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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Dec. 31, 2023
INVESTMENT SECURITIES |
Summary of amortized cost and estimated fair value of securities | The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
December 31, 2023 |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
U.S. Government and agency obligations | ​ | $ | 301,442 | ​ | $ | 319 | ​ | $ | (5,971) | ​ | $ | 295,790
Municipal obligations | ​ |  | 24,071 | ​ |  | 60 | ​ |  | (2) | ​ |  | 24,129
Other debt securities | ​ | ​ | 235 | ​ | ​ | 312 | ​ | ​ | (69) | ​ | ​ | 478
Total available for sale securities | ​ | $ | 325,748 | ​ | $ | 691 | ​ | $ | (6,042) | ​ | $ | 320,397
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government and agency obligations | ​ | $ | 396,464 | ​ | $ | 2 | ​ | $ | (18,737) | ​ | $ | 377,729
Municipal obligations | ​ |  | 53,492 | ​ |  | 9 | ​ |  | (67) | ​ |  | 53,434
Other debt securities | ​ | ​ | 261 | ​ | ​ | 309 | ​ | ​ | (66) | ​ | ​ | 504
Total available for sale securities | ​ | $ | 450,217 | ​ | $ | 320 | ​ | $ | (18,870) | ​ | $ | 431,667
Summary of amortized cost and estimated fair value of held to maturity securities | The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated | ​ | Allowance for | ​ | Net Carrying
​ |  | Cost |  | Gains |  | Losses |  | Fair Value |  | Credit Losses |  | Value
December 31, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate debt securities | ​ | $ | 20,000 | ​ | $ | — | ​ | $ | (1,434) | ​ | $ | 18,566 | ​ | $ | 238 | ​ | $ | 19,762
Municipal obligations | ​ | ​ | 3,792 | ​ | ​ | — | ​ | ​ | (85) | ​ | ​ | 3,707 | ​ | ​ | — | ​ | ​ | 3,792
Total held to maturity securities | ​ | $ | 23,792 | ​ | $ | — | ​ | $ | (1,519) | ​ | $ | 22,273 | ​ | $ | 238 | ​ | $ | 23,554
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate debt securities | ​ | $ | 20,000 | ​ | $ | — | ​ | $ | (2,049) | ​ | $ | 17,951 | ​ | $ | — | ​ | $ | 20,000
Municipal obligations | ​ | ​ | 3,949 | ​ | ​ | — | ​ | ​ | (156) | ​ | ​ | 3,793 | ​ | ​ | — | ​ | ​ | 3,949
Total held to maturity securities | ​ | $ | 23,949 | ​ | $ | — | ​ | $ | (2,205) | ​ | $ | 21,744 | ​ | $ | — | ​ | $ | 23,949
Summary of allowance for credit losses on securities held to maturity | The following tables present the activity in the allowance for credit losses on securities held-to-maturity (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended December 31, 2023
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ |  | Balance |  | Provisions |  | Charge-offs |  | Recoveries |  | Balance
Corporate debt securities | ​ | $ | — | ​ | $ | 238 | ​ | $ | — | ​ | $ | — | ​ | $ | 238
Municipal obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total allowance for credit losses on securities held to maturity | ​ | $ | — | ​ | $ | 238 | ​ | $ | — | ​ | $ | — | ​ | $ | 238
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Six Months Ended December 31, 2023
​ | ​ | Beginning | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending
​ |  | Balance |  | Provisions |  | Charge-offs |  | Recoveries |  | Balance
Corporate debt securities | ​ | $ | — | ​ | $ | 238 | ​ | $ | — | ​ | $ | — | ​ | $ | 238
Municipal obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total allowance for credit losses on securities held to maturity | ​ | $ | — | ​ | $ | 238 | ​ | $ | — | ​ | $ | — | ​ | $ | 238
Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position | The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | Less than 12 Months | ​ | 12 Months or Longer | ​ | Total
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Securities available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | — | ​ | $ | — | ​ | $ | 242,249 | ​ | $ | (5,971) | ​ | $ | 242,249 | ​ | $ | (5,971)
Municipal obligations | ​ |  | 3,158 | ​ |  | (2) | ​ |  | — | ​ |  | — | ​ |  | 3,158 | ​ |  | (2)
Other debt securities | ​ |  | — | ​ |  | — | ​ |  | 108 | ​ | ​ | (69) | ​ |  | 108 | ​ |  | (69)
​ | ​ | $ | 3,158 | ​ | $ | (2) | ​ | $ | 242,357 | ​ | $ | (6,040) | ​ | $ | 245,515 | ​ | $ | (6,042)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | $ | — | ​ | $ | — | ​ | $ | 18,566 | ​ | $ | (1,434) | ​ | $ | 18,566 | ​ | $ | (1,434)
Municipal obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,707 | ​ | ​ | (85) | ​ | ​ | 3,707 | ​ | ​ | (85)
​ | ​ | $ | — | ​ | $ | — | ​ | $ | 22,273 | ​ | $ | (1,519) | ​ | $ | 22,273 | ​ | $ | (1,519)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2023
​ | ​ | Less than 12 Months | ​ | 12 Months or Longer | ​ | Total
​ | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized | ​ | Estimated | ​ | Unrealized
​ |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value | ​ | Losses
Securities available for sale: | ​ | ​ | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | 104,145 | ​ | $ | (1,975) | ​ | $ | 268,782 | ​ | $ | (16,762) | ​ | $ | 372,927 | ​ | $ | (18,737)
Municipal obligations | ​ |  | 47,781 | ​ |  | (67) | ​ |  | — | ​ |  | — | ​ |  | 47,781 | ​ |  | (67)
Other debt securities | ​ |  | 14 | ​ |  | (1) | ​ |  | 107 | ​ |  | (65) | ​ |  | 121 | ​ |  | (66)
​ | ​ | $ | 151,940 | ​ | $ | (2,043) | ​ | $ | 268,889 | ​ | $ | (16,827) | ​ | $ | 420,829 | ​ | $ | (18,870)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | $ | — | ​ | $ | — | ​ | $ | 17,951 | ​ | $ | (2,049) | ​ | $ | 17,951 | ​ | $ | (2,049)
Municipal obligations | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,793 | ​ | ​ | (156) | ​ | ​ | 3,793 | ​ | ​ | (156)
​ | ​ | $ | — | ​ | $ | — | ​ | $ | 21,744 | ​ | $ | (2,205) | ​ | $ | 21,744 | ​ | $ | (2,205)
Summary of fair value of debt securities and carrying amount, if different, by contractual maturity | The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023
​ |  | Amortized |  | Estimated
​ |  | Cost |  | Fair Value
Securities available for sale: |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 144,312 | ​ | $ | 142,007
Due after one to five years | ​ |  | 181,201 | ​ |  | 177,912
Other debt securities | ​ |  | 235 | ​ |  | 478
​ | ​ | $ | 325,748 | ​ | $ | 320,397
​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ |  |  | ​ |  |
Due in one year or less | ​ | $ | 2,369 | ​ | $ | 2,284
Due after one to five years | ​ |  | 1,423 | ​ |  | 1,423
Due after five to ten years | ​ |  | 20,000 | ​ |  | 18,566
​ | ​ | $ | 23,792 | ​ | $ | 22,273

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