Securities Held-to-Maturity

3 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Securities Held-to-Maturity

5.Securities Held-to-Maturity

The amortized cost and approximate fair values of securities held-to-maturity at September 30, 2023 (unaudited) and June 30, 2023 are as follows:

	September 30, 2023 (Unaudited)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal National Mortgage Association	$	101,901	$	—	$	(21,570	)	$	80,331
Federal Home Loan Mortgage Corporation		53,600		100		(10,721	)		42,979
Government National Mortgage Association		315		—		(7	)		308
Subordinated Debt		7,750		—		(1,402	)		6,348
CMO		2,769		—		(306	)		2,463
Foreign Government Bond		300		—		—			300
Annuities		2,287		—		—			2,287
Total securities held-to-maturity	$	168,922	$	100	$	(34,006	)	$	135,016

	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Federal National Mortgage Association	$	104,612	$	—	$	(18,459	)	$	86,153
Federal Home Loan Mortgage Corporation		55,624		101		(9,014	)		46,711
Government National Mortgage Association		332		—		(9	)		323
Subordinated Debt		7,750		—		(1,450	)		6,300
CMO		2,867		—		(279	)		2,588
Total securities held-to-maturity	$	171,185	$	101	$	(29,211	)	$	142,075

The amortized cost and fair value of securities held-to-maturity by contractual maturity at September 30, 2023 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities are assigned to categories based on contractual maturity except for mortgage-backed securities and CMOs which are based on the estimated average life of the securities.

	September 30, 2023 (Unaudited)
	Amortized Cost		Fair Value
Due within 1 year	$	—	$	—
Due after 1 but within 5 years		—		—
Due after 5 but within 10 years		7,750		6,300
Due after 10 years		—		—
Mortgage-backed securities		161,172		128,716
Total securities held-to-maturity	$	168,922	$	135,016

The unrealized losses as of September 30, 2023 and June 30, 2023, categorized by the length of time of continuous loss position, and the fair value of related securities held-to-maturity are as follows:

	September 30, 2023 (Unaudited)
	Less than 12 Months					More than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Federal National Mortgage    Association	$	730	$	(4	)	$	79,601	$	(21,566	)	$	80,331	$	(21,570	)
Federal Home Loan Mortgage    Corporation		296		(11	)		42,683		(10,710	)		42,979		(10,721	)
Government National    Mortgage Association		—		—			308		(7	)		308		(7	)
Subordinated Debt		—		—			6,348		(1,402	)		6,348		(1,402	)
CMO		—		—			2,463		(306	)		2,463		(306	)
Foreign Government Bond		300		—			—		—			300		—
Annuities		2,287		—			—		—			2,287		—
Total	$	3,613	$	(15	)	$	131,403	$	(33,991	)	$	135,016	$	(34,006	)

	June 30, 2023
	Less than 12 Months					More than 12 Months					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Federal National Mortgage    Association	$	1,480	$	(7	)	$	84,673	$	(18,452	)	$	86,153	$	(18,459	)
Federal Home Loan Mortgage    Corporation		21,016		(3,917	)		24,885		(5,097	)		45,901		(9,014	)
Government National    Mortgage Association		322		(9	)		—		—			322		(9	)
Subordinated Debt		—		—			6,300		(1,450	)		6,300		(1,450	)
CMO		—		—			2,588		(279	)		2,588		(279	)
Total	$	22,818	$	(3,933	)	$	118,446	$	(25,278	)	$	141,264	$	(29,211	)

Upon adoption of ASU 2016-13, management no longer evaluates securities for other than temporary impairment ("OTTI"). On a quarterly basis, management evaluates whether there is a credit loss associated with any declines in fair value. Management considers the nature of the collateral, default rates, delinquency rates, credit ratings and interest rate changes, among other factors. However, the Company has determined that the following securities have a zero expected credit loss as they are all backed by the full faith and credit of the United States Government, or one of its agencies: U.S. government agencies and mortgage-backed securities of U.S. government and government-sponsored agencies.

At September 30, 2023 and June 30, 2023, the Company had $21 and $24, respectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities for the three months ended September 30, 2023 and 2022:

	September 30, 2023			September 30, 2022
	(Unaudited)
Net losses recognized equity securities	$	(3	)	$	(1	)
Less: Net losses recognized on equity    securities sold/acquired		—			—
Net unrealized losses recognized on    equity securities	$	(3	)	$	(1	)

At September 30, 2023 and June 30, 2023, mortgage-backed securities with a carrying value of approximately $1,689 and $3, respectively, were pledged as collateral to secure public funds on deposit. At September 30, 2023, mortgage-backed securities with a total carrying value of $32,026 were pledged as collateral to secure a $20,000 advance under the Federal Reserve's Bank Term Funding Program.

During the three months ended September 30, 2023 and 2022, there were no sales of securities held-to-maturity.