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Investment Securities

6 Months Ended

Dec. 31, 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 December 31, 2024 and June 30, 2024, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

		December 31, 2024
(in thousands)		Amortized cost				Gross unrealized gains				Gross unrealized losses				Estimated fair value
Available-for-sale Securities
Agency mortgage-backed: residential		$	8,996			$	1			$	369			$	8,628
Held-to-maturity Securities
Agency mortgage-backed: residential		$	190			$	-			$	10			$	180

		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 December 31, 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.

There were no pledged securities for both December 31, 2024 and June 30, 2024. In addition, at both December 31, 2024 and June 30, 2024, there were no pledged overnight deposits.

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, 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 December 31, 2024.

December 31, 2024

Available-for-Sale 

(in thousands)		Amortized Cost				Gross Unrealized losses				Fair Value
Less Than 12 Months
Agency mortgage-backed securities		$	1,153			$	32			$	1,121
12 Months or More
Agency mortgage-backed securities			7,833				337				7,496
Total		$	8,986			$	369			$	8,617

Held to Maturity 

(in thousands)		Amortized Cost				Gross Unrealized losses				Fair Value
Less Than 12 Months
Agency mortgage-backed securities		$	65			$	1			$	64
12 Months or More
Agency mortgage-backed securities			125				9				116
Total		$	190			$	10			$	180

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		$	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		$	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 940
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-Name Accounting Standards Codification
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1403
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-Publisher SEC

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