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Investment Securities | 6 Months Ended
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Dec. 31, 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 December 31, 2023 and June 30, 2023, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:
|  | December 31, 2023 |
(in thousands) |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value |
Available-for-sale Securities |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 11,363 |  |  | $ | 1 |  |  | $ | 446 |  |  | $ | 10,918 |
Held-to-maturity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed: residential |  | $ | 234 |  |  | $ | -- |  |  | $ | 11 |  |  | $ | 223 |
|  | 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 December 31, 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 $0 and $5.9 million at December 31, 2023 and June 30, 2023, respectively. In addition, at December 31, 2023 and June 30, 2023, our pledged assets included overnight deposits of $0 and $1.5 million, respectively. The Banks began utilizing FHLB letters of credit to secure public deposits in the recently ended quarter. 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 December 31, 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 December 31, 2023. December 31, 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 |  |  | 11,354 |  |  |  | (446 | ) |  |  | 10,908 |
Total temporarily impaired AFS securities |  | $ | 11,354 |  |  | $ | (446 | ) |  | $ | 10,908 |
Held to Maturity
(in thousands) |  | Amortized Cost |  |  | Gross Unrealized (losses) |  |  | Fair Value |
Less Than 12 Months |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  | $ | 70 |  |  | $ | (1 | ) |  | $ | 69 |
12 Months or More |  |  |  |  |  |  |  |  |  |  |  |
Agency mortgage-backed securities |  |  | 164 |  |  |  | (10 | ) |  |  | 154 |
Total temporarily impaired HTM securities |  | $ | 234 |  |  | $ | (11 | ) |  | $ | 223 |
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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