Condensed Parent Company Only Financial Statements (Tables)

12 Months Ended

Jun. 30, 2023

Condensed Parent Company Only Financial Statements

Parent Company Condensed Balance Sheets

	June 30,
(dollars in thousands)	2023		2022
Condensed Balance Sheets
Assets
Cash and cash equivalents	$	13,442	$	8,964
Other assets		52,178		28,691
Investment in common stock of Bank		404,247		306,549
TOTAL ASSETS	$	469,867	$	344,204
Liabilities and Stockholders' Equity
Accrued expenses and other liabilities	$	704	$	377
Subordinated debt		23,105		23,055
TOTAL LIABILITIES		23,809		23,432
Stockholders' equity		446,058		320,772
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	469,867	$	344,204

Parent Company Condensed Statements of Income

	Year ended June 30,
(dollars in thousands)	2023		2022		2021
Condensed Statements of Income
Interest income	$	32	$	14	$	13
Interest expense		1,439		686		534
Net interest expense		(1,407)		(672)		(521)
Dividends from Bank		48,000		31,000		12,000
Operating expenses		3,041		1,124		599
Income before income taxes and equity in undistributed income of the Bank		43,552		29,204		10,880
Income tax benefit		552		321		235
Income before equity in undistributed income of the Bank		44,104		29,525		11,115
Equity in undistributed income of the Bank		(4,867)		17,644		36,065
NET INCOME	$	39,237	$	47,169	$	47,180
COMPREHENSIVE INCOME	$	34,799	$	26,800	$	45,615

Parent Company Condensed Statements of Cash Flows

	Year ended June 30,
(dollars in thousands)	2023		2022		2021
Condensed Statements of Cash Flow
Cash Flows from operating activities:
Net income	$	39,237	$	47,169	$	47,180
Changes in:
Equity in undistributed income of the Bank		4,867		(17,644)		(36,065)
Other adjustments, net		388		(698)		(559)
NET CASH PROVIDED BY OPERATING ACTIVITES		44,492		28,827		10,556
Investments in Bank subsidiaries		(31,382)		(8,024)		—
NET CASH USED IN INVESTING ACTIVITIES		(31,382)		(8,024)		—
Cash flows from financing activities:
Dividends on common stock		(8,632)		(7,194)		(5,598)
Payments to acquire treasury stock		—		(5,838)		(8,341)
NET CASH USED IN FINANCING ACTIVITIES		(8,632)		(13,032)		(13,939)
Net increase (decrease) in cash and cash equivalents		4,478		7,771		(3,383)
Cash and cash equivalents at beginning of year		8,964		1,193		4,576
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	13,442	$	8,964	$	1,193