2022 and 2021. Debt securities available for sale with amortized costs totaling $67,877 and $43,187 and market values of $65,439 and $41,876 at September 30, 2022 and June 30, 2022, respectively, were pledged as collateral to secure various public deposits and other borrowings. The gross unrealized losses and the fair value for debt securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2022 and June 30, 2022 were as follows:
| September 30, 2022
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government agencies | $ | 12,544 |  |  | $ | (446) |  |  | $ | 4,765 |  |  | $ | (235) |  |  | $ | 17,309 |  |  | $ | (681) |
MBS, residential | 84,197 |  |  | (2,015) |  |  | 7,281 |  |  | (656) |  |  | 91,478 |  |  | (2,671) |
Municipal bonds | 4,419 |  |  | (114) |  |  | — |  |  | — |  |  | 4,419 |  |  | (114) |
Corporate bonds | 31,983 |  |  | (809) |  |  | 14,015 |  |  | (985) |  |  | 45,998 |  |  | (1,794) |
Total | $ | 133,143 |  |  | $ | (3,384) |  |  | $ | 26,061 |  |  | $ | (1,876) |  |  | $ | 159,204 |  |  | $ | (5,260) |
| June 30, 2022
| Less than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. government agencies | $ | 14,461 |  |  | $ | (539) |  |  | $ | — |  |  | $ | — |  |  | $ | 14,461 |  |  | $ | (539) |
MBS, residential | 41,658 |  |  | (994) |  |  | 5,269 |  |  | (153) |  |  | 46,927 |  |  | (1,147) |
Municipal bonds | 1,970 |  |  | (18) |  |  | — |  |  | — |  |  | 1,970 |  |  | (18) |
Corporate bonds | 39,454 |  |  | (730) |  |  | 14,273 |  |  | (727) |  |  | 53,727 |  |  | (1,457) |
Total | $ | 97,543 |  |  | $ | (2,281) |  |  | $ | 19,542 |  |  | $ | (880) |  |  | $ | 117,085 |  |  | $ | (3,161) |
The total number of securities with unrealized losses at September 30, 2022 and June 30, 2022 were 208 and 177, respectively. Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of September 30, 2022 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Accounting Policies" in our 2022 Form 10-K for further discussion. Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on investment securities and does not record an ACL on accrued interest receivable. As of September 30, 2022, the accrued interest receivable for debt securities available for sale was $600.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration