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Debt Securities

12 Months Ended

Jun. 30, 2025

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, 2025 and 2024, consists of the following:


		June 30,
		2025			2024
Available for sale debt securities, at fair value		$	5,201,279		$	6,606,761
Held to maturity debt securities, at amortized cost			483,787			510,276
		$	5,685,066		$	7,117,037

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, 2025
Available for sale debt securities
States and municipalities		$	449,792		$	296		$	(772)		$	449,316
Mortgage-backed			875,776			22,607			(39,621)			858,762
Corporate bonds			4,500,000			5,900			(612,699)			3,893,201
		$	5,825,568		$	28,803		$	(653,092)		$	5,201,279
Held to maturity debt securities
Mortgage-backed		$	483,787		$	—		$	(110,219)		$	373,568


					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

There is no allowance for credit losses on available for sale and held to maturity debt securities at June 30, 2025 and 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, 2025 and 2024:


		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, 2025
Available for sale debt securities
States and municipalities		$	—		$	—		$	(772)		$	114,228		$	(772)		$	114,228
Mortgage-backed			(97)			30,835			(39,524)			691,927			(39,621)			722,762
Corporate bonds			—			—			(612,699)			2,887,301			(612,699)			2,887,301
		$	(97)		$	30,835		$	(652,995)		$	3,693,456		$	(653,092)		$	3,724,291


		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

There were 4 securities in an unrealized loss position in the less than 12-month category and 40 securities in the over 12-month category at June 30, 2025. There were 6 securities in an unrealized loss position in the less than 12 months category and 54 securities in the over 12-month category at June 30, 2024.

The amortized cost and fair value of debt securities by contractual maturity at June 30, 2025, follows:


		Available for Sale Debt Securities						Held to Maturity Debt Securities
		Amortized			Fair			Amortized			Fair
		Cost			Value			Cost			Value
June 30, 2025
Due in one year or less		$	1,000,000		$	1,005,900		$	—		$	—
Due from more than one to five years			3,949,792			3,336,617			—			—
Due from more than five to ten years			—			—			—			—
			4,949,792			4,342,517			—			—
Mortgage-backed securities			875,776			858,762			483,787			373,568
		$	5,825,568		$	5,201,279		$	483,787		$	373,568

Securities with a carrying value of approximately $79,000 and $223,000 as of June 30, 2025 and 2024, were pledged to secure public deposits and debt.

There were no sales of available for sale debt securities during the years ended June 30, 2025 and 2024.