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Derivative Financial Instruments | 6 Months Ended
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Dec. 31, 2024
Derivative Financial Instruments |
Derivative Financial Instruments | Note 13: Derivative Financial Instruments ​ The Company enters into derivative financial instruments, primarily interest rate swaps, to convert certain long term fixed rate loans to floating rates to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these line items in the operating section of the accompanying consolidated statements of cash flows. The unrealized gains and losses, representing the change in fair value of the derivative, are being recorded in interest income in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income and interest expense in the consolidated statements of income. The Company executed one interest rate swap, with an original notional amount of $10.0 million, during the first quarter of fiscal 2025, and executed two interest rate swaps, with original notional amounts of $20.0 million each, during the fourth quarter of fiscal 2024, for a total of $50.0 million, designated as fair value hedges, to convert certain long-term fixed rate 1-4 family loans to floating rates to hedge interest rate risk exposure. The portfolio layer method is being used, which allows the Company to designate a stated amount of the assets that are not expected to be affected by prepayments, defaults or other factors that could affect the timing and amount of the cash flow, as the hedged item. The effect of the swaps on loan interest income in the income statement during the three- and six- month periods ended December 31, 2024, totaled $83,000 and $261,000, and none in each of the same periods of the prior year. The notional amounts and estimated fair values of the Company’s interest rate swaps at December 31, 2024 and June 30, 2024 are presented in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | ​ | ​ |  | Fair Value
​ |  | ​ | Notional |  | Other |  | Other
(dollars in thousands) |  | ​ | Amount |  | Assets |  | Liabilities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1-4 Family interest rate swaps | ​ | $ | 50,000 | ​ | $ | 102 | ​ | $ | 81
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | ​ | ​ |  | Fair Value
​ |  | ​ | Notional |  | Other |  | Other
(dollars in thousands) |  | ​ | Amount |  | Assets |  | Liabilities
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
1-4 Family interest rate swaps | ​ | $ | 40,000 | ​ | $ | 20 | ​ | $ | 15
​ The carrying amount of the hedged assets, included in loans receivable, net and cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets at December 31, 2024 and June 30, 2024 are presented in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2024
​ |  | Carrying |  | Cumulative Amount of Fair Value
​ |  | Amount of |  | Hedging Adj Included in
(dollars in thousands) |  | Hedged Assets |  | Carrying Amount of Hedged assets
1-4 Family interest rate swaps | ​ | $ | 510,593 | ​ | $ | 21
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2024
​ |  | Carrying |  | Cumulative Amount of Fair Value
​ |  | Amount of |  | Hedging Adj Included in
(dollars in thousands) |  | Hedged Assets |  | Carrying Amount of Hedged assets
1-4 Family interest rate swaps | ​ | $ | 553,307 | ​ | $ | 5
​

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