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Debt Securities

12 Months Ended

Jun. 30, 2024

Debt Securities

Debt Securities

Note 3 - Debt Securities

Debt securities have been classified in the consolidated balance sheet according to management’s intent. The carrying value of securities as of June 30, 2024 and 2023, consists of the following:


		June 30,
		2024			2023
Available for sale debt securities, at fair value		$	6,606,761		$	8,921,715
Held to maturity debt securities, at amortized cost			510,276			516,089
		$	7,117,037		$	9,437,804

The amortized cost and fair value of debt securities, with gross unrealized gains and losses, are as follows:


					Gross				Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
June 30, 2024
Available for sale debt securities
States and municipalities		$	689,588		$	26		$	(4,026)		$	685,588
Mortgage-backed			1,347,975			22,728			(77,796)			1,292,907
Corporate bonds			5,538,606			—			(910,340)			4,628,266
		$	7,576,169		$	22,754		$	(992,162)		$	6,606,761
Held to maturity debt securities
Mortgage-backed		$	510,276		$	—		$	(116,195)		$	394,081


					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
June 30, 2023
Available for sale debt securities
States and municipalities		$	904,308		$	503		$	(16,739)		$	888,072
Mortgage-backed			1,935,106			23,125			(111,217)			1,847,014
Corporate bonds			7,099,328			—			(912,699)			6,186,629
		$	9,938,742		$	23,628		$	(1,040,655)		$	8,921,715
Held to maturity debt securities
Mortgage-backed		$	516,089		$	—		$	(138,043)		$	378,046

There is no allowance for credit losses on available for sale and held to maturity debt securities at June 30, 2024.

The following table shows the gross unrealized losses and fair value of the Company’s securities with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and 2023:


		Less than 12 Months						12 Months or More						Total
		Gross						Gross						Gross
		Unrealized						Unrealized						Unrealized
		Losses			Fair Value			Losses			Fair Value			Losses			Fair Value
June 30, 2024
Available for sale debt securities
States and municipalities		$	(341)		$	119,311		$	(3,685)		$	351,251		$	(4,026)		$	470,562
Mortgage-backed			(128)			16,339			(77,668)			1,167,758			(77,796)			1,184,097
Corporate bonds			—			—			(910,339)			4,628,266			(910,340)			4,628,266
		$	(469)		$	135,650		$	(991,692)		$	6,147,275		$	(992,162)		$	6,282,925


		Less than 12 Months						12 Months or More						Total
		Gross						Gross						Gross
		Unrealized						Unrealized						Unrealized
		Losses			Fair Value			Losses			Fair Value			Losses			Fair Value
June 30, 2023
Available for sale debt securities
States and municipalities		$	(16,739)		$	768,052		$	—		$	—		$	(16,739)		$	768,052
Mortgage-backed			(2,879)			109,037			(108,338)			1,615,016			(111,217)			1,724,053
Corporate bonds			(90,000)			410,000			(822,699)			5,776,629			(912,699)			6,186,629
		$	(109,618)		$	1,287,089		$	(931,037)		$	7,391,645		$	(1,040,655)		$	8,678,734
Held to maturity debt securities
Mortgage-backed securities		$	(138,043)		$	378,046		$	—		$	—		$	(138,043)		$	378,046

There were 6 securities in an unrealized loss position in the less than 12-month category and 54 securities in the over 12-month category at June 30, 2024. There were 15 securities in an unrealized loss position in the less than 12 months category and 52 securities in the over 12-month category at June 30, 2023.

The amortized cost and fair value of debt securities by contractual maturity at June 30, 2024, follows:


		Available for Sale Debt Securities						Held to Maturity Debt Securities
		Amortized			Fair			Amortized			Fair
		Cost			Value			Cost			Value
June 30, 2024
Due in one year or less		$	1,249,737		$	1,228,159		$	—		$	—
Due from more than one to five years			369,653			366,921			—			—
Due from more than five to ten years			4,608,804			3,718,774			—			—
			6,228,194			5,313,854			—			—
Mortgage-backed securities			1,347,975			1,292,907			510,276			394,081
		$	7,576,169		$	6,606,761		$	510,276		$	394,081

Securities with a carrying value of approximately $223,000 and $415,000 as of June 30, 2024 and 2023, were pledged to secure public deposits and debt.

There were no sales of available for sale debt securities during the years ended June 30, 2024 and 2023. The Company did recognize gains of $24,000 on bonds that matured during the year ended June 30, 2023 related to previous other than temporary impairment charges taken on these securities.