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Basis of Presentation | 3 Months Ended
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Sep. 30, 2024
Basis of Presentation |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Securities and Exchange Commission (“SEC”) Regulation SX. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all material adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated balance sheet of the Company as of June 30, 2024, has been derived from the audited consolidated balance sheet of the Company as of that date. Operating results for the three-month period ended September 30, 2024, are not necessarily indicative of the results that may be expected for the entire fiscal year. For additional information, refer to the audited consolidated financial statements included in the Company’s June 30, 2024, Form 10-K, which was filed with the SEC. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain amounts reported in prior periods have been reclassified to conform to the September 30, 2024 presentation. These reclassifications did not materially impact the Company’s consolidated financial statements. ​ Correction of an Immaterial Error in Prior Period Financial Statements: ​ Certain prior period amounts in the Consolidated Balance Sheets, Consolidated Statements of Income and Note 12: Fair Value Measurements have been corrected as discussed below. No other financial statements or notes were impacted by these corrections. ​ The Company has corrected its Consolidated Balance Sheet at June 30, 2024, the Consolidated Statement of Income for the three-month period ended September 30, 2023, and the Fair Value of Financial Instruments table at June 30, 2024 in Note 12: Fair Value Measurements, within this Quarterly Report on Form 10-Q for an error in classification between deposits and securities sold under agreements to repurchase. ​ The balance of securities sold under agreements to repurchase is now being presented as a separate line item on the Consolidated Balance Sheet and Fair Value of Financial Instruments table included in the notes to the financial statements. The Company had previously included the agreements with deposits. The interest expense associated with the securities is now being presented as a separate line on the Consolidated Statements of Income. Previously, the Company included this in deposits interest expense. ​ The Company assessed the materiality of this change in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections in its Consolidated Balance Sheets, Consolidated Statements of Income, and Notes to the Financial Statements are not material to any previously presented financial statements. The corrections had no impact on the Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity, or Consolidated Statement of Cash Flow, for any previously presented interim or annual financial statements. Accordingly, the Company corrected the previously reported immaterial errors for the year ended June 30, 2024 and the three-months ended September 30, 2023 in this Quarterly Report on Form 10-Q. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consolidated Balance Sheet
​ | ​ | June 30, 2024
​ |  | As Previously |  | Net |  | ​
(dollars in thousands) |  | Presented |  | Change |  | As Corrected
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders' Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | $ | 3,952,457 | ​ | $ | (9,398) | ​ | $ | 3,943,059
Securities sold under agreements to repurchase | ​ | ​ | - | ​ | ​ | 9,398 | ​ | ​ | 9,398
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Consolidated Statement of Income
​ | ​ | For the three-month period ended September 30, 2023
​ |  | As Previously |  | Net |  | ​
(dollars in thousands) |  | Presented |  | Change |  | As Corrected
​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | $ | 20,440 | ​ | $ | (72) | ​ | $ | 20,368
Securities sold under agreements to repurchase | ​ | ​ | - | ​ | ​ | 72 | ​ | ​ | 72
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value of Financial Instruments
​ | ​ | June 30, 2024
​ |  | As Previously |  | Net |  | ​
(dollars in thousands) |  | Presented |  | Change |  | As Corrected
​ | ​ | ​ | ​ | ​ | ​ | ​
Carrying Amount: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | $ | 3,952,457 | ​ | $ | (9,398) | ​ | $ | 3,943,059
Securities sold under agreements to repurchase | ​ | ​ | - | ​ | ​ | 9,398 | ​ | ​ | 9,398
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Significant Other Observable Inputs (Level 2): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities sold under agreements to repurchase | ​ | ​ | - | ​ | ​ | 9,398 | ​ | ​ | 9,398
​

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
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