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Available for Sale Securities | 9 Months Ended
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Mar. 31, 2024
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ |  | ​ | ​ |  | 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 | ​ | $ | 30,008 | ​ | $ | 25 | ​ | $ | (1,925) | ​ | $ | — | ​ | $ | 28,108
Corporate obligations | ​ | ​ | 35,826 | ​ | ​ | 126 | ​ | ​ | (2,139) | ​ | ​ | — | ​ | ​ | 33,813
Asset backed securities | ​ | ​ | 63,561 | ​ | ​ | 1,514 | ​ | ​ | (280) | ​ | ​ | — | ​ | ​ | 64,795
Other securities | ​ |  | 5,657 | ​ |  | 21 | ​ |  | (70) | ​ |  | — | ​ |  | 5,608
Total debt and equity securities | ​ | ​ | 135,052 | ​ | ​ | 1,686 | ​ | ​ | (4,414) | ​ | ​ | — | ​ | ​ | 132,324
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by governmental sponsored enterprises (GSEs) | ​ | ​ | 107,807 | ​ | ​ | 645 | ​ | ​ | (7,471) | ​ | ​ | — | ​ | ​ | 100,981
Commercial MBS issued by GSEs | ​ | ​ | 65,311 | ​ | ​ | 150 | ​ | ​ | (6,404) | ​ | ​ | — | ​ | ​ | 59,057
CMOs issued by GSEs | ​ | ​ | 149,899 | ​ | ​ | 58 | ​ | ​ | (8,630) | ​ | ​ | — | ​ | ​ | 141,327
Total MBS and CMOs | ​ |  | 323,017 | ​ |  | 853 | ​ |  | (22,505) | ​ |  | — | ​ | ​ | 301,365
Total AFS securities | ​ | $ | 458,069 | ​ | $ | 2,539 | ​ | $ | (26,919) | ​ | $ | — | ​ | $ | 433,689
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 MBS, 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost |  | Fair Value
Within one year | ​ | $ | 1,455 | ​ | $ | 1,438
After one year but less than five years | ​ |  | 25,465 | ​ |  | 24,522
After five years but less than ten years | ​ |  | 59,624 | ​ |  | 57,701
After ten years | ​ |  | 48,508 | ​ |  | 48,663
Total investment securities | ​ |  | 135,052 | ​ |  | 132,324
MBS and CMOs | ​ |  | 323,017 | ​ |  | 301,365
Total AFS securities | ​ | $ | 458,069 | ​ | $ | 433,689
​ The carrying value of investment and MBS pledged as collateral to secure public deposits amounted to $268.0 million and $253.9 million at March 31, 2024 and June 30, 2023, respectively. The securities pledged consist of marketable securities, including $137.3 million and $129.2 million of MBS, $107.5 million and $94.8 million of CMOs, $18.7 million and $26.5 million of State and Political Subdivisions Obligations, and $4.5 million and $3.4 million of Other Securities at March 31, 2024 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 March 31, 2024 and June 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ |  | 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 | ​ | $ | 1,831 | ​ | $ | 8 | ​ | $ | 21,855 | ​ | $ | 1,917 | ​ | $ | 23,686 | ​ | $ | 1,925
Corporate obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26,908 | ​ | ​ | 2,139 | ​ | ​ | 26,908 | ​ | ​ | 2,139
Asset backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,464 | ​ | ​ | 280 | ​ | ​ | 10,464 | ​ | ​ | 280
Other securities | ​ | ​ | 4,709 | ​ | ​ | 24 | ​ | ​ | 284 | ​ | ​ | 46 | ​ | ​ | 4,993 | ​ | ​ | 70
MBS and CMOs | ​ |  | 72,766 | ​ |  | 831 | ​ |  | 188,120 | ​ |  | 21,674 | ​ |  | 260,886 | ​ |  | 22,505
Total AFS securities | ​ | $ | 79,306 | ​ | $ | 863 | ​ | $ | 247,631 | ​ | $ | 26,056 | ​ | $ | 326,937 | ​ | $ | 26,919
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 five individual securities which have been in an unrealized loss position for less than 12 months and 45 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 security which has been in an unrealized loss position for less than 12 months and 19 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 include no individual securities which have been in an unrealized loss position for less than 12 months and six 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. The unrealized losses on the Company’s investments in MBS and CMOs include 21 individual securities which have been in an unrealized loss position for less than 12 months, and 113 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 March 31, 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 loss for the three- and nine- month periods ended March 31, 2024 and 2023.

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