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v3.23.3

Available for Sale Securities | 3 Months Ended
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Sep. 30, 2023
Available for Sale Securities |
Available for Sale Securities | Note 3: Available for Sale Securities The amortized cost, gross unrealized gains, gross unrealized losses, ACL, and approximate fair value of securities available for sale consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ |  | ​ | ​ |  | Gross |  | Gross |  | Allowance | ​ | Estimated
​ |  | Amortized |  | Unrealized |  | Unrealized |  | for |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt and equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 44,905 | ​ | $ | 2 | ​ | $ | (3,710) | ​ | $ | — | ​ | $ | 41,197
Corporate obligations | ​ | ​ | 35,740 | ​ | ​ | 36 | ​ | ​ | (2,640) | ​ | ​ | — | ​ | ​ | 33,136
Asset backed securities | ​ | ​ | 66,764 | ​ | ​ | 1,332 | ​ | ​ | (454) | ​ | ​ | — | ​ | ​ | 67,642
Other securities | ​ |  | 2,662 | ​ |  | 28 | ​ |  | (48) | ​ |  | — | ​ |  | 2,642
Total debt and equity securities | ​ | ​ | 150,071 | ​ | ​ | 1,398 | ​ | ​ | (6,852) | ​ | ​ | — | ​ | ​ | 144,617
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by governmental sponsored enterprises (GSEs) | ​ | ​ | 95,058 | ​ | ​ | 240 | ​ | ​ | (8,905) | ​ | ​ | — | ​ | ​ | 86,393
Commercial MBS issued by GSEs | ​ | ​ | 61,188 | ​ | ​ | — | ​ | ​ | (8,123) | ​ | ​ | — | ​ | ​ | 53,065
CMOs issued by GSEs | ​ | ​ | 131,090 | ​ | ​ | — | ​ | ​ | (9,967) | ​ | ​ | — | ​ | ​ | 121,123
Total MBS and CMOs | ​ |  | 287,336 | ​ |  | 240 | ​ |  | (26,995) | ​ |  | — | ​ | ​ | 260,581
Total AFS securities | ​ | $ | 437,407 | ​ | $ | 1,638 | ​ | $ | (33,847) | ​ | $ | — | ​ | $ | 405,198
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ |  | ​ | ​ |  | Gross |  | Gross | ​ | Allowance | ​ | Estimated
​ |  | Amortized |  | Unrealized |  | Unrealized |  | for |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt and equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 45,285 | ​ | $ | 20 | ​ | $ | (2,737) | ​ | $ | — | ​ | $ | 42,568
Corporate obligations | ​ | ​ | 35,700 | ​ | ​ | 19 | ​ | ​ | (3,181) | ​ | ​ | — | ​ | ​ | 32,538
Asset backed securities | ​ | ​ | 67,897 | ​ | ​ | 1,274 | ​ | ​ | (545) | ​ | ​ | ​ | ​ | ​ | 68,626
Other securities | ​ | ​ | 3,587 | ​ |  | 39 | ​ |  | (56) | ​ |  | — | ​ | ​ | 3,570
Total debt and equity securities | ​ | ​ | 152,469 | ​ | ​ | 1,352 | ​ | ​ | (6,519) | ​ | ​ | — | ​ | ​ | 147,302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by governmental sponsored enterprises (GSEs) | ​ | ​ | 97,612 | ​ | ​ | 122 | ​ | ​ | (7,610) | ​ | ​ | — | ​ | ​ | 90,124
Commercial MBS issued by GSEs | ​ | ​ | 60,333 | ​ | ​ | 11 | ​ | ​ | (6,959) | ​ | ​ | — | ​ | ​ | 53,385
CMOs issued by GSEs | ​ | ​ | 135,202 | ​ | ​ | 9 | ​ | ​ | (8,468) | ​ | ​ | — | ​ | ​ | 126,743
Total MBS and CMOs | ​ |  | 293,147 | ​ |  | 142 | ​ |  | (23,037) | ​ |  | — | ​ |  | 270,252
Total AFS securities | ​ | $ | 445,616 | ​ | $ | 1,494 | ​ | $ | (29,556) | ​ | $ | — | ​ | $ | 417,554
​ The amortized cost and estimated fair value of investment and mortgage-backed securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost |  | Fair Value
Within one year | ​ | $ | 2,465 | ​ | $ | 2,459
After one year but less than five years | ​ |  | 27,412 | ​ |  | 26,235
After five years but less than ten years | ​ |  | 56,993 | ​ |  | 53,581
After ten years | ​ |  | 63,201 | ​ |  | 62,342
Total investment securities | ​ |  | 150,071 | ​ |  | 144,617
MBS and CMOs | ​ |  | 287,336 | ​ |  | 260,581
Total AFS securities | ​ | $ | 437,407 | ​ | $ | 405,198
​ The carrying value of investment and mortgage-backed securities pledged as collateral to secure public deposits amounted to $261.0 million and $253.9 million at September 30, 2023 and June 30, 2023, respectively. The securities pledged consist of marketable securities, including $140.9 million and $129.2 million of Mortgage-backed Securities, $91.8 million and $94.8 million of Collateralized Mortgage Obligations, $25.2 million and $26.5 million of State and Political Subdivisions Obligations, and $3.1 million and $3.4 million of Other Securities at September 30, 2023 and June 30, 2023, respectively. The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an ACL has not been recorded at September 30, 2023 and June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
(dollars in thousands) |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Obligations of state and political subdivisions | ​ | $ | 9,443 | ​ | $ | 236 | ​ | $ | 30,959 | ​ | $ | 3,474 | ​ | $ | 40,402 | ​ | $ | 3,710
Corporate obligations | ​ | ​ | 14,235 | ​ | ​ | 724 | ​ | ​ | 16,015 | ​ | ​ | 1,916 | ​ | ​ | 30,250 | ​ | ​ | 2,640
Asset backed securities | ​ | ​ | 18,683 | ​ | ​ | 180 | ​ | ​ | 705 | ​ | ​ | 274 | ​ | ​ | 19,388 | ​ | ​ | 454
Other securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,546 | ​ | ​ | 48 | ​ | ​ | 1,546 | ​ | ​ | 48
MBS and CMOs | ​ |  | 85,241 | ​ |  | 2,146 | ​ |  | 146,151 | ​ |  | 24,849 | ​ |  | 231,392 | ​ |  | 26,995
Total AFS securities | ​ | $ | 127,602 | ​ | $ | 3,286 | ​ | $ | 195,376 | ​ | $ | 30,561 | ​ | $ | 322,978 | ​ | $ | 33,847
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
(dollars in thousands) |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Obligations of state and political subdivisions | ​ | $ | 11,574 | ​ | $ | 184 | ​ | $ | 26,763 | ​ | $ | 2,553 | ​ | $ | 38,337 | ​ | $ | 2,737
Corporate obligations | ​ | ​ | 14,709 | ​ | ​ | 1,074 | ​ | ​ | 13,821 | ​ | ​ | 2,107 | ​ | ​ | 28,530 | ​ | ​ | 3,181
Asset backed securities | ​ | ​ | 22,628 | ​ | ​ | 263 | ​ | ​ | 698 | ​ | ​ | 282 | ​ | ​ | 23,326 | ​ | ​ | 545
Other securities | ​ | ​ | 1,970 | ​ | ​ | 11 | ​ | ​ | 350 | ​ | ​ | 45 | ​ | ​ | 2,320 | ​ | ​ | 56
MBS and CMOs | ​ |  | 87,354 | ​ |  | 1,525 | ​ |  | 145,673 | ​ |  | 21,512 | ​ |  | 233,027 | ​ |  | 23,037
Total AFS securities | ​ | $ | 138,235 | ​ | $ | 3,057 | ​ | $ | 187,305 | ​ | $ | 26,499 | ​ | $ | 325,540 | ​ | $ | 29,556
​ Obligations of state and political subdivisions. The unrealized losses on the Company’s investments in obligations of state and political subdivisions include 23 individual securities which have been in an unrealized loss position for less than 12 months and 64 individual securities which have been in an unrealized loss position for more than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by increases in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is likely that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. Corporate and other Obligations. The unrealized losses on the Company’s investments in corporate obligations include 13 individual securities which have been in an unrealized loss position for less than 12 months and 14 individual securities which have been in an unrealized loss position for more than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by increases in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. Asset-Backed securities. The unrealized losses on the Company’s investments in asset-backed securities includes six individual securities which has been in an unrealized loss position for less than 12 months and two individual securities which have been in an unrealized loss position for more than 12 months. The securities are performing and are of high credit quality. The unrealized loss was caused by variations in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. MBS and CMOs. As of September 30, 2023, the unrealized losses on the Company’s investments in MBS and CMOs include 25 individual securities which have been in an unrealized loss position for less than 12 months, and 124 individual securities which have been in an unrealized loss position for 12 months or more. The securities are performing and are of high credit quality. The unrealized losses were caused by increases in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is likely that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. The Company does not believe that any individual unrealized loss as of September 30, 2023, is the result of a credit loss. However, the Company could be required to recognize an ACL in future periods with respect to its available for sale investment securities portfolio. Credit losses recognized on investments. There were no credit losses recognized in income and other losses or recorded in other comprehensive loss for the three-month periods ended September 30, 2023 and 2022.

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