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Available for Sale Securities | 12 Months Ended
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Jun. 30, 2024
Available for Sale Securities |
Available for Sale Securities | NOTE 2: Available for Sale Securities The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of securities available for sale consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | ​ | ​ |  | Gross |  | Gross |  | Allowance | ​ | Estimated
​ |  | Amortized |  | Unrealized |  | Unrealized |  | for |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 29,960 | ​ | $ | 4 | ​ | $ | (2,211) | ​ | $ | — | ​ | $ | 27,753
Corporate obligations | ​ | ​ | 32,998 | ​ | ​ | 60 | ​ | ​ | (1,781) | ​ | ​ | — | ​ | ​ | 31,277
Asset-backed securities | ​ | ​ | 57,403 | ​ | ​ | 1,525 | ​ | ​ | (249) | ​ | ​ | — | ​ | ​ | 58,679
Other securities | ​ |  | 5,387 | ​ |  | 20 | ​ |  | (74) | ​ |  | — | ​ |  | 5,333
Total debt securities | ​ | ​ | 125,748 | ​ | ​ | 1,609 | ​ | ​ | (4,315) | ​ | ​ | — | ​ | ​ | 123,042
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by governmental sponsored enterprises (GSEs) | ​ | ​ | 110,918 | ​ | ​ | 692 | ​ | ​ | (6,855) | ​ | ​ | — | ​ | ​ | 104,755
Commercial MBS issued by GSEs | ​ | ​ | 65,195 | ​ | ​ | 297 | ​ | ​ | (5,746) | ​ | ​ | — | ​ | ​ | 59,746
CMOs issued by GSEs | ​ | ​ | 148,382 | ​ | ​ | 82 | ​ | ​ | (8,104) | ​ | ​ | — | ​ | ​ | 140,360
Total MBS and CMOs | ​ |  | 324,495 | ​ |  | 1,071 | ​ |  | (20,705) | ​ |  | — | ​ | ​ | 304,861
Total AFS securities | ​ | $ | 450,243 | ​ | $ | 2,680 | ​ | $ | (25,020) | ​ | $ | — | ​ | $ | 427,903
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ |  | ​ | ​ |  | Gross |  | Gross | ​ | Allowance | ​ | Estimated
​ |  | Amortized |  | Unrealized |  | Unrealized |  | for |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt 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 securities | ​ | ​ | 152,469 | ​ | ​ | 1,352 | ​ | ​ | (6,519) | ​ | ​ | — | ​ | ​ | 147,302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
MBS and 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 fair value of available-for-sale 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 call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost |  | Fair Value
Within one year | ​ | $ | 1,452 | ​ | $ | 1,438
After one year but less than five years | ​ |  | 26,898 | ​ |  | 26,039
After five years but less than ten years | ​ |  | 50,306 | ​ |  | 48,237
After ten years | ​ |  | 47,092 | ​ |  | 47,328
Total investment securities | ​ |  | 125,748 | ​ |  | 123,042
MBS and CMOs | ​ |  | 324,495 | ​ |  | 304,861
Total AFS securities | ​ | $ | 450,243 | ​ | $ | 427,903
​ The carrying value of investment and mortgage-backed securities pledged as collateral to secure public deposits amounted to $265.5 million and $253.9 million at June 30, 2024 and 2023, respectively. The securities pledged consist of marketable securities, including $137.0 million and $129.2 million of MBS, $103.5 million and $94.8 million of CMOs, $20.8 million and $26.5 million of State and Political Subdivisions Obligations, and $4.3 million and $3.4 million of Other Securities at June 30, 2024 and 2023, respectively. Gross gains of $67,000 and gross losses of $1.6 million were recognized from sales of available-for-sale securities in fiscal 2024. There were no gains or losses recognized from sales of available-for-sale securities in fiscal 2023 or 2022. The Company did not hold any securities of a single issuer, payable from and secured by the same source of revenue or taxing authority, the book value of which exceeded 10% of stockholders’ equity at June 30, 2024. Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at June 30, 2024, was $312.9 million, which is approximately 73.1% of the Company’s AFS investment portfolio, as compared to $325.5 million or approximately 78.0% of the Company’s AFS investment portfolio at June 30, 2023. Management believes the declines in fair value for these securities to be temporary. The following tables below 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 ACL has not been recorded at June 30, 2024 and 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
(dollars in thousands) |  | Fair Value |  | Losses |  | 21,762 |  | Losses |  | Fair Value |  | Losses
For the year ended June 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of state and political subdivisions | ​ | $ | 3,720 | ​ | $ | 38 | ​ | $ | 21,762 | ​ | $ | 2,173 | ​ | $ | 25,482 | ​ | $ | 2,211
Corporate obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 25,295 | ​ | ​ | 1,781 | ​ | ​ | 25,295 | ​ | ​ | 1,781
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,234 | ​ | ​ | 249 | ​ | ​ | 7,234 | ​ | ​ | 249
Other securities | ​ | ​ | 4,404 | ​ | ​ | 31 | ​ | ​ | 287 | ​ | ​ | 43 | ​ | ​ | 4,691 | ​ | ​ | 74
MBS and CMOs | ​ |  | 56,820 | ​ |  | 621 | ​ |  | 193,382 | ​ |  | 20,084 | ​ |  | 250,202 | ​ |  | 20,705
Total AFS securities | ​ | $ | 64,944 | ​ | $ | 690 | ​ | $ | 247,960 | ​ | $ | 24,330 | ​ | $ | 312,904 | ​ | $ | 25,020
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
(dollars in thousands) |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
For the year ended June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 eight individual securities which have been in an unrealized loss position for less than 12 months and 46 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. Corporate and other Obligations. The unrealized losses on the Company’s investments in corporate obligations include one individual securities which have been in an unrealized loss position for less than 12 months and 19 individual securitie which has been in an unrealized loss position for more than 12 months. The securities are performing. 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 no individual securities which have been in an unrealized loss position for less than 12 months and four 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 and spreads 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 June 30, 2024, the unrealized losses on the Company’s investments in MBS and CMOs include 16 individual securities which have been in an unrealized loss position for less than 12 months, and 114 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 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. The Company does not believe that any individual unrealized loss as of June 30, 2024 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 income (loss) for the fiscal years ended June 30, 2024 and 2023. ​

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