Note 2 - Securities

3 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 2 – Securities

Debt securities

The following tables summarize the amortized cost, fair value, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss on the Company’s debt securities available-for-sale and gross unrecognized losses on the Company’s debt securities held-to-maturity as of September 30, 2025, and June 30, 2025:

Available –for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
September 30, 2025
Obligations of U.S. Treasury	$	2,995	$	—	$	(29	)	$	2,966
Obligations of U.S. government-sponsored entities and agencies		25,583		29		(2,219	)		23,393
Obligations of state and political subdivisions		83,812		86		(6,643	)		77,255
U.S. Government-sponsored mortgage-backed securities–residential		88,880		168		(10,562	)		78,486
U.S. Government-sponsored mortgage-backed securities– commercial		8,563		—		(1,343	)		7,220
U.S. Government-sponsored collateralized mortgage obligations– residential		68,152		432		(4,102	)		64,482
Other debt securities		15,289		120		(311	)		15,098
Total securities available-for-sale	$	293,274	$	835	$	(25,209	)	$	268,900

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
September 30, 2025
Obligations of state and political subdivisions	$	5,058	$	—	$	(47	)	$	5,011

Available-for-sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2025
Obligation of U.S Treasury	$	2,991	$	—	$	(54	)	$	2,937
Obligations of U.S. government-sponsored entities and agencies		26,117		47		(2,427	)		23,737
Obligations of state and political subdivisions		84,120		24		(8,685	)		75,459
U.S. Government-sponsored mortgage-backed securities - residential		91,676		96		(11,440	)		80,332
U.S. Government-sponsored mortgage-backed securities - commercial		8,567		—		(1,461	)		7,106
U.S. Government-sponsored collateralized mortgage obligations – residential		71,134		470		(4,543	)		67,061
Other debt securities		17,819		58		(634	)		17,243
Total securities available-for-sale	$	302,424	$	695	$	(29,244	)	$	273,875

Held-to-maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Fair Value
June 30, 2025
Obligations of state and political subdivisions	$	5,167	$	—	$	(141	)	$	5,026

Proceeds from the call of available-for-sale securities were as follows:

	Three Months Ended September 30,
	2025		2024
Proceeds from calls	$	1,000	$	—
Gross realized gains		3		—

The income tax expense related to the net realized gain was $1 for the three-month period ended September 30, 2025.

The amortized cost and fair values of debt securities as of September 30, 2025, by expected maturity, are shown below. 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 not due at a single maturity date, primarily mortgage-backed securities, are shown separately.

Available-for-Sale	Amortized Cost		Estimated Fair Value
Due in one year or less	$	8,818	$	8,762
Due after one year through five years		38,481		37,059
Due after five years through ten years		27,619		26,536
Due after ten years		52,761		46,355
Total		127,679		118,712
U.S. Government-sponsored mortgage-backed and related securities		165,595		150,188
Total securities available-for-sale	$	293,274	$	268,900
Held-to-Maturity
Due after one year through five years	$	2,032	$	2,000
Due after five years through ten years		3,026		3,011
Total securities held-to-maturity	$	5,058	$	5,011

Securities with a carrying value of approximately $161,209 and $164,473 were pledged at September 30, 2025 and June 30, 2025, respectively, to secure public deposits and commitments as required or permitted by law.

The following tables summarize the debt securities with unrealized and unrecognized losses as of September 30, 2025 and June 30, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months					12 Months or more					Total
Available-for-sale	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
September 30, 2025
Obligation of U.S. Treasury	$	—	$	—		$	2,966	$	(29	)	$	2,966	$	(29	)
Obligations of U.S. government-sponsored entities and agencies		656		(1	)		20,628		(2,218	)		21,284		(2,219	)
Obligations of state and political subdivisions		1,039		(143	)		63,165		(6,500	)		64,204		(6,643	)
U.S. Government-sponsored mortgage-backed securities – residential		—		—			69,401		(10,562	)		69,401		(10,562	)
U.S. Government-sponsored mortgage-backed securities – commercial		—		—			7,220		(1,343	)		7,220		(1,343	)
U.S. Government-sponsored collateralized mortgage obligations - residential		5,306		(18	)		34,162		(4,084	)		39,468		(4,102	)
Other debt securities		—		—			11,635		(311	)		11,635		(311	)
Total	$	7,001	$	(162	)	$	209,177	$	(25,047	)	$	216,178	$	(25,209	)

	Less than 12 Months				12 Months or more					Total
Held to Maturity	Fair Value		Unrecognized Loss		Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss
September 30, 2025
Obligations of state and political subdivisions	$	—	$	—	$	5,011	$	(47	)	$	5,011	$	(47	)

	Less than 12 Months					12 Months or More					Total
Available-for-sale	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
June 30, 2025
Obligations of U.S. Treasury	$	—	$	—		$	2,937	$	(54	)	$	2,937	$	(54	)
Obligations of U.S. government-sponsored entities and agencies		—		—			20,898		(2,427	)		20,898		(2,427	)
Obligations of state and political subdivisions		6,867		(308	)		62,570		(8,377	)		69,437		(8,685	)
U.S. Government-sponsored mortgage-backed securities – residential		1,134		(5	)		70,955		(11,435	)		72,089		(11,440	)
U.S. Government-sponsored mortgage-backed securities – commercial		—		—			7,106		(1,461	)		7,106		(1,461	)
U.S. Government-sponsored collateralized mortgage obligations - residential		7,018		(76	)		32,632		(4,467	)		39,650		(4,543	)
Other debt securities		970		(12	)		13,327		(622	)		14,297		(634	)
Total	$	15,989	$	(401	)	$	210,425	$	(28,843	)	$	226,414	$	(29,244	)

	Less than 12 Months				12 Months or More					Total
Held to Maturity	Fair Value		Unrecognized Loss		Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss
June 30, 2025
Obligations of state and political subdivisions	$	—	$	—	$	5,026	$	(141	)	$	5,026	$	(141	)

At September 30, 2025, the Company’s portfolio consisted of 428 securities, of which 348 were available-for-sale and 3 were held-to-maturity securities in unrealized or unrecognized loss positions. As of September 30, 2025, no allowance for credit losses has been recognized on securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available-for-sale securities.

The Company’s mortgage-backed securities and collateralized mortgage obligations were issued by U.S. government-sponsored entities and agencies. The Company does not own any private label mortgage-backed securities. The Company’s municipal bond portfolio consists of tax-exempt and taxable general obligation and revenue bonds to a broad range of counties, towns, school districts, and other essential service providers. As of September 30, 2025, 97.4% of the municipal bonds held in the available-for-sale portfolio had an S&P or Moody’s investment grade rating, and 2.6% were non-rated issues. The municipal bonds in the held-to-maturity portfolio are all non-rated issues to local entities that also are deposit customers. The other debt securities consist of subordinated notes issued by other bank holding companies.

The issuers of all securities owned by the Company continue to make timely principal and interest payments under the securities’ contractual terms. The unrealized losses related to these securities have not been recognized into income because the decline in fair value is not attributed to credit quality, management does not intend to sell the securities, and it is not likely that management will be required to sell the securities prior to their anticipated recovery. The unrealized losses on these securities are primarily due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The securities’ fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.

Equity Securities

The Company owns equity securities with an amortized cost of $400 and a fair value of $392 as of September 30, 2025, and June 30, 2025. Changes in the fair value of these securities are included in noninterest income on the consolidated statements of income. There were no net unrealized gains or losses on equity securities recognized in earnings and there were no sales of equity securities during the three-month periods ended September 30, 2025 and 2024.