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Investment Securities

3 Months Ended

Sep. 30, 2023

Investment Securities [Abstract]

Investment Securities

Note 3. Investment Securities

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2023 and June 30, 2023, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

		September 30, 2023
(in thousands)		Amortized cost				Gross unrealized gains				Gross unrealized (losses)				Estimated fair value
Available-for-sale Securities
Agency mortgage-backed: residential		$	11,983			$	1			$	754			$	11,230
Held-to-maturity Securities
Agency mortgage-backed: residential		$	256			$	–			$	15			$	241

		June 30, 2023
(in thousands)		Amortized cost				Gross unrealized gains				Gross unrealized (losses)				Estimated fair value
Available-for-sale Securities
Agency mortgage-backed: residential		$	12,649			$	–			$	569			$	12,080
Held-to-maturity Securities
Agency mortgage-backed: residential		$	274			$	-			$	15			$	259

At September 30, 2023 and June 30, 2023 the Company’s debt securities consisted of mortgage-backed securities, which do not have a single maturity date. Actual maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Our pledged securities totaled $5.6 million and $5.9 million at September 30, 2023 and June 30, 2023, respectively. In addition, at September 30, 2023 and June 30, 2023, our pledged assets included overnight deposits of $1.5 million and $1.5 million, respectively.

We evaluated securities in unrealized loss positions for evidence of credit loss, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to sell. Those securities were agency mortgage-backed securities, which carry a very limited amount of risk. Also, we have no intention to sell nor feel that we will be compelled to sell such securities before maturity. Based on our evaluation, no reserve for credit loss was considered necessary. Debt securities in an unrealized loss position as a percent of total debt securities were 99.9% and 100% at September 30, 2023 and June 30, 2023, respectively. The following table provides the amortized cost, gross unrealized losses, fair value, and length of time the individual securities have been in a continuous unrealized loss position as of September 30, 2023.

September 30, 2023

Available-for-Sale 

(in thousands)		Amortized Cost				Gross Unrealized (losses)				Fair Value
Less Than 12 Months
Agency mortgage-backed securities		$	-			$	-			$	-
12 Months or More
Agency mortgage-backed securities			11,972				754				11,218
Total temporarily impaired AFS securities		$	11,972			$	754			$	11,218

Held to Maturity 

(in thousands)		Amortized Cost				Gross Unrealized (losses)				Fair Value
Less Than 12 Months
Agency mortgage-backed securities		$	-			$	-			$	-
12 Months or More
Agency mortgage-backed securities			256				15				241
Total temporarily impaired HTM securities		$	256			$	15			$	241

June 30, 2023

Available-for-Sale 

(in thousands)		Amortized Cost				Gross Unrealized (losses)				Fair Value
Less Than 12 Months
Agency mortgage-backed securities		$	12,649			$	569			$	12,080
12 Months or More
Agency mortgage-backed securities			-				-				-
Total temporarily impaired AFS securities		$	12,649			$	569			$	12,080

Held to Maturity 

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
Agency mortgage-backed securities		$	-			$	-			$	-
12 Months or More
Agency mortgage-backed securities			274				15				259
Total temporarily impaired HTM securities		$	274			$	15			$	259

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
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