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Fair Value Measurements (Tables)
6 Months Ended
Dec. 31, 2023
Fair Value Measurements  
Schedule of fair value assets measured on recurring basis

Fair Value Measurements at December 31, 2023, Using:

Quoted Prices in

Active Markets for

Significant Other

Significant

Identical Assets

Observable Inputs

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Obligations of state and political subdivisions

$

39,999

$

$

39,999

$

Corporate obligations

33,346

33,346

Asset backed securities

66,414

66,414

Other securities

 

6,271

 

 

6,271

 

MBS and CMOs

 

271,376

 

 

271,376

 

Fair Value Measurements at June 30, 2023, Using:

Quoted Prices in

Active Markets for 

Significant Other

Significant

Identical Assets

Observable Inputs

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Obligations of state and political subdivisions

$

42,568

$

$

42,568

$

Corporate obligations

32,538

32,538

Asset backed securities

68,626

68,626

Other securities

 

3,570

 

 

3,570

 

MBS and CMOs

 

270,252

 

 

270,252

 

Schedule of fair value of nonrecurring measurements

Fair Value Measurements at December 31, 2023, Using:

Quoted Prices in

Active Markets for

Significant Other

Significant

Identical Assets

Observable Inputs

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Foreclosed and repossessed assets held for sale

$

782

$

$

$

782

Fair Value Measurements at June 30, 2023, Using:

Quoted Prices in

Active Markets for

Significant Other

Significant

Identical Assets

Observable Inputs

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Foreclosed and repossessed assets held for sale

$

1,472

$

$

$

1,472

Schedule of losses recognized on assets measured on a nonrecurring basis

    

For the six months ended

(dollars in thousands)

December 31, 2023

December 31, 2022

Foreclosed and repossessed assets held for sale

$

(664)

$

35

Total gains (losses) on assets measured on a non-recurring basis

$

(664)

$

35

Schedule of level 3 fair value measurements

    

    

    

    

Range

    

 

Fair value at

Valuation

Unobservable

of

Weighted-average

 

(dollars in thousands)

December 31, 2023

technique

inputs

inputs applied

inputs applied

 

Nonrecurring Measurements

 

  

 

  

 

  

 

  

 

  

Foreclosed and repossessed assets

$

782

 

Third party appraisal

 

Marketability discount

 

15.5 - 15.5

%  

15.5

%

    

    

    

    

Range

    

 

Fair value at

Valuation

Unobservable

of

Weighted-average

 

(dollars in thousands)

June 30, 2023

technique

inputs

inputs applied

inputs applied

 

Nonrecurring Measurements

 

  

 

  

 

  

 

  

 

  

Foreclosed and repossessed assets

$

1,472

 

Third party appraisal

 

Marketability discount

 

14.9 - 14.9

%  

14.9

%

Schedule of financial instruments

December 31, 2023

Quoted Prices

in Active

Significant

Markets for

Significant Other

Unobservable

Carrying

Identical Assets

Observable Inputs

Inputs

(dollars in thousands)

    

Amount

    

(Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

216,353

$

216,353

$

$

Interest-bearing time deposits

 

737

 

 

737

 

Stock in FHLB

 

8,958

 

 

8,958

 

Stock in Federal Reserve Bank of St. Louis

 

9,065

 

 

9,065

 

Loans receivable, net

 

3,681,806

 

 

 

3,562,353

Accrued interest receivable

 

24,491

 

 

24,491

 

Financial liabilities

 

 

 

 

Deposits

 

3,994,898

 

2,610,460

 

 

1,380,309

Advances from FHLB

 

113,036

 

 

112,729

 

Accrued interest payable

 

10,738

 

 

10,738

 

Subordinated debt

 

23,130

 

 

 

20,949

Unrecognized financial instruments (net of contract amount)

 

 

 

 

Commitments to originate loans

 

 

 

 

Letters of credit

 

 

 

 

Lines of credit

 

 

 

 

June 30, 2023

Quoted Prices

in Active

Significant

Markets for

Significant Other

Unobservable

Carrying

Identical Assets

Observable Inputs

Inputs

(dollars in thousands)

    

Amount

    

(Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

53,979

$

53,979

$

$

Interest-bearing time deposits

 

1,242

 

 

1,242

 

Stock in FHLB

 

11,540

 

 

11,540

 

Stock in Federal Reserve Bank of St. Louis

 

9,061

 

 

9,061

 

Loans receivable, net

 

3,571,078

 

 

 

3,393,791

Accrued interest receivable

 

18,871

 

 

18,871

 

Financial liabilities

 

Deposits

 

3,725,540

 

2,661,479

 

 

1,053,650

Advances from FHLB

 

133,514

 

 

131,821

 

Accrued interest payable

4,723

 

 

4,723

 

Subordinated debt

23,105

 

 

 

20,318

Unrecognized financial instruments (net of contract amount)

 

Commitments to originate loans

 

 

 

 

Letters of credit

 

 

 

 

Lines of credit