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v3.24.3

Available for Sale Securities | 3 Months Ended
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Sep. 30, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 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 | ​ | $ | 29,913 | ​ | $ | 44 | ​ | $ | (1,527) | ​ | $ | — | ​ | $ | 28,430
Corporate obligations | ​ | ​ | 33,036 | ​ | ​ | 45 | ​ | ​ | (1,291) | ​ | ​ | — | ​ | ​ | 31,790
Asset-backed securities | ​ | ​ | 46,359 | ​ | ​ | 1,194 | ​ | ​ | (213) | ​ | ​ | — | ​ | ​ | 47,340
Other securities | ​ |  | 5,191 | ​ |  | 21 | ​ |  | (51) | ​ |  | — | ​ |  | 5,161
Total debt securities | ​ | ​ | 114,499 | ​ | ​ | 1,304 | ​ | ​ | (3,082) | ​ | ​ | — | ​ | ​ | 112,721
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by governmental sponsored enterprises (GSEs) | ​ | ​ | 111,322 | ​ | ​ | 1,313 | ​ | ​ | (4,756) | ​ | ​ | — | ​ | ​ | 107,879
Commercial MBS issued by GSEs | ​ | ​ | 65,071 | ​ | ​ | 940 | ​ | ​ | (4,098) | ​ | ​ | — | ​ | ​ | 61,913
CMOs issued by GSEs | ​ | ​ | 142,824 | ​ | ​ | 507 | ​ | ​ | (5,635) | ​ | ​ | — | ​ | ​ | 137,696
Total MBS and CMOs | ​ |  | 319,217 | ​ |  | 2,760 | ​ |  | (14,489) | ​ |  | — | ​ | ​ | 307,488
Total AFS securities | ​ | $ | 433,716 | ​ | $ | 4,064 | ​ | $ | (17,571) | ​ | $ | — | ​ | $ | 420,209
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost |  | Fair Value
Within one year | ​ | $ | 1,448 | ​ | $ | 1,444
After one year but less than five years | ​ |  | 26,918 | ​ |  | 26,576
After five years but less than ten years | ​ |  | 45,791 | ​ |  | 44,128
After ten years | ​ |  | 40,342 | ​ |  | 40,573
Total investment securities | ​ |  | 114,499 | ​ |  | 112,721
MBS and CMOs | ​ |  | 319,217 | ​ |  | 307,488
Total AFS securities | ​ | $ | 433,716 | ​ | $ | 420,209
​ The carrying value of marketable securities pledged as collateral to secure public deposits amounted to $253.6 million and $265.5 million at September 30, 2024 and June 30, 2024, respectively. The securities pledged consist of $133.2 million and $137.0 million of MBS, $94.0 million and $103.5 million of CMOs, $22.3 million and $20.8 million of Obligations of State and Political Subdivisions Obligations, and $4.1 million and $4.3 million of Other Securities at September 30, 2024 and June 30, 2024, 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, 2024 and June 30, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2024
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of state and political subdivisions | ​ | $ | 1,413 | ​ | $ | 27 | ​ | $ | 18,156 | ​ | $ | 1,500 | ​ | $ | 19,569 | ​ | $ | 1,527
Corporate obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 24,835 | ​ | ​ | 1,291 | ​ | ​ | 24,835 | ​ | ​ | 1,291
Asset-backed securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,157 | ​ | ​ | 213 | ​ | ​ | 6,157 | ​ | ​ | 213
Other securities | ​ | ​ | 4,235 | ​ | ​ | 20 | ​ | ​ | 282 | ​ | ​ | 31 | ​ | ​ | 4,517 | ​ | ​ | 51
MBS and CMOs | ​ |  | 15,069 | ​ |  | 75 | ​ |  | 171,167 | ​ |  | 14,414 | ​ |  | 186,236 | ​ |  | 14,489
Total AFS securities | ​ | $ | 20,717 | ​ | $ | 122 | ​ | $ | 220,597 | ​ | $ | 17,449 | ​ | $ | 241,314 | ​ | $ | 17,571
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​ Obligations of state and political subdivisions. The unrealized losses on the Company’s investments in obligations of state and political subdivisions include four individual securities which have been in an unrealized loss position for less than 12 months and 40 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 17 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 five 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 six individual securities which have been in an unrealized loss position for less than 12 months, and 107 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 September 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 loss for the three-month periods ended September 30, 2024 and 2023.

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