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Derivative Financial Instruments | 3 Months Ended
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Sep. 30, 2025
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. Fair Value Hedges. The Company executed two interest rate swaps with an original notional amounts totaling $20.0 million during fiscal 2025, and executed two interest rate swaps with original notional amounts totaling $40.0 million during fiscal 2024, for a total of $60.0 million outstanding as of September 30,2025, designated as fair value hedges, to convert certain long-term fixed rate 1-4 family residential real estate 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-month period ended September 30, 2025, was $56,000 compared to $178,000 in the three-month period ended September 30, 2024. ​ The notional amounts and estimated fair values of the Company’s interest rate swaps at September 30, 2025, and June 30, 2025 are presented in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ |  | ​ | ​ |  | Fair Value
​ |  | ​ | Notional |  | Other |  | Other
(dollars in thousands) |  | ​ | Amount |  | Assets |  | Liabilities
1-4 Family interest rate swaps | ​ | $ | 60,000 | ​ | $ | 937 | ​ | $ | 891
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ |  | ​ | ​ |  | Fair Value
​ |  | ​ | Notional |  | Other |  | Other
(dollars in thousands) |  | ​ | Amount |  | Assets |  | Liabilities
1-4 Family interest rate swaps | ​ | $ | 60,000 | ​ | $ | 912 | ​ | $ | 877
​ 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 September 30, 2025, and June 30, 2025 are presented in the tables below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ |  | 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 | ​ | $ | 460,337 | ​ | $ | 910
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2025
​ |  | 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 | ​ | $ | 474,855 | ​ | $ | 892
​ ​ Non-Hedging Interest Rate Derivatives. During the three-month period ended September 30, 2025, the Company entered into an interest rate swap contract that is not designated as a hedging instrument. This derivative contract relates to transactions in which the Company enters into an interest rate swap contracts which are not designated as hedging instruments, executed with customers to assist them in managing their interest rate risk while executing offsetting interest rate swaps with an upstream counterparty. Additionally, the Company receives an upfront, non-refundable fee from the upstream counterparty, dependent upon the pricing, that is recognized in noninterest income upon receipt from the counterparty. Because the Company acts as an intermediary for the customer, changes in the fair value of the underlying derivative contracts, for the most part, offset each other and do not significantly impact the Company’s results of operations. ​ Interest rate swaps that were not designated as hedging instruments as of September 30, 2025 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025
​ |  | ​ | ​ |  | Fair Value
​ |  | Notional |  | Other |  | Other
(dollars in thousands) |  | Amount |  | Assets |  | Liabilities
Non-Hedging interest rate swap contracts | ​ | $ | 13,250 | ​ | $ | 277 | ​ | $ | —
Non-Hedging interest rate swap contracts | ​ | ​ | 13,250 | ​ | ​ | — | ​ | ​ | 277
​

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