INVESTMENT SECURITIES (Tables)

6 Months Ended

Dec. 31, 2024

INVESTMENT SECURITIES

Summary of amortized cost and estimated fair value of securities

The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
December 31, 2024
U.S. Treasury	$	217,412	$	162	$	(868)	$	216,706
Mortgage-backed securities:
U.S. Government agency securities		20,517		—		(1,189)		19,328
Government-sponsored enterprises		17,522		—		(633)		16,889
Collateralized mortgage obligations:
U.S. Government agency securities		18,009		—		(461)		17,548
Government-sponsored enterprises		33,489		1		(249)		33,241
Municipal obligations		17,782		51		(8)		17,825
Total available for sale securities	$	324,731	$	214	$	(3,408)	$	321,537
June 30, 2024
U.S. Treasury	$	247,479	$	1	$	(3,931)	$	243,549
Municipal obligations		13,419		5		(8)		13,416
Other debt securities		212		305		(73)		444
Total available for sale securities	$	261,110	$	311	$	(4,012)	$	257,409
June 30, 2023
U.S. Treasury	$	396,464	$	2	$	(18,737)	$	377,729
Municipal obligations		53,492		9		(67)		53,434
Other debt securities		261		309		(66)		504
Total available for sale securities	$	450,217	$	320	$	(18,870)	$	431,667

Summary of amortized cost and estimated fair value of held to maturity securities

The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated		Allowance for		Net Carrying
	Cost		Gains		Losses		Fair Value		Credit Losses		Value
December 31, 2024
Corporate debt securities	$	22,000		59		(3,181)	$	18,878	$	216	$	21,784
Municipal obligations		3,616		—		(37)		3,579		—		3,616
Total held to maturity securities	$	25,616	$	59	$	(3,218)	$	22,457	$	216	$	25,400
June 30, 2024
Corporate debt securities	$	22,000	$	55	$	(2,898)	$	19,157	$	262	$	21,738
Municipal obligations		3,352		—		(72)		3,280		—		3,352
Total held to maturity securities	$	25,352	$	55	$	(2,970)	$	22,437	$	262	$	25,090
June 30, 2023
Corporate debt securities	$	20,000	$	—	$	(2,049)	$	17,951	$	—	$	20,000
Municipal obligations		3,949		—		(156)		3,793		—		3,949
Total held to maturity securities	$	23,949	$	—	$	(2,205)	$	21,744	$	—	$	23,949

Summary of allowance for credit losses on securities held to maturity

The following tables present the activity in the allowance for credit losses on securities held-to-maturity (dollars in thousands):

	For the Six Months Ended December 31, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	262	$	(46)	$	—	$	—	$	216
Municipal obligations		—		—		—		—		—
Total	$	262	$	(46)	$	—	$	—	$	216

	For the Six Months Ended December 31, 2023
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	—	$	238	$	—	$	—	$	238
Municipal obligations		—		—		—		—		—
Total	$	—	$	238	$	—	$	—	$	238

	For the Fiscal Year Ended June 30, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	—	$	262	$	—	$	—	$	262
Municipal obligations		—		—		—		—		—
Total	$	—	$	262	$	—	$	—	$	262

Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position

The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):

	December 31, 2024
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Treasury	$	14,432	$	(4)	$	128,283	$	(864)	$	142,715	$	(868)
Mortgage-backed securities:
U.S. Government agency securities		19,328		(1,189)		—		—		19,328		(1,189)
Government-sponsored enterprises		16,889		(633)		—		—		16,889		(633)
Collateralized mortgage obligations:
U.S. Government agency securities		17,548		(461)		—		—		17,548		(461)
Government-sponsored enterprises		31,128		(248)		11		(1)		31,139		(249)
Municipal obligations		6,437		(8)		—		—		6,437		(8)
	$	105,762	$	(2,543)	$	128,294	$	(865)	$	234,056	$	(3,408)
Securities held to maturity:
Corporate debt securities	$	—	$	—	$	16,819	$	(3,181)	$	16,819	$	(3,181)
Municipal obligations		—		—		3,579		(37)		3,579		(37)
	$	—	$	—	$	20,398	$	(3,218)	$	20,398	$	(3,218)

	June 30, 2024
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Treasury	$	19,580	$	(12)	$	219,059	$	(3,919)	$	238,639	$	(3,931)
Municipal obligations		3,723		(8)		—		—		3,723		(8)
Other debt securities		—		—		90		(73)		90		(73)
	$	23,303	$	(20)	$	219,149	$	(3,992)	$	242,452	$	(4,012)
Securities held to maturity:
Corporate debt securities	$	—	$	—	$	17,102	$	(2,898)	$	17,102	$	(2,898)
Municipal obligations		—		—		3,280		(72)		3,280		(72)
	$	—	$	—	$	20,382	$	(2,970)	$	20,382	$	(2,970)

	June 30, 2023
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Treasury	$	104,145	$	(1,975)	$	268,782	$	(16,762)	$	372,927	$	(18,737)
Municipal obligations		47,781		(67)		—		—		47,781		(67)
Other debt securities		14		(1)		107		(65)		121		(66)
	$	151,940	$	(2,043)	$	268,889	$	(16,827)	$	420,829	$	(18,870)
Securities held to maturity:
Corporate debt securities	$	—	$	—	$	17,951	$	(2,049)	$	17,951	$	(2,049)
Municipal obligations		—		—		3,793		(156)		3,793		(156)
	$	—	$	—	$	21,744	$	(2,205)	$	21,744	$	(2,205)

Summary of fair value of debt securities and carrying amount, if different, by contractual maturity

The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). Securities not due at a single maturity date are shown separately.

	December 31, 2024
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	191,162	$	190,433
Due after one to five years		47,399		47,461
Due after five to ten years		22,571		22,463
Due after ten years		63,599		61,180
	$	324,731	$	321,537
Securities held to maturity:
Due in one year or less	$	2,861	$	2,824
Due after one to five years		755		755
Due after five to ten years		22,000		18,878
	$	25,616	$	22,457

Schedule of gain (loss) on equity securities

The portion of unrealized gains and losses for the period that relates to equity securities still held at the reporting date are as follows (dollars in thousands):

		For the Six Months Ended,	For the Fiscal Year Ended,
		December 31, 2024		2024	2023
Net gain recognized during the period on equity securities	$	—	$	735	$	374
Less: Net gains recognized during the period on equity securities sold during the period		—		735		—
Unrealized gains recognized during reporting period on equity securities still held at reporting date	$	—	$	—	$	374