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Foreclosed Assets

12 Months Ended

Jun. 30, 2025

Foreclosed Assets

Foreclosed Assets

Note 7- Foreclosed Assets

Real estate owned activity was as follows:

​

​	​	​	​	​	​	​
​	​	Year		​	Year
​	​	Ended		​	Ended
​		June 30, 2025			June 30, 2024
Balance July 1,	​	$	2,312,240	​	$	2,312,240
Loans transferred to real estate owned	​	​	—	​	​	—
Capitalized expenditures	​	​	—	​	​	—
Direct write-downs	​	​	—	​	​	—
Sales of real estate owned	​	​	—	​	​	—
Net gain on sale of foreclosed assets	​	​	—	​	​	—
Balance June 30	​	$	2,312,240	​	$	2,312,240
​	​	​	​	​	​	​

​

Activity in the valuation allowance is as follows:

​

​	​	​	​	​	​	​
​	​	Year		​	Year
​	​	Ended		​	Ended
​		June 30, 2025			June 30, 2024
Balance July 1,	​	$	937,100	​	$	—
Provisions charged to expense	​	​	378,767	​	​	937,100
Reductions from sales of real estate owned	​	​	—	​	​	—
Direct write-downs	​	​	—	​	​	—
Sales of real estate owned	​	​	—	​	​	—
Balance June 30	​	$	1,315,867	​	$	937,100

​

Expenses related to foreclosed assets are as follows:

​

​	​	​	​	​	​	​
​	​	Year		​	Year
​	​	Ended		​	Ended
​		June 30, 2025			June 30, 2024
Balance July 1,	​	$	—	​	$	—
Net loss (gain) on sales	​	​	—	​	​	—
Provisions for unrealized losses	​	​	378,767	​	​	937,100
Operating expenses, net of rental income	​	​	50,361	​	​	97,492
Balance June 30	​	$	429,128	​	$	1,034,592

​

During the year ended June 30, 2023, the Company foreclosed on collateral supporting a construction loan which was valued at $2.3 million and was included in foreclosed assets (OREO), net. The valuation was based on independent appraisals subject to certain discounts less estimated costs to sell. A subsequent independent appraisal was obtained in April 2024 subject to certain discounts less estimated costs to sell. After adjusting for estimated costs to sell, the revised valuation was $1.4 million resulting in a provision for valuation allowance of $937,100 being recorded during the year ended June 30, 2024. An offer to sell the property for $1.1 million was accepted by the Company in August 2025 resulting in a provision for valuation allowance of $378,767 being recorded during the year ended June 30, 2025. The sale is subject to customary due diligence and has not closed as of September 26, 2025.

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- References

No definition available.

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- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-3

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