XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.3
Investment Securities
 3 Months Ended
Sep. 30, 2024
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, 2024 and June 30, 2024, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

 

   September 30, 2024 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $     9,543   $      17   $      144   $      9,416 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $199   $1   $5   $195 

 

   June 30, 2024 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
(losses)		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $    10,096   $
       -
   $     448   $       9,648 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $213   $
-
   $10   $203 

 

At September 30, 2024 and June 30, 2024 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 at both September 30, 2024 and June 30, 2024. In addition, at both September 30, 2024 and June 30, 2024, pledged overnight deposits totaled $0.

 

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 86.7% and 100% at September 30, 2024 and June 30, 2024, 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, 2024.

 

September 30, 2024

 

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   8,304    144    8,160 
Total temporarily impaired AFS securities  $8,304   $144   $8,160 

 

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   132    5    127 
Total temporarily impaired HTM securities  $132   $5   $127 

 

June 30, 2024

 

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