Securities Available-for-Sale

3 Months Ended

Sep. 30, 2023

Debt Securities, Available-for-Sale [Abstract]

The amortized cost and approximate fair value of securities available-for-sale at September 30, 2023 and June 30, 2023 are as follows:


	September 30, 2023 (Unaudited)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal National Mortgage Association	$	23,514	$	—	$	(3,278	)	$	20,236
Government National Mortgage Association		239		—		(39	)		200
Federal Home Loan Mortgage Corporation		17,229		—		(2,657	)		14,572
Total securities available-for-sale	$	40,982	$	—	$	(5,974	)	$	35,008


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal National Mortgage Association	$	22,981	$	—	$	(2,575	)	$	20,406
Federal Home Loan Mortgage Corporation		18,003		—		(2,333	)		15,670
Total securities available-for-sale	$	40,984	$	—	$	(4,908	)	$	36,076

The amortized cost and fair value of debt securities available-for-sale by contractual maturity at September 30, 2023 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities are assigned to categories based on contractual maturity except for mortgage-backed securities and CMOs, which are based on the estimated average life of the securities.


	September 30, 2023 (Unaudited)
	Amortized Cost		Fair Value
Due within 1 year	$	—	$	—
Due after 1 but within 5 years		—		—
Due after 5 but within 10 years		—		—
Due after 10 years		—		—
Mortgage-backed securities		40,982		35,008
Total securities available-for-sale	$	40,982	$	35,008

The unrealized losses as of September 30, 2023 and June 30, 2023, categorized by the length of time of continuous loss position, and the fair value of related available-for-sale are as follows:


	September 30, 2023 (Unaudited)
	Less than 12 Months				More than 12 Months					Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Federal National Mortgage Association	$	—	$	—	$	20,236	$	(3,278	)	$	20,236	$	(3,278	)
Government National Mortgage Association		—		—		200		(39	)		200		(39	)
Federal Home Loan Mortgage Corporation		—		—		14,572		(2,657	)		14,572		(2,657	)
Total	$	—	$	—	$	35,008	$	(5,974	)	$	35,008	$	(5,974	)


	June 30, 2023
	Less than 12 Months				More than 12 Months					Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Federal National Mortgage Association	$	—	$	—	$	20,406	$	(2,575	)	$	20,406	$	(2,575	)
Federal Home Loan Mortgage Corporation		—		—		15,670		(2,333	)		15,670		(2,333	)
Total	$	—	$	—	$	36,076	$	(4,908	)	$	36,076	$	(4,908	)

All mortgage-backed securities are U.S. Government agency backed and collateralized by residential mortgages. During the three months ended September 30, 2023, the Company acquired $20.9 million of available-for-sale securities from the Regal Bancorp acquisition. Following the completion of the Merger, the Company sold $19.2 million of its available-for-sale portfolio, which resulted in a realized gain of $17. During the three months ended September 30, 2022, there were no sales of securities available-for-sale.