SOUTHERN MISSOURI BANCORP, INC., 10-Q filed on 11/12/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 3 Months Ended
Sep. 30, 2024
Nov. 08, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2024  
Entity Central Index Key 0000916907  
Securities Act File Number 0-23406  
Entity Registrant Name SOUTHERN MISSOURI BANCORP, INC.  
Entity Incorporation, State or Country Code MO  
Entity Tax Identification Number 43-1665523  
Entity Address, Address Line One 2991 Oak Grove Road  
Entity Address, City or Town Poplar Bluff  
Entity Address, State or Province MO  
Entity Address, Postal Zip Code 63901  
City Area Code 573  
Local Phone Number 778-1800  
Title of 12(b) Security Common  
Trading Symbol SMBC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   11,277,167
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Assets    
Cash and cash equivalents $ 75,347 $ 60,904
Interest-bearing time deposits 244 491
Available for sale securities 420,209 427,903
Stock in FHLB of Des Moines 8,972 8,713
Stock in Federal Reserve Bank of St. Louis 9,092 9,089
Loans receivable, net of ACL of $54,437 and $52,516 at September 30, 2024 and June 30, 2024, respectively 3,912,081 3,797,287
Accrued interest receivable 28,949 23,826
Premises and equipment, net 96,087 95,952
Bank owned life insurance - cash surrender value 74,119 73,601
Goodwill 50,727 50,727
Other intangible assets, net 25,613 26,505
Prepaid expenses and other assets 27,760 29,318
Total assets 4,729,200 4,604,316
Liabilities and Stockholders' Equity    
Deposits 4,040,142 3,943,059
Securities sold under agreements to repurchase 15,000 9,398
Advances from FHLB 107,069 102,050
Accounts payable and other liabilities 26,523 25,037
Accrued interest payable 11,668 12,868
Subordinated debt 23,169 23,156
Total liabilities 4,223,571 4,115,568
Commitments and contingencies
Common stock, $.01 par value; 25,000,000 shares authorized; 11,958,587 and 11,959,157 shares issued at September 30, 2024 and June 30, 2024, respectively 120 120
Additional paid-in capital 219,808 219,680
Retained earnings 321,240 311,376
Treasury stock of 681,420 and 681,420 shares at September 30, 2024 and June 30, 2024, respectively, at cost (24,973) (24,973)
Accumulated other comprehensive loss (10,566) (17,455)
Total stockholders' equity 505,629 488,748
Total liabilities and stockholders' equity $ 4,729,200 $ 4,604,316
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS    
Loans And Leases Receivable Allowance $ 54,437 $ 52,516
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 25,000,000 25,000,000
Common Stock, Shares, Issued 11,958,587 11,959,157
Treasury Stock 681,420 681,420
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Interest Income    
Loans $ 61,753,000 $ 52,974,000
Investment securities 1,621,000 1,713,000
Mortgage-backed securities 3,926,000 3,371,000
Other interest-earning assets 78,000 49,000
Total interest income 67,378,000 58,107,000
Interest Expense    
Deposits 28,796,000 20,368,000
Securities sold under agreements to repurchase 160,000 72,000
Advances from FHLB 1,326,000 1,838,000
Subordinated debt 435,000 435,000
Total interest expense 30,717,000 22,713,000
Net Interest Income 36,661,000 35,394,000
Provision for Credit Losses 2,159,000 900,000
Net Interest Income After Provision for Credit Losses 34,502,000 34,494,000
Noninterest Income    
Deposit account charges and related fees 2,184,000 1,791,000
Bank card interchange income 1,499,000 1,345,000
Loan late charges   113,000
Loan servicing fees 286,000 231,000
Other loan fees 1,063,000 357,000
Net realized gains on sale of loans 361,000 213,000
Earnings on bank owned life insurance 517,000 458,000
Insurance brokerage commissions 287,000 264,000
Wealth management fees 730,000 795,000
Other income 247,000 286,000
Total noninterest income 7,174,000 5,853,000
Noninterest Expense    
Compensation and benefits 14,397,000 12,649,000
Occupancy and equipment, net 3,689,000 3,515,000
Data processing expense 2,171,000 2,308,000
Telecommunications expense 428,000 531,000
Deposit insurance premiums 472,000 550,000
Legal and professional fees 1,208,000 416,000
Advertising 546,000 465,000
Postage and office supplies 306,000 302,000
Intangibles amortization 897,000 1,018,000
Foreclosed property expenses/losses 12,000 (8,000)
Other operating expense 1,715,000 1,963,000
Total noninterest expense 25,841,000 23,709,000
Income Before Income Taxes 15,835,000 16,638,000
Total Income Taxes 3,377,000 3,487,000
Net Income $ 12,458,000 $ 13,151,000
Basic earnings per share $ 1.10 $ 1.16
Diluted earnings per share 1.10 1.16
Dividends paid $ 0.23 $ 0.21
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME    
Net Income $ 12,458 $ 13,151
Other comprehensive income (loss):    
Unrealized gains (losses) on securities available-for-sale 8,832 (4,146)
Tax (expense) benefit (1,943) 913
Total other comprehensive income (loss) 6,889 (3,233)
Comprehensive Income $ 19,347 $ 9,918
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock
Additional Paid-in Capital
Retained Earnings
Treasury Stock, Common Stock
Accumulated Other Comprehensive Income (Loss)
Total
BEGINNING BALANCE at Jun. 30, 2023 $ 119 $ 218,260 $ 270,720 $ (21,116) $ (21,925) $ 446,058
Net Income     13,151     13,151
Change in unrealized loss on available for sale securities         (3,233) (3,233)
Dividends paid on common stock     (2,380)     (2,380)
Stock option expense   333       333
ENDING BALANCE at Sep. 30, 2023 119 218,593 281,491 (21,116) (25,158) 453,929
BEGINNING BALANCE at Jun. 30, 2024 120 219,680 311,376 (24,973) (17,455) 488,748
Net Income     12,458     12,458
Change in unrealized loss on available for sale securities         6,889 6,889
Dividends paid on common stock     (2,594)     (2,594)
Stock option expense   89       89
Stock grant expense   39       39
ENDING BALANCE at Sep. 30, 2024 $ 120 $ 219,808 $ 321,240 $ (24,973) $ (10,566) $ 505,629
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY    
Dividends paid on common stock $ 0.23 $ 0.21
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities:    
Net Income $ 12,458,000 $ 13,151,000
Items not requiring (providing) cash:    
Depreciation 1,608,000 1,439,000
Loss on disposal of fixed assets 67,000 1,000
Stock option and stock grant expense 128,000 333,000
Loss on sale/write-down of foreclosed property 29,000 17,000
Amortization of intangible assets 897,000 1,018,000
Accretion of purchase accounting adjustments (937,000) (1,641,000)
Increase in cash surrender value of bank owned life insurance (BOLI) (517,000) (458,000)
Provision for credit losses 2,159,000 900,000
Net accretion of premiums and discounts on securities (444,000) (101,000)
Originations of loans held for sale (4,637,000) (5,614,000)
Proceeds from sales of loans held for sale 5,248,000 5,571,000
Gain on sales of loans held for sale (361,000) (213,000)
Changes in:    
Accrued interest receivable (5,123,000) (4,771,000)
Prepaid expenses and other assets (363,000) 395,000
Accounts payable and other liabilities 965,000 1,800,000
Accrued interest payable (1,185,000) 2,378,000
Net cash provided by operating activities 9,992,000 14,205,000
Cash flows from investing activities:    
Net increase in loans (116,106,000) (80,558,000)
Net change in interest-bearing deposits 248,000 248,000
Proceeds from maturities of available for sale securities 19,708,000 9,525,000
Net (purchases) redemptions of Federal Home Loan Bank stock (259,000) 640,000
Net (purchases) redemptions of Federal Reserve Bank of St. Louis stock (3,000) 1,000
Purchases of available-for-sale securities (2,737,000) (1,214,000)
Purchases of long-term investment (50,000) (40,000)
Purchases of premises and equipment (1,431,000) (1,427,000)
Investments in state & federal tax credits   (865,000)
Proceeds from sale of foreclosed assets 4,000 10,000
Net cash used in investing activities (100,626,000) (73,680,000)
Cash flows from financing activities:    
Net decrease in demand deposits and savings accounts (87,791,000) (98,627,000)
Net increase in certificates of deposits 184,874,000 214,209,000
Net increase in securities sold under agreements to repurchase 5,602,000  
Proceeds from Federal Home Loan Bank advances 260,000,000 271,000,000
Repayments of Federal Home Loan Bank advances (255,014,000) (290,513,000)
Dividends paid on common stock (2,594,000) (2,380,000)
Net cash provided by financing activities 105,077,000 93,689,000
Increase in cash and cash equivalents 14,443,000 34,214,000
Cash and cash equivalents at beginning of period 60,904,000 53,979,000
Cash and cash equivalents at end of period 75,347,000 88,193,000
Noncash investing and financing activities:    
Conversion of loans to foreclosed real estate   1,375,000
Conversion of loans to repossessed assets 7,000 77,000
Right of use assets obtained in exchange for lease obligations: Operating Leases   2,333,000
Cash paid during the period for:    
Interest (net of interest credited) 1,978,000 2,380,000
Income taxes $ 4,022,000 $ 539,000
v3.24.3
Basis of Presentation
 3 Months Ended
Sep. 30, 2024
Basis of Presentation  
Basis of Presentation

Note 1:  Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Securities and Exchange Commission (“SEC”) Regulation SX. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all material adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated balance sheet of the Company as of June 30, 2024, has been derived from the audited consolidated balance sheet of the Company as of that date. Operating results for the three-month period ended September 30, 2024, are not necessarily indicative of the results that may be expected for the entire fiscal year. For additional information, refer to the audited consolidated financial statements included in the Company’s June 30, 2024, Form 10-K, which was filed with the SEC.

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Certain amounts reported in prior periods have been reclassified to conform to the September 30, 2024 presentation. These reclassifications did not materially impact the Company’s consolidated financial statements.

​

Correction of an Immaterial Error in Prior Period Financial Statements:

​

Certain prior period amounts in the Consolidated Balance Sheets, Consolidated Statements of Income and Note 12: Fair Value Measurements have been corrected as discussed below. No other financial statements or notes were impacted by these corrections.

​

The Company has corrected its Consolidated Balance Sheet at June 30, 2024, the Consolidated Statement of Income for the three-month period ended September 30, 2023, and the Fair Value of Financial Instruments table at June 30, 2024 in Note 12: Fair Value Measurements, within this Quarterly Report on Form 10-Q for an error in classification between deposits and securities sold under agreements to repurchase.

​

The balance of securities sold under agreements to repurchase is now being presented as a separate line item on the Consolidated Balance Sheet and Fair Value of Financial Instruments table included in the notes to the financial statements. The Company had previously included the agreements with deposits. The interest expense associated with the securities is now being presented as a separate line on the Consolidated Statements of Income. Previously, the Company included this in deposits interest expense.

​

The Company assessed the materiality of this change in presentation on prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (ASC Topic 250, Accounting Changes and Error Corrections). Based on this assessment, the Company concluded that these error corrections in its Consolidated Balance Sheets, Consolidated Statements of Income, and Notes to the Financial Statements are not material to any previously presented financial statements. The corrections had no impact on the Consolidated Statements of Comprehensive Income, Consolidated Statements of Stockholders’ Equity, or Consolidated Statement of Cash Flow, for any previously presented interim or annual financial statements. Accordingly, the Company corrected the previously reported immaterial errors for the year ended June 30, 2024 and the three-months ended September 30, 2023 in this Quarterly Report on Form 10-Q.

​

​

​

​

​

​

​

​

​

​

​

​

​

Consolidated Balance Sheet

​

​

June 30, 2024

​

 

As Previously

 

Net

 

​

(dollars in thousands)

    

Presented

    

Change

    

As Corrected

​

​

​

​

​

​

​

Liabilities and Stockholders' Equity:

​

​

​

​

​

​

​

​

​

Deposits

​

$

3,952,457

​

$

(9,398)

​

$

3,943,059

Securities sold under agreements to repurchase

​

​

-

​

​

9,398

​

​

9,398

​

​

​

​

​

​

​

​

​

​

​

​

​

Consolidated Statement of Income

​

​

For the three-month period ended September 30, 2023

​

 

As Previously

 

Net

 

​

(dollars in thousands)

    

Presented

    

Change

    

As Corrected

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

​

​

Deposits

​

$

20,440

​

$

(72)

​

$

20,368

Securities sold under agreements to repurchase

​

​

-

​

​

72

​

​

72

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value of Financial Instruments

​

​

June 30, 2024

​

 

As Previously

 

Net

 

​

(dollars in thousands)

    

Presented

    

Change

    

As Corrected

​

​

​

​

​

​

​

Carrying Amount:

​

​

​

​

​

​

​

​

​

Deposits

​

$

3,952,457

​

$

(9,398)

​

$

3,943,059

Securities sold under agreements to repurchase

​

​

-

​

​

9,398

​

​

9,398

​

​

​

​

​

​

​

​

​

​

Significant Other Observable Inputs (Level 2):

​

​

​

​

​

​

​

​

​

Securities sold under agreements to repurchase

​

​

-

​

​

9,398

​

​

9,398

​
v3.24.3
Organization and Summary of Significant Accounting Policies
 3 Months Ended
Sep. 30, 2024
Organization and Summary of Significant Accounting Policies  
Organization and Summary of Significant Accounting Policies

Note 2:  Organization and Summary of Significant Accounting Policies

Organization. Southern Missouri Bancorp, Inc., a Missouri corporation (the Company) was organized in 1994 and is the parent company of Southern Bank (the Bank). Substantially all of the Company’s consolidated revenues are derived from the operations of the Bank, and the Bank represents substantially all of the Company’s consolidated assets and liabilities. SB Real Estate Investments, LLC is a wholly-owned subsidiary of the Bank formed to hold Southern Bank Real Estate Investments, LLC. Southern Bank Real Estate Investments, LLC is a real estate investment trust (REIT) which is controlled by SB Real Estate Investments, LLC, and has other preferred shareholders in order to meet the requirements to be a REIT. At September 30, 2024, assets of the REIT were approximately $1.3 billion, and consisted primarily of real estate loan participations acquired from the Bank.

The Bank is primarily engaged in providing a full range of banking and financial services to individuals and corporate customers in its market areas. The Bank and Company are subject to competition from other financial institutions. The Bank and Company are subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities.

Basis of Financial Statement Presentation. The condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In the normal course of business, the Company encounters two significant types of risk: economic and regulatory. Economic risk is comprised of interest rate risk, credit risk, and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities reprice on a different basis than its interest-earning assets. Credit risk is the risk of default on the Company’s investment or loan portfolios resulting from the borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the

value of the investment portfolio, collateral underlying loans receivable, and the value of the Company’s investments in real estate.

Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Use of Estimates. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses.

Cash and Cash Equivalents. For purposes of reporting cash flows, cash and cash equivalents includes cash, due from depository institutions and interest-bearing deposits in other depository institutions with original maturities of three months or less. Interest-bearing deposits in other depository institutions were $20.4 million and $7.7 million at September 30, 2024 and June 30, 2024, respectively. The deposits are held in various commercial banks with a total of $1.8 million and $2.3 million exceeding the FDIC’s deposit insurance limits at September 30, 2024 and June 30, 2024, respectively, as well as at the Federal Reserve and the Federal Home Loan Banks of Des Moines and Chicago.

Interest-bearing Time Deposits. Interest bearing time deposits in banks mature within three years and are carried at cost.

Available for Sale Securities. Available for sale securities (AFS), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses, net of tax, are reported in accumulated other comprehensive loss, a component of stockholders’ equity. All securities have been classified as available for sale.

Premiums and discounts on debt securities are amortized or accreted as adjustments to income over the estimated life of the security using the level yield method. Realized gains or losses on the sale of securities is based on the specific identification method. The fair value of securities is based on quoted market prices or dealer quotes. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.

The Company does not invest in collateralized mortgage obligations that are considered high risk.

For AFS securities with fair value less than amortized cost that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive loss. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections, and is recorded to the Allowance for Credit Losses (“ACL”), by a charge to provision for credit losses. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired AFS security, or, if it is more likely than not the Company will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation.

The Company evaluates impaired AFS securities at the individual level on a quarterly basis, and considers factors including, but not limited to: the extent to which the fair value of the security is less than the amortized cost basis; adverse conditions specifically related to the security, an industry, or geographic area; the payment structure of the security and likelihood of the issuer to be able to make payments that may increase in the future; failure of the issuer to make scheduled interest or principal payments; any changes to the rating of the security by a rating agency; and the ability and intent to hold the security until maturity. A qualitative determination as to whether any portion of the

impairment is attributable to credit risk is acceptable. There were no credit-related factors underlying unrealized losses on AFS securities at September 30, 2024, or June 30, 2024.

Changes in the ACL are recorded as expense. Losses are charged against the ACL when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Federal Reserve Bank and Federal Home Loan Bank Stock. The Bank is a member of the Federal Reserve and the Federal Home Loan Bank (FHLB) systems. Capital stock of the Federal Reserve and the FHLB is a required investment of the Bank based upon a predetermined formula and is carried at cost.

Loans. Loans are generally stated at unpaid principal balances, less the ACL, any net deferred loan origination fees, and unamortized premiums or discounts on purchased loans.

Interest on loans is accrued based upon the principal amount outstanding. The accrual of interest on loans is discontinued when, in management’s judgment, the collectability of interest or principal in the normal course of business is doubtful. The Company complies with regulatory guidance which indicates that loans should be placed in nonaccrual status when 90 days past due, unless the loan is both well-secured and in the process of collection. A loan that is “in the process of collection” may be subject to legal action or, in appropriate circumstances, through other collection efforts reasonably expected to result in repayment or restoration to current status in the near future. A loan is considered delinquent when a payment has not been made by the contractual due date. Interest income previously accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income. Cash receipts on a nonaccrual loan are applied to principal and interest in accordance with its contractual terms unless full payment of principal is not expected, in which case cash receipts, whether designated as principal or interest, are applied as a reduction of the carrying value of the loan. A nonaccrual loan is generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured, and a consistent record of performance has been demonstrated.

The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans, and is established through a provision for credit losses (PCL) charged to current earnings. The ACL is increased by the provision for credit losses on loans charged to expense and reduced by loans charged off, net of recoveries. Loans are charged off in the period deemed uncollectible, based on management’s analysis of expected cash flows (for non-collateral dependent loans) or collateral value (for collateral-dependent loans). Subsequent recoveries of loans previously charged off, if any, are credited to the allowance when received.

Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, agricultural economic conditions, property values, or other relevant factors. The Company generally incorporates a reasonable and supportable forecast period of four quarters, and a four-quarter, straight-line reversion period to return to long-term historical averages.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist. For loans that do not share general risk characteristics with the collectively evaluated pools, the Company estimates credit losses on an individual loan basis, and these loans are excluded from the collectively evaluated pools. An ACL for an individually evaluated loan is recorded when the amortized cost basis of the loan exceeds the discounted estimated cash flows using the loan’s initial effective interest rate or the fair value, less estimated costs to sell, of the collateral for certain collateral dependent loans. For the collectively evaluated pools, the Company segments the loan portfolio primarily by loan purpose and collateral into 24 pools, which are homogeneous groups of loans that possess similar loss potential characteristics. The Company primarily utilizes the discounted cash flow (DCF) methodology for measurement of the required ACL. For a limited number of pools with a relatively small balance of unpaid principal, the Company utilizes the remaining life method. The DCF model implements probability of default (PD) and loss given default (LGD) calculations at the instrument level. PD and LGD are determined based on statistical analysis and correlation of historical losses with

various economic factors over time. In general, the Company’s losses have not correlated well with economic factors, and the Company has utilized peer data where more appropriate. The Company defines a default to include an event of charge off, an adverse (substandard or worse) internal credit rating, becoming delinquent 90 days or more, or being placed on nonaccrual status. A PD/LGD estimate is applied to a projected model of the loan’s cashflow, including principal and interest payments, with consideration for prepayment speeds, principal curtailments, and recovery lag.

Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (PCD) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial ACL is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial ACL is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to non-credit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans.

Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method over the contractual life of the loans.

Off-Balance Sheet Credit Exposures. Off-balance sheet credit instruments include commitments to make loans, and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The ACL on off-balance sheet credit exposures is estimated by loan pool on a quarterly basis under the current CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included in other liabilities on the Company’s consolidated balance sheets. The Company records an ACL on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable.

Foreclosed Real Estate. Real estate acquired by foreclosure or by deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs, establishing a new cost basis. Any costs for development and improvement of the property that are warranted are capitalized.

Valuations are periodically performed by management, and an allowance for losses is established by a charge to operations if the carrying value of a property exceeds its estimated fair value, less estimated selling costs.

Loans to facilitate the sale of real estate acquired in foreclosure are discounted if made at less than market rates. Discounts are amortized over the fixed interest period of each loan using the interest method.

Premises and Equipment. Premises and equipment are stated at cost less accumulated depreciation and include expenditures for major betterments and renewals. Maintenance, repairs, and minor renewals are expensed as incurred. When property is retired or sold, the retired asset and related accumulated depreciation are removed from the accounts and the resulting gain or loss taken into income. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are considered to be impaired, the impairment loss recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets.

Depreciation is computed by use of straight-line and accelerated methods over the estimated useful lives of the assets. Estimated lives are generally seven to forty years for premises, three to seven years for equipment, and three years for software.

Bank Owned Life Insurance. Bank owned life insurance policies are reflected in the condensed consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value of these policies, as well as a portion of the insurance proceeds received, are recorded in noninterest income in the condensed consolidated statements of income.

Goodwill. The Company’s goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value is less than the carrying amount, including goodwill. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. As of June 30, 2024, the date of the Company’s annual test, there was no impairment indicated, based on a qualitative assessment of goodwill, which considered: the market value of the Company’s common stock; concentrations of credit; profitability; nonperforming assets; capital levels; and results of recent regulatory examinations. There was no impairment of goodwill at September 30, 2024.

Intangible Assets. The Company’s intangible assets at September 30, 2024 included gross core deposit intangibles of $39.1 million with $18.9 million accumulated amortization, gross other identifiable intangibles of $6.4 million with accumulated amortization of $4.3 million, and mortgage and SBA servicing rights of $3.0 million. At June 30, 2024, the Company’s intangible assets included gross core deposit intangibles of $39.1 million with $17.8 million accumulated amortization, gross other identifiable intangibles of $6.4 million with accumulated amortization of $4.2 million, and mortgage and SBA servicing rights of $3.0 million. The Company’s core deposit and other intangible assets are being amortized using the straight line method, in accordance with ASC 350, over periods ranging from five to ten years, with amortization expense expected to be approximately $2.6 million in the remainder of fiscal 2025, $3.0 million in fiscal 2026, $2.7 million in fiscal 2027, $2.7 million in fiscal 2028, $2.6 million in fiscal 2029, and $8.8 million thereafter. As of September 30, 2024 and June 30, 2024, there was no impairment of other intangible assets indicated.

The Company records mortgage servicing rights (MSR) at fair value for all mortgage loans sold on a servicing retained basis with subsequent adjustments to fair value of MSR in accordance with FASB ASC 860. An estimate of the fair value of the Company’s MSR is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Changes in the fair value of MSR are recorded in loan servicing fees in the consolidated statements of income.

Income Taxes. The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.

Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.

The Company recognizes interest and penalties, if any, on income taxes as a component of income tax expense.

The Company files consolidated income tax returns with its subsidiaries, the Bank and SB Real Estate Investments, LLC, with a tax year ended June 30. Southern Bank Real Estate Investments, LLC files a separate REIT return for federal tax purposes, and also files state income tax returns, with a tax year ended December 31.

Derivative Financial Instruments and Hedging Activities. The Company enters into derivative financial instruments, primarily interest rate swaps, to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. Derivative instruments are accounted pursuant to ASC Topic 815, “Derivatives and Hedging”, which requires companies to recognize derivative instruments as either assets or liabilities in the consolidated balance sheet. All derivative financial instruments are recognized as other assets or other liabilities, as applicable, at estimated fair value. The change in each of these financial statement line items is included as operating cash flows in the accompanying consolidated statements of cash flows. The Company does not speculate using derivative instruments. Derivative financial instruments are more fully described in Note 13.

Incentive Plans. The Company accounts for its Equity Incentive Plan (EIP), and Omnibus Incentive Plan (OIP) in accordance with ASC 718, “Share-Based Payment.” Compensation expense is based on the market price of the Company’s stock on the date the shares are granted and is recorded over the vesting period. The difference between the grant-date fair value and the fair value on the date the shares are considered earned represents a tax benefit to the Company that is recorded as an adjustment to income tax expense.

Non-Employee Directors’ Retirement. The Bank entered into directors’ retirement agreements beginning in April 1994 for non-employee directors and continued to do so for new non-employee directors joining the Bank’s board through December 2014. These directors’ retirement agreements provide that each participating non-employee director (participant) shall receive, upon termination of service on the Board on or after age 60, other than termination for cause, a benefit in equal annual installments over a five year period. The benefit will be based upon the product of the participant’s vesting percentage and the total Board fees paid to the participant during the calendar year preceding termination of service on the Board. The vesting percentage shall be determined based upon the participant’s years of service on the Board.

In the event that the participant dies before collecting any or all of the benefits, the Bank shall pay the participant’s beneficiary. Benefits shall not be payable to anyone other than the beneficiary, and shall terminate on the death of the beneficiary.

Stock Options. Compensation cost is measured based on the grant-date fair value of the equity instruments issued, and recognized over the vesting period during which an employee provides service in exchange for the award.

Earnings Per Share. Basic earnings per share available to common stockholders is computed using the weighted-average number of common shares outstanding. Diluted earnings per share available to common stockholders includes the effect of all weighted-average dilutive potential common shares (stock options and restricted stock grants) outstanding during each period.

Comprehensive Income. Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized depreciation on available-for-sale securities, unrealized depreciation on available-for-sale securities for which a portion of an other-than-temporary impairment has been recognized in income, and changes in the funded status of defined benefit pension plans.

Transfers Between Fair Value Hierarchy Levels. Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs) and Level 3 (significant unobservable inputs) are recognized on the period ending date.

Wealth Management Assets and Fees. Assets managed in fiduciary or investment management accounts by the Company are not included in the consolidated balance sheets since such items are not assets of the Company or its subsidiaries. Fees from fiduciary or investment management activities are recorded on a cash basis over the period in which the service is provided. Fees are generally a function of the market value of assets managed and administered, the volume of transactions, and fees for other services rendered, as set forth in the agreement between the customer and the Company. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on asset valuations and transaction volumes. Any out-of-pocket expenses or services not typically covered by the fee schedule for fiduciary activities are charged directly to the account on a gross basis as revenue is incurred. The Southern Wealth Management division, which is a division of the Bank, held fiduciary assets totaling

$113.1 million and $100.9 million as of September 30, 2024 and June 30, 2024, respectively, and investment management assets totaling $516.9 million and $474.7 million as of September 30, 2024 and June 30, 2024, respectively.

New Accounting Pronouncements:

In January 2021, the FASB published ASU 2021-01, “Reference Rate Reform. (Topic 848)”. ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amended the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply the amendments in this update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments in this update for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. Originally, the amendments in this update did not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022 except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). With the issuance of ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, the sunset date for adoption of ASU 2021-01 was extended from December 31, 2022 to December 31, 2024. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s consolidated financial statements.

​

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments of this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Adoption of this ASU is not expected to have a material impact on Company’s consolidated financial statements.

​

On December 14, 2023, the FASB published ASU 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” This ASU permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program for which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. This ASU also requires specific disclosures of investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The ASU was effective for fiscal years beginning after December 15, 2023, and was effective for the Company beginning July 1, 2024. The adoption of ASU 2023-02 did not have a material impact on the Company’s consolidated financial statements.

​

In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures (Topic 740)”. ASU 2023-09 was issued to address requests by investors and creditors for enhanced transparency and decision usefulness of income tax disclosures. Public business entities (PBEs) would be required to prepare an annual detailed, tabular tax rate reconciliation. All other entities would be required to provide qualitative disclosure on specific categories and individual jurisdictions that result in significant differences between the statutory and effective tax rates. All entities would be required to annually disclose taxes paid disaggregated by federal, state, and foreign taxes, as well as disaggregating taxes by individual jurisdiction if taxes paid exceed 5% of total income taxes paid. The ASU is effective

for PBEs for fiscal years beginning after December 15, 2024. The Company does not expect adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

​

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. ASU 2024-03 was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The ASU is effective for PBEs for fiscal years beginning after December 15, 2026. The Company does not expect adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

​
v3.24.3
Available for Sale Securities
 3 Months Ended
Sep. 30, 2024
Available for Sale Securities  
Available for Sale Securities

Note 3:  Available for Sale Securities

The amortized cost, gross unrealized gains, gross unrealized losses, ACL, and approximate fair value of securities available for sale consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

​

​

 

Gross

 

Gross

 

Allowance

​

Estimated

​

 

Amortized

 

Unrealized

 

Unrealized

 

for

 

Fair

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Credit Losses

    

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of states and political subdivisions

​

$

29,913

​

$

44

​

$

(1,527)

​

$

—

​

$

28,430

Corporate obligations

​

​

33,036

​

​

45

​

​

(1,291)

​

​

—

​

​

31,790

Asset-backed securities

​

​

46,359

​

​

1,194

​

​

(213)

​

​

—

​

​

47,340

Other securities

​

 

5,191

​

 

21

​

 

(51)

​

 

—

​

 

5,161

Total debt securities

​

​

114,499

​

​

1,304

​

​

(3,082)

​

​

—

​

​

112,721

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential MBS issued by governmental sponsored enterprises (GSEs)

​

​

111,322

​

​

1,313

​

​

(4,756)

​

​

—

​

​

107,879

Commercial MBS issued by GSEs

​

​

65,071

​

​

940

​

​

(4,098)

​

​

—

​

​

61,913

CMOs issued by GSEs

​

​

142,824

​

​

507

​

​

(5,635)

​

​

—

​

​

137,696

Total MBS and CMOs

​

 

319,217

​

 

2,760

​

 

(14,489)

​

 

—

​

​

307,488

Total AFS securities

​

$

433,716

​

$

4,064

​

$

(17,571)

​

$

—

​

$

420,209

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

​

​

 

Gross

 

Gross

​

Allowance

​

Estimated

​

 

Amortized

 

Unrealized

 

Unrealized

 

for

 

Fair

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Credit Losses

    

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of states and political subdivisions

​

$

29,960

​

$

4

​

$

(2,211)

​

$

—

​

$

27,753

Corporate obligations

​

​

32,998

​

​

60

​

​

(1,781)

​

​

—

​

​

31,277

Asset-backed securities

​

​

57,403

​

​

1,525

​

​

(249)

​

​

—

​

​

58,679

Other securities

​

​

5,387

​

 

20

​

 

(74)

​

 

—

​

​

5,333

Total debt securities

​

​

125,748

​

​

1,609

​

​

(4,315)

​

​

—

​

​

123,042

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential MBS issued by governmental sponsored enterprises (GSEs)

​

​

110,918

​

​

692

​

​

(6,855)

​

​

—

​

​

104,755

Commercial MBS issued by GSEs

​

​

65,195

​

​

297

​

​

(5,746)

​

​

—

​

​

59,746

CMOs issued by GSEs

​

​

148,382

​

​

82

​

​

(8,104)

​

​

—

​

​

140,360

Total MBS and CMOs

​

 

324,495

​

 

1,071

​

 

(20,705)

​

 

—

​

 

304,861

Total AFS securities

​

$

450,243

​

$

2,680

​

$

(25,020)

​

$

—

​

$

427,903

​

The amortized cost and estimated fair value of investment and MBS, by contractual 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 penalties.

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

Amortized

 

Estimated

(dollars in thousands)

    

Cost

    

Fair Value

Within one year

​

$

1,448

​

$

1,444

After one year but less than five years

​

 

26,918

​

 

26,576

After five years but less than ten years

​

 

45,791

​

 

44,128

After ten years

​

 

40,342

​

 

40,573

Total investment securities

​

 

114,499

​

 

112,721

MBS and CMOs

​

 

319,217

​

 

307,488

Total AFS securities

​

$

433,716

​

$

420,209

​

The carrying value of marketable securities pledged as collateral to secure public deposits amounted to $253.6 million and $265.5 million at September 30, 2024 and June 30, 2024, respectively. The securities pledged consist of $133.2 million and $137.0 million of MBS, $94.0 million and $103.5 million of CMOs, $22.3 million and $20.8 million of Obligations of State and Political Subdivisions Obligations, and $4.1 million and $4.3 million of Other Securities at September 30, 2024 and June 30, 2024, respectively.

The following tables show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for which an ACL has not been recorded at September 30, 2024 and June 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

Less than 12 months

 

12 months or more

 

Total

​

 

​

​

​

Unrealized

 

​

​

​

Unrealized

 

​

​

​

Unrealized

​

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

1,413

​

$

27

​

$

18,156

​

$

1,500

​

$

19,569

​

$

1,527

Corporate obligations

​

​

—

​

​

—

​

​

24,835

​

​

1,291

​

​

24,835

​

​

1,291

Asset-backed securities

​

​

—

​

​

—

​

​

6,157

​

​

213

​

​

6,157

​

​

213

Other securities

​

​

4,235

​

​

20

​

​

282

​

​

31

​

​

4,517

​

​

51

MBS and CMOs

​

 

15,069

​

 

75

​

 

171,167

​

 

14,414

​

 

186,236

​

 

14,489

Total AFS securities

​

$

20,717

​

$

122

​

$

220,597

​

$

17,449

​

$

241,314

​

$

17,571

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

Less than 12 months

 

12 months or more

 

Total

​

 

​

​

​

Unrealized

 

​

​

​

Unrealized

 

​

​

​

Unrealized

​

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

3,720

​

$

38

​

$

21,762

​

$

2,173

​

$

25,482

​

$

2,211

Corporate obligations

​

​

—

​

​

—

​

​

25,295

​

​

1,781

​

​

25,295

​

​

1,781

Asset-backed securities

​

​

—

​

​

—

​

​

7,234

​

​

249

​

​

7,234

​

​

249

Other securities

​

​

4,404

​

​

31

​

​

287

​

​

43

​

​

4,691

​

​

74

MBS and CMOs

​

 

56,820

​

 

621

​

 

193,382

​

 

20,084

​

 

250,202

​

 

20,705

Total AFS securities

​

$

64,944

​

$

690

​

$

247,960

​

$

24,330

​

$

312,904

​

$

25,020

​

Obligations of state and political subdivisions. The unrealized losses on the Company’s investments in obligations of state and political subdivisions include four individual securities which have been in an unrealized loss position for less than 12 months and 40 individual securities which have been in an unrealized loss position for more than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by increases in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities.

Corporate and Other Obligations. The unrealized losses on the Company’s investments in corporate obligations include one security which has been in an unrealized loss position for less than 12 months and 17 individual securities which have been in an unrealized loss position for more than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by increases in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities.

Asset-Backed Securities. The unrealized losses on the Company’s investments in asset-backed securities include no individual securities which have been in an unrealized loss position for less than 12 months and five individual securities which have been in an unrealized loss position for more than 12 months. The securities are performing and are of high credit quality. The unrealized loss was caused by variations in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities.

MBS and CMOs. The unrealized losses on the Company’s investments in MBS and CMOs include six individual securities which have been in an unrealized loss position for less than 12 months, and 107 individual securities which have been in an unrealized loss position for 12 months or more. The securities are performing and are of high credit quality. The unrealized losses were caused by increases in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities.

The Company does not believe that any individual unrealized loss as of September 30, 2024, is the result of a credit loss. However, the Company could be required to recognize an ACL in future periods with respect to its available for sale investment securities portfolio.

Credit Losses Recognized on Investments.  There were no credit losses recognized in income and other losses or recorded in other comprehensive loss for the three-month periods ended September 30, 2024 and 2023.
v3.24.3
Loans and Allowance for Credit Losses
 3 Months Ended
Sep. 30, 2024
Loans and Allowance for Credit Losses  
Loans and Allowance for Credit Losses

Note 4:  Loans and Allowance for Credit Losses

Classes of loans are summarized as follows:

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

​

​

​

​

​

​

​

1-4 residential real estate

​

$

942,916

​

$

925,397

Non-owner occupied commercial real estate

​

 

903,678

​

 

899,770

Owner occupied commercial real estate

​

 

438,030

​

 

427,476

Multi-family real estate

​

 

371,177

​

 

384,564

Construction and land development

​

​

351,481

​

​

290,541

Agriculture real estate

​

 

239,787

​

 

232,520

Total loans secured by real estate

​

 

3,247,069

​

 

3,160,268

​

​

​

​

​

​

​

Commercial and industrial

​

​

457,018

​

​

450,147

Agriculture production

​

​

200,215

​

​

175,968

Consumer

​

​

58,735

​

​

59,671

All other loans

​

​

3,699

​

​

3,981

Gross loans

​

 

3,966,736

​

 

3,850,035

​

​

​

​

​

​

​

Deferred loan fees, net

​

 

(218)

​

 

(232)

Allowance for credit losses

​

 

(54,437)

​

 

(52,516)

Net loans

​

$

3,912,081

​

$

3,797,287

​

The Company’s lending activities consist of originating loans secured by mortgages on one- to four-family residences and commercial and agricultural real estate, construction loans on residential and commercial properties, commercial and agricultural business loans and consumer loans. At September 30, 2024, the Bank had purchased participations in 78 loans totaling $208.5 million, as compared to 71 loans totaling $178.5 million at June 30, 2024.

1-4 Residential Real Estate Lending. The Company actively originates loans for the acquisition or refinance of one- to four-family residences. This category includes both fixed-rate and adjustable-rate mortgage (“ARM”) loans amortizing over periods of up to 30 years, and the properties securing such loans may be owner-occupied or non-owner-occupied. Single-family residential loans do not generally exceed 90% of the lower of the appraised value or purchase price of the secured property. Substantially all of the one- to four-family residential mortgage originations in the Company’s portfolio are located within the Company’s primary lending area. General risks related to one- to four-family residential lending include stability of borrower income and collateral values.

Home equity lines of credit (HELOCs) are secured with a deed of trust and are generally issued up to 90% of the appraised or estimated value of the property securing the line of credit, less the outstanding balance on the first mortgage and are typically issued for a term of ten years. Interest rates on HELOCs are generally adjustable. Interest rates are based upon the loan-to-value ratio of the property with better rates given to borrowers with more equity. Risks related to HELOC lending generally include the stability of borrower income and collateral values.

Non-Owner Occupied and Owner Occupied Commercial Real Estate Lending. The Company actively originates loans secured by owner- and non-owner-occupied commercial real estate including single- and multi-tenant retail properties, restaurants, hotels, land (improved and unimproved), nursing homes and other healthcare facilities, warehouses and distribution centers, convenience stores, automobile dealerships and other automotive-related services, and other businesses. These properties are typically owned and operated by borrowers headquartered within the Company’s primary lending area, however, the property may be located outside the Company’s primary lending area. Approximately $626.3 million of the Company’s $1.6 billion in commercial real estate loans are secured by properties located outside our primary lending area. Risks to owner-occupied commercial real estate lending generally include the continued profitable operation of the borrower’s enterprise, as well as general collateral values, and may be heightened by unique, specific uses of the property serving as collateral. Non-owner-occupied commercial real estate lending risks include tenant demand and performance, lease rates, and vacancies, as well as collateral values and borrower leverage. These factors may be influenced by general economic conditions in the region, or in the United States generally.

Most commercial real estate loans originated by the Company generally are based on amortization schedules of up to 25 years with monthly principal and interest payments. Generally, the interest rate received on these loans is fixed for a maturity for up to ten years, with a balloon payment due at maturity. Alternatively, for some loans, the interest rate adjusts at least annually after an initial period up to seven years. The Company typically includes an interest rate “floor” in the loan agreement. Generally, improved commercial real estate loan amounts do not exceed 80% of the lower of the appraised value or the purchase price of the secured property.

Multi-family Real Estate Lending. The Company originates loans secured by multi-family residential properties that are often located outside the Company’s primary lending area but made to borrowers who operate within the Company’s primary market area. The majority of the multi-family residential loans that are originated by the Company are amortized over periods generally up to 25 years, with balloon maturities typically up to ten years. Both fixed and adjustable interest rates are offered and it is typical for the Company to include an interest rate “floor” and “ceiling” in the loan agreement. Generally, multi-family residential loans do not exceed 85% of the lower of the appraised value or purchase price of the secured property. General risks related to multi-family residential lending include rental demand and supply, rental rates, and vacancies, as well as collateral values and borrower leverage.

Construction and Land Development Lending. The Company originates real estate loans secured by property or land that is under construction or development. Construction and land development loans originated by the Company are generally to finance the construction of owner occupied residential real estate, or to finance speculative construction of residential real estate, land development, or owner-operated or non-owner occupied commercial real estate. During construction, these loans typically require monthly interest-only payments, with single-family residential construction loans having maturities ranging from six to twelve months, while multi-family or commercial construction loans typically mature in 12 to 36 months. Once construction is completed, construction loans may be converted to permanent

financing with monthly payments using amortization schedules of up to 30 years on residential and generally up to 25 years on commercial real estate. Construction and land development lending risks generally include successful timely and on-budget completion of the project, followed by the sale of the property in the case of land development or non-owner-occupied real estate, or the long-term occupancy of the property by the builder in the case of owner-occupied construction. Changes in real estate values or other economic conditions may impact the ability of a borrower to sell property developed for that purpose.

While the Company typically utilizes relatively short maturity periods to closely monitor the inherent risks associated with construction loans for these loans, weather conditions, change orders, availability of materials and/or labor, and other factors may contribute to the lengthening of a project, thus necessitating the need to renew the construction loan at the balloon maturity. Such extensions are typically executed in incremental three month periods to facilitate project completion. During construction, loans typically require monthly interest only payments which may allow the Company an opportunity to monitor for early signs of financial difficulty should the borrower fail to make a required monthly payment. Additionally, during the construction phase, the Company typically performs interim inspections which further provide the Company an opportunity to assess risk.

Agriculture Production and Agriculture Real Estate Lending. Agriculture production and agriculture real estate loans are generally comprised on seasonal operating lines to farmers to plant crops and term loans to fund the purchase of equipment, farmland, or livestock. This segment of lending includes pastureland and row crop ground. The Company originates substantially all agriculture production and agriculture real estate lending to borrowers headquartered in the Company’s primary lending area. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Agriculture production operating lines are typically written for one year and secured by the crop. Agricultural real estate terms offered usually have amortization schedules of up to 25 years with an 80% loan-to-value ratio, or 30 years with a 75% loan-to-value ratio. Risks to agricultural lending include unique factors such as commodity prices, yields, input costs, and weather, as well as farmland and farm equipment values.

​

Commercial and Industrial Lending. The Company’s commercial and industrial lending activities encompass loans with a variety of purposes and security, including loans to finance accounts receivable, inventory, equipment and operating lines of credit. The Company offers both fixed and adjustable rate commercial and industrial loans. Generally, commercial loans secured by fixed assets are amortized over periods up to five years. Commercial and industrial lending risk is primarily driven by the borrower’s successful generation of cash flow from their business enterprise sufficient to service debt, and may be influenced by factors specific to the borrower and industry, or by general economic conditions in the region or in the United States generally.

Consumer Lending. The Company offers a variety of secured consumer loans, including home equity, direct and indirect automobile loans, second mortgages, recreational vehicle loans and loans secured by deposits. The Company originates substantially all of its consumer loans in its primary lending area. Usually, consumer loans are originated with fixed rates for terms of up to 66 months, with the exception of home equity lines of credit, which are variable, tied to the prime rate of interest and are for a period of ten years.

Automobile loans originated by the Company include both direct loans and a smaller amount of loans originated by auto dealers. Typically, automobile loans are made for terms of up to 66 months for new and used vehicles. Loans secured by automobiles have fixed rates and are generally made in amounts up to 100% of the purchase price of the vehicle. Risks to automobile and other consumer lending generally include the stability of borrower income and borrower willingness to repay.

Allowance for Credit Losses. The PCL for the three-month period ended September 30, 2024, was $2.2 million compared to $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $2.0 million provision attributable to the ACL for loan balances outstanding, and a $138,000 provision attributable to the allowance for off-balance sheet credit exposures. The Company has estimated its expected credit losses as of September 30, 2024, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as the Federal Reserve has tightened monetary policy to address inflation risks. Qualitative adjustments in the Company’s ACL model were slightly decreased compared to June 30, 2024. The Company increased the allowance attributable to classified hotel loans that have been slow to recover from

the COVID-19 pandemic. Additionally, PCL was required due to loan growth in the first quarter of fiscal year 2025 and a slight increase in modeled expected losses due to a modest increase in the unemployment rate expectations. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.01% (annualized) during the current period, as compared to 0.03% for the same period of the prior fiscal year. Specifically, management considered the following primary qualitative items in its estimate of the ACL:

​

●  economic conditions and projections as provided by the Federal Open Market Committee (FOMC) were utilized in the Company’s estimate at September 30, 2024. Economic factors considered in the projections included national levels of unemployment using the high bound of the FOMC’s central tendency, and national rates of inflation-adjusted growth in the gross domestic product using the low bound of the FOMC’s central tendency. Economic conditions are considered to be a moderate and stable risk factor, relative to June 30, 2024;

​

● the pace of growth of the Company’s loan portfolio, exclusive of acquisitions, relative to overall economic growth. This measure is considered to be a moderate and slightly decreasing risk factor, relative to June 30, 2024;

​

● levels and trends for loan delinquencies nationally and in the region. This is considered to be a low and stable risk factor, relative to June 30, 2024;

​

● quantified supported model adjustments and general imprecision adjustments. This factor was added for the June 30, 2024, ACL estimate as certain model adjustments capture highly specific issues or events that are not adequately captured in model outcomes. General imprecision adjustments address other sources of imprecision that are not specifically identifiable or quantifiable to a particular loan portfolio and have not been captured by the model or by a specific model adjustment. The Company considers general imprecision in three dimensions; economic forecast imprecision, model imprecision, and process imprecision.

​

PCD Loans. In connection with the acquisition of Citizens Bancshares Co. (Citizens) on January 20, 2023, and Fortune Financial Corporation (Fortune) on February 25, 2022, the Company acquired loans both with and without evidence of credit quality deterioration since origination. Acquired loans are recorded at their fair value at the time of acquisition with no carryover from the acquired institution’s previously recorded allowance for loan and lease losses. Acquired loans are accounted for under ASC 326, Financial Instruments – Credit Losses.

​

The fair value of acquired loans recorded at the time of acquisition is based upon several factors, including the timing and payment of expected cash flows, as adjusted for estimated credit losses and prepayments, and then discounting these cash flows using comparable market rates. The resulting fair value adjustment is recorded in the form of a premium or discount to the unpaid principal balance of the respective loans. As it relates to acquired loans that, as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination, the net premium or net discount is adjusted to reflect the Company’s allowance for credit losses recorded for PCD loans at the time of acquisition, and the remaining fair value adjustment is accreted or amortized into interest income over the remaining life of the respective loans. As it relates to loans not classified as PCD (non-PCD) loans, the credit loss and yield components of their fair value adjustment are aggregated, and the resulting net premium or net discount is accreted or amortized into interest income over the remaining life of the respective loans. The Company records an ACL for non-PCD loans at the time of acquisition through provision expense, and therefore, no further adjustments are made to the net premium or net discount for non-PCD loans.

​

Loans that the Company acquired from Citizens and Fortune, that at the time of acquisition had more-than-insignificant deterioration of credit quality since origination, are classified as PCD loans and presented in the tables below at acquisition carrying value:

​

​

​

​

​

(dollars in thousands)

    

January 20, 2023

PCD Loans – Citizens

​

​

​

Purchase price of PCD loans at acquisition

​

$

27,481

Allowance for credit losses at acquisition

​

 

(1,121)

Fair value of PCD loans at acquisition

​

$

26,360

​

​

​

​

​

​

(dollars in thousands)

    

February 25, 2022

PCD Loans – Fortune

​

​

​

Purchase price of PCD loans at acquisition

​

$

15,055

Allowance for credit losses at acquisition

​

 

(120)

Fair value of PCD loans at acquisition

​

$

14,935

​

​

The following tables present the balance in the ACL based on portfolio segment as of September 30, 2024 and 2023, and activity in the ACL for the three-month periods ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2024

​

 

Balance

 

Provision

​

​

 

​

​

​

Balance

​

​

beginning

​

(benefit) charged

​

Losses

​

​

​

​

end

(dollars in thousands)

    

of period

    

to expense

    

charged off

    

Recoveries

    

of period

Allowance for credit losses on loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

10,528

​

$

157

​

$

(48)

​

$

—

​

$

10,637

Non-owner occupied commercial real estate

​

​

19,055

​

​

1,673

​

​

—

​

​

—

​

​

20,728

Owner occupied commercial real estate

​

​

4,815

​

​

(1)

​

​

—

​

​

—

​

​

4,814

Multi-family real estate

​

​

5,447

​

​

(376)

​

​

—

​

​

47

​

​

5,118

Construction and land development

​

​

2,901

​

​

774

​

​

—

​

​

—

​

​

3,675

Agriculture real estate

​

​

2,107

​

​

(80)

​

​

—

​

​

—

​

​

2,027

Commercial and industrial

​

​

6,233

​

​

(85)

​

​

(39)

​

​

5

​

​

6,114

Agriculture production

​

​

835

​

​

(51)

​

​

—

​

​

—

​

​

784

Consumer

​

​

578

​

​

13

​

​

(72)

​

​

7

​

​

526

All other loans

​

​

17

​

​

(3)

​

​

—

​

​

—

​

​

14

Total

​

$

52,516

​

$

2,021

​

$

(159)

​

$

59

​

$

54,437

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2023

​

 

Balance

 

Provision

​

​

 

​

​

​

Balance

​

​

beginning

​

(benefit) charged

​

Losses

​

​

​

​

end

(dollars in thousands)

    

of period

    

to expense

    

charged off

    

Recoveries

    

of period

Allowance for credit losses on loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

9,474

​

$

(101)

​

$

(35)

​

$

33

​

$

9,371

Non-owner occupied commercial real estate

​

​

13,863

​

​

2,641

​

​

—

​

​

—

​

​

16,504

Owner occupied commercial real estate

​

​

5,168

​

​

(289)

​

​

—

​

​

—

​

​

4,879

Multi-family real estate

​

​

6,806

​

​

(612)

​

​

(97)

​

​

—

​

​

6,097

Construction and land development

​

​

3,414

​

​

224

​

​

(111)

​

​

18

​

​

3,545

Agriculture real estate

​

​

2,567

​

​

(141)

​

​

—

​

​

—

​

​

2,426

Commercial and industrial

​

​

5,235

​

​

(100)

​

​

(4)

​

​

3

​

​

5,134

Agriculture production

​

​

782

​

​

(85)

​

​

—

​

​

—

​

​

697

Consumer

​

​

490

​

​

38

​

​

(88)

​

​

13

​

​

453

All other loans

​

​

21

​

​

(5)

​

​

—

​

​

—

​

​

16

Total

​

$

47,820

​

$

1,570

​

$

(335)

​

$

67

​

$

49,122

​

​

The following tables present the balance in the allowance for off-balance sheet credit exposure based on portfolio segment as of September 30, 2024 and 2023, and activity in the allowance for the three-month periods ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2024

​

 

Balance

​

Provision

 

Balance

​

​

beginning

​

(benefit) charged

​

end

(dollars in thousands)

    

of period

    

to expense

    

of period

Allowance for off-balance sheet credit exposure:

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

140

​

$

30

​

$

170

Non-owner occupied commercial real estate

​

​

153

​

​

22

​

​

175

Owner occupied commercial real estate

​

​

136

​

​

(14)

​

​

122

Multi-family real estate

​

​

31

​

​

3

​

​

34

Construction and land development

​

​

1,912

​

​

88

​

​

2,000

Agriculture real estate

​

​

60

​

​

(8)

​

​

52

Commercial and industrial

​

​

782

​

​

20

​

​

802

Agriculture production

​

​

37

​

​

(3)

​

​

34

Consumer

​

​

12

​

​

—

​

​

12

All other loans

​

​

—

​

​

—

​

​

—

Total

​

$

3,263

​

$

138

​

$

3,401

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2023

​

 

Balance

​

Provision

 

Balance

​

​

beginning

​

(benefit) charged

​

end

(dollars in thousands)

    

of period

    

to expense

    

of period

Allowance for off-balance sheet credit exposure:

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

126

​

$

5

​

$

131

Non-owner occupied commercial real estate

​

​

154

​

​

—

​

​

154

Owner occupied commercial real estate

​

​

182

​

​

(2)

​

​

180

Multi-family real estate

​

​

16

​

​

(1)

​

​

15

Construction and land development

​

​

4,897

​

​

(612)

​

​

4,285

Agriculture real estate

​

​

50

​

​

(11)

​

​

39

Commercial and industrial

​

​

730

​

​

37

​

​

767

Agriculture production

​

​

107

​

​

(84)

​

​

23

Consumer

​

​

16

​

​

1

​

​

17

All other loans

​

​

10

​

​

(3)

​

​

7

Total

​

$

6,288

​

$

(670)

​

$

5,618

​

​

The following tables present gross charge-offs by loan class and year of origination for the three-month periods ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

loans

    

Total

September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

48

​

$

—

​

$

48

Commercial and industrial

​

 

—

​

 

—

​

 

28

​

 

—

​

 

—

​

 

11

​

 

—

​

 

39

Consumer

​

 

—

​

 

37

​

 

21

​

 

11

​

 

3

​

 

—

​

 

—

​

 

72

Total gross charge-offs

​

$

—

​

$

37

​

$

49

​

$

11

​

$

3

​

$

59

​

$

—

​

$

159

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

loans

    

Total

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

35

​

$

—

​

$

35

Multi-family real estate

​

 

—

​

 

—

​

 

—

​

 

97

​

 

—

​

 

—

​

 

—

​

 

97

Construction and land development

​

 

—

​

 

—

​

 

—

​

 

111

​

 

—

​

 

—

​

 

—

​

 

111

Commercial and industrial

​

 

—

​

 

4

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

4

Consumer

​

 

6

​

 

41

​

 

26

​

 

10

​

 

—

​

 

5

​

 

—

​

 

88

Total gross charge-offs

​

$

6

​

$

45

​

$

26

​

$

218

​

$

—

​

$

40

​

$

—

​

$

335

​

Credit Quality Indicators. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on all loans at origination and is updated on a quarterly basis for loans risk rated Watch, Special Mention, Substandard, or Doubtful. In addition, lending relationships of $3 million or more, exclusive of any consumer or owner-occupied residential loan, are subject to an annual credit analysis which is prepared by the loan administration department and presented to a loan committee with appropriate lending authority. A sample of lending relationships in excess of $1 million (exclusive of single-family residential real estate loans) are subject to an independent loan review annually, in order to verify risk ratings. The Company uses the following definitions for risk ratings:

Watch – Loans classified as watch exhibit weaknesses that require more than usual monitoring. Issues may include deteriorating financial condition, payments made after due date but within 30 days, adverse industry conditions or management problems.

Special Mention – Loans classified as special mention exhibit signs of further deterioration but still generally make payments within 30 days. This is a transitional rating and loans should typically not be rated Special Mention for more than 12 months.

Substandard – Loans classified as substandard possess weaknesses that jeopardize the ultimate collection of the principal and interest outstanding. These loans exhibit continued financial losses, ongoing delinquency, overall poor financial condition, and insufficient collateral. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans classified as doubtful have all the weaknesses of substandard loans, and have deteriorated to the level that there is a high probability of substantial loss.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans.

A periodic review of selected credits (based on loan size and type) is conducted to identify loans with heightened risk or probable losses and to assign risk grades. The primary responsibility for this review rests with loan administration personnel. This review is supplemented with periodic examinations of both selected credits and the credit review process by the Company’s internal audit function and applicable regulatory agencies. The information from these reviews assists management in the timely identification of problems and potential problems and provides a basis for deciding whether the credit continues to share similar risk characteristics with collectively evaluated loan pools, or whether credit losses for the loan should be evaluated on an individual loan basis.

The following table presents the credit risk profile of the Company’s loan portfolio (excluding deferred loan fees) based on rating category and fiscal year of origination as of September 30, 2024. This table includes PCD loans, which are reported according to risk categorization after acquisition based on the Company’s standards for such classification:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

loans

    

Total

1-4 residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

59,431

​

$

152,857

​

$

148,199

​

$

185,830

​

$

138,617

​

$

153,107

​

$

99,379

​

$

937,420

Watch

​

 

60

​

 

809

​

 

287

​

 

238

​

 

391

​

 

118

​

 

—

​

 

1,903

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

960

​

 

758

​

 

623

​

 

326

​

 

176

​

 

750

​

 

—

​

 

3,593

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total 1-4 residential real estate

​

$

60,451

​

$

154,424

​

$

149,109

​

$

186,394

​

$

139,184

​

$

153,975

​

$

99,379

​

$

942,916

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

20,261

​

$

106,090

​

$

242,653

​

$

291,892

​

$

99,987

​

$

84,799

​

$

7,178

​

$

852,860

Watch

​

 

5,071

​

 

207

​

 

13,206

​

 

206

​

 

1,510

​

 

5,202

​

 

—

​

 

25,402

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

43

​

 

25,373

​

 

—

​

 

—

​

 

—

​

 

25,416

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Non-owner occupied commercial real estate

​

$

25,332

​

$

106,297

​

$

255,902

​

$

317,471

​

$

101,497

​

$

90,001

​

$

7,178

​

$

903,678

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

26,210

​

$

58,846

​

$

90,859

​

$

86,849

​

$

83,070

​

$

55,857

​

$

20,518

​

$

422,209

Watch

​

 

587

​

 

629

​

 

6,663

​

 

1,164

​

 

150

​

 

1,169

​

 

519

​

 

10,881

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

3,318

​

 

—

​

 

625

​

 

—

​

 

425

​

 

572

​

 

4,940

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Owner occupied commercial real estate

​

$

26,797

​

$

62,793

​

$

97,522

​

$

88,638

​

$

83,220

​

$

57,451

​

$

21,609

​

$

438,030

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

15,824

​

$

24,791

​

$

156,181

​

$

81,520

​

$

73,648

​

$

18,832

​

$

381

​

$

371,177

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Multi-family real estate

​

$

15,824

​

$

24,791

​

$

156,181

​

$

81,520

​

$

73,648

​

$

18,832

​

$

381

​

$

371,177

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

51,908

​

$

97,383

​

$

159,720

​

$

27,195

​

$

2,463

​

$

4,388

​

$

1,794

​

$

344,851

Watch

​

 

4,949

​

 

275

​

 

—

​

 

128

​

 

—

​

 

85

​

 

—

​

 

5,437

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

1,161

​

 

32

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,193

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Construction and land development

​

$

56,857

​

$

98,819

​

$

159,752

​

$

27,323

​

$

2,463

​

$

4,473

​

$

1,794

​

$

351,481

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

13,804

​

$

37,392

​

$

44,730

​

$

55,391

​

$

47,698

​

$

18,522

​

$

18,484

​

$

236,021

Watch

​

 

—

​

 

252

​

 

121

​

 

192

​

 

—

​

 

259

​

 

—

​

 

824

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

35

​

 

2,265

​

 

316

​

 

—

​

 

279

​

 

—

​

 

47

​

 

2,942

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture real estate

​

$

13,839

​

$

39,909

​

$

45,167

​

$

55,583

​

$

47,977

​

$

18,781

​

$

18,531

​

$

239,787

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

31,499

​

$

100,314

​

$

56,216

​

$

40,472

​

$

41,221

​

$

9,206

​

$

173,034

​

$

451,962

Watch

​

 

1,906

​

 

201

​

 

257

​

 

43

​

 

8

​

 

209

​

 

286

​

 

2,910

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

201

​

 

259

​

 

859

​

 

—

​

 

752

​

 

75

​

 

2,146

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Commercial and industrial

​

$

33,405

​

$

100,716

​

$

56,732

​

$

41,374

​

$

41,229

​

$

10,167

​

$

173,395

​

$

457,018

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture production

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

13,323

​

$

37,828

​

$

10,533

​

$

3,926

​

$

5,851

​

$

2,114

​

$

126,123

​

$

199,698

Watch

​

 

128

​

 

68

​

 

2

​

 

3

​

 

—

​

 

—

​

 

217

​

 

418

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

42

​

 

—

​

 

5

​

 

9

​

 

17

​

 

26

​

 

—

​

 

99

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture production

​

$

13,493

​

$

37,896

​

$

10,540

​

$

3,938

​

$

5,868

​

$

2,140

​

$

126,340

​

$

200,215

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

12,468

​

$

21,875

​

$

14,664

​

$

5,448

​

$

1,785

​

$

361

​

$

2,032

​

$

58,633

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

34

​

 

52

​

 

12

​

 

4

​

 

—

​

 

—

​

 

102

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Consumer

​

$

12,468

​

$

21,909

​

$

14,716

​

$

5,460

​

$

1,789

​

$

361

​

$

2,032

​

$

58,735

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All other loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

4

​

$

1,128

​

$

597

​

$

82

​

$

214

​

$

1,674

​

$

—

​

$

3,699

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total All other loans

​

$

4

​

$

1,128

​

$

597

​

$

82

​

$

214

​

$

1,674

​

$

—

​

$

3,699

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

244,732

​

$

638,504

​

$

924,352

​

$

778,605

​

$

494,554

​

$

348,860

​

$

448,923

​

$

3,878,530

Watch

​

 

12,701

​

 

2,441

​

 

20,536

​

 

1,974

​

 

2,059

​

 

7,042

​

 

1,022

​

 

47,775

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

1,037

​

 

7,737

​

 

1,330

​

 

27,204

​

 

476

​

 

1,953

​

 

694

​

 

40,431

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

258,470

​

$

648,682

​

$

946,218

​

$

807,783

​

$

497,089

​

$

357,855

​

$

450,639

​

$

3,966,736

​

At September 30, 2024, PCD loans comprised $41.9 million of credits rated “Pass”; $8.3 million of credits rated “Watch”; none rated “Special Mention”; $3.2 million of credits rated “Substandard”; and none rated “Doubtful”.

The following table presents the credit risk profile of the Company’s loan portfolio (excluding deferred loan fees) based on rating category and fiscal year of origination as of June 30, 2024. This table includes PCD loans, which were reported according to risk categorization after acquisition based on the Company’s standards for such classification:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

    

loans

    

Total

1-4 residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

167,734

​

$

157,530

​

$

195,002

​

$

142,721

​

$

66,292

​

$

92,728

​

$

99,365

​

$

921,372

Watch

​

 

877

​

 

289

​

 

87

​

 

396

​

 

98

​

 

23

​

 

—

​

 

1,770

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

686

​

 

797

​

 

243

​

 

183

​

 

30

​

 

294

​

 

22

​

 

2,255

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total 1-4 residential real estate

​

$

169,297

​

$

158,616

​

$

195,332

​

$

143,300

​

$

66,420

​

$

93,045

​

$

99,387

​

$

925,397

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

120,914

​

$

232,802

​

$

294,138

​

$

102,380

​

$

33,691

​

$

55,190

​

$

6,470

​

$

845,585

Watch

​

 

4,658

​

 

16,232

​

 

209

​

 

1,513

​

 

4,443

​

 

1,404

​

 

—

​

 

28,459

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

43

​

 

25,683

​

 

—

​

 

—

​

 

—

​

 

—

​

 

25,726

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Non-owner occupied commercial real estate

​

$

125,572

​

$

249,077

​

$

320,030

​

$

103,893

​

$

38,134

​

$

56,594

​

$

6,470

​

$

899,770

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

63,251

​

$

98,776

​

$

89,361

​

$

86,975

​

$

25,664

​

$

26,124

​

$

20,147

​

$

410,298

Watch

​

 

1,252

​

 

6,492

​

 

1,178

​

 

154

​

 

—

​

 

1,181

​

 

520

​

 

10,777

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

3,233

​

 

—

​

 

2,199

​

 

—

​

 

—

​

 

428

​

 

541

​

 

6,401

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Owner occupied commercial real estate

​

$

67,736

​

$

105,268

​

$

92,738

​

$

87,129

​

$

25,664

​

$

27,733

​

$

21,208

​

$

427,476

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

36,518

​

$

157,471

​

$

86,171

​

$

77,545

​

$

21,438

​

$

5,341

​

$

80

​

$

384,564

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Multi-family real estate

​

$

36,518

​

$

157,471

​

$

86,171

​

$

77,545

​

$

21,438

​

$

5,341

​

$

80

​

$

384,564

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

104,162

​

$

143,538

​

$

27,524

​

$

4,379

​

$

3,887

​

$

679

​

$

1,518

​

$

285,687

Watch

​

 

652

​

 

2,906

​

 

131

​

 

—

​

 

—

​

 

—

​

 

—

​

 

3,689

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

1,129

​

 

36

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,165

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Construction and land development

​

$

105,943

​

$

146,480

​

$

27,655

​

$

4,379

​

$

3,887

​

$

679

​

$

1,518

​

$

290,541

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

39,491

​

$

46,387

​

$

56,407

​

$

49,334

​

$

9,947

​

$

9,238

​

$

18,003

​

$

228,807

Watch

​

 

281

​

 

100

​

 

197

​

 

—

​

 

259

​

 

—

​

 

—

​

 

837

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

2,265

​

 

281

​

 

—

​

 

283

​

 

—

​

 

—

​

 

47

​

 

2,876

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture real estate

​

$

42,037

​

$

46,768

​

$

56,604

​

$

49,617

​

$

10,206

​

$

9,238

​

$

18,050

​

$

232,520

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

116,173

​

$

60,404

​

$

43,205

​

$

43,879

​

$

3,145

​

$

4,863

​

$

174,181

​

$

445,850

Watch

​

 

1,031

​

 

250

​

 

43

​

 

—

​

 

—

​

 

228

​

 

404

​

 

1,956

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

272

​

 

275

​

 

859

​

 

—

​

 

116

​

 

769

​

 

50

​

 

2,341

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Commercial and industrial

​

$

117,476

​

$

60,929

​

$

44,107

​

$

43,879

​

$

3,261

​

$

5,860

​

$

174,635

​

$

450,147

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture production

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

40,980

​

$

11,288

​

$

4,115

​

$

6,159

​

$

1,965

​

$

229

​

$

110,396

​

$

175,132

Watch

​

 

170

​

 

37

​

 

204

​

 

—

​

 

—

​

 

127

​

 

217

​

 

755

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

5

​

 

23

​

 

9

​

 

17

​

 

—

​

 

27

​

 

—

​

 

81

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture production

​

$

41,155

​

$

11,348

​

$

4,328

​

$

6,176

​

$

1,965

​

$

383

​

$

110,613

​

$

175,968

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

30,317

​

$

17,318

​

$

6,547

​

$

2,268

​

$

467

​

$

54

​

$

2,683

​

$

59,654

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

3

​

 

11

​

 

3

​

 

—

​

 

—

​

 

—

​

 

17

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Consumer

​

$

30,317

​

$

17,321

​

$

6,558

​

$

2,271

​

$

467

​

$

54

​

$

2,683

​

$

59,671

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All other loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

1,139

​

$

644

​

$

122

​

$

217

​

$

43

​

$

1,816

​

$

—

​

$

3,981

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total All other loans

​

$

1,139

​

$

644

​

$

122

​

$

217

​

$

43

​

$

1,816

​

$

—

​

$

3,981

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

720,679

​

$

926,158

​

$

802,592

​

$

515,857

​

$

166,539

​

$

196,262

​

$

432,843

​

$

3,760,930

Watch

​

 

8,921

​

 

26,306

​

 

2,049

​

 

2,063

​

 

4,800

​

 

2,963

​

 

1,141

​

 

48,243

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

7,590

​

 

1,458

​

 

29,004

​

 

486

​

 

146

​

 

1,518

​

 

660

​

 

40,862

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

737,190

​

$

953,922

​

$

833,645

​

$

518,406

​

$

171,485

​

$

200,743

​

$

434,644

​

$

3,850,035

​

At June 30, 2024, PCD loans comprised $40.9 million of credits rated “Pass”; $8.4 million of credits rated “Watch”, none rated “Special Mention”, $3.1 million of credits rated “Substandard” and none rated “Doubtful”.

​

Past-due Loans. The following tables present the Company’s loan portfolio aging analysis (excluding deferred loan fees) as of September 30, 2024 and June 30, 2024. These tables include PCD loans, which are reported according to aging analysis after acquisition based on the Company’s standards for such classification:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

​

​

​

​

​

​

Greater Than

​

​

​

​

​

​

​

​

​

​

Greater Than 90

​

​

30-59 Days

​

60-89 Days

​

90 Days

​

Total

​

​

​

​

Total Loans

​

Days Past Due

(dollars in thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

    

and Accruing

1-4 residential real estate

​

$

1,688

​

$

3,196

​

$

1,713

​

$

6,597

​

$

936,319

​

$

942,916

​

$

—

Non-owner occupied commercial real estate

​

 

106

​

 

—

​

 

—

​

 

106

​

 

903,572

​

 

903,678

​

 

—

Owner occupied commercial real estate

​

 

135

​

 

—

​

 

1,173

​

 

1,308

​

 

436,722

​

 

438,030

​

 

—

Multi-family real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

371,177

​

 

371,177

​

 

—

Construction and land development

​

 

176

​

 

—

​

 

187

​

 

363

​

 

351,118

​

 

351,481

​

 

—

Agriculture real estate

​

 

27

​

 

—

​

 

1,859

​

 

1,886

​

 

237,901

​

 

239,787

​

 

—

Commercial and industrial

​

 

1,042

​

 

210

​

 

1,257

​

 

2,509

​

 

454,509

​

 

457,018

​

 

—

Agriculture production

​

 

—

​

 

66

​

 

26

​

 

92

​

 

200,123

​

 

200,215

​

 

—

Consumer

​

 

251

​

 

139

​

 

99

​

 

489

​

 

58,246

​

 

58,735

​

 

—

All other loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

3,699

​

 

3,699

​

 

—

Total loans

​

$

3,425

​

$

3,611

​

$

6,314

​

$

13,350

​

$

3,953,386

​

$

3,966,736

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

​

​

​

​

​

​

Greater Than

​

​

​

​

​

​

​

​

​

​

Greater Than 90

​

​

30-59 Days

​

60-89 Days

​

90 Days

​

Total

​

​

​

​

Total Loans

​

Days Past Due

(dollars in thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

    

and Accruing

1-4 residential real estate

​

$

890

​

$

2,087

​

$

664

​

$

3,641

​

$

921,756

​

$

925,397

​

$

—

Non-owner occupied commercial real estate

​

 

107

​

 

—

​

 

—

​

 

107

​

 

899,663

​

 

899,770

​

 

—

Owner occupied commercial real estate

​

 

305

​

 

—

​

 

1,060

​

 

1,365

​

 

426,111

​

 

427,476

​

 

—

Multi-family real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

384,564

​

 

384,564

​

 

—

Construction and land development

​

 

251

​

 

377

​

 

—

​

 

628

​

 

289,913

​

 

290,541

​

 

—

Agriculture real estate

​

 

573

​

 

—

​

 

35

​

 

608

​

 

231,912

​

 

232,520

​

 

—

Commercial and industrial

​

 

641

​

 

83

​

 

1,335

​

 

2,059

​

 

448,088

​

 

450,147

​

 

—

Agriculture production

​

 

50

​

 

—

​

 

344

​

 

394

​

 

175,574

​

 

175,968

​

 

—

Consumer

​

 

311

​

 

74

​

 

14

​

 

399

​

 

59,272

​

 

59,671

​

 

—

All other loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

3,981

​

 

3,981

​

 

—

Total loans

​

$

3,128

​

$

2,621

​

$

3,452

​

$

9,201

​

$

3,840,834

​

$

3,850,035

​

$

—

​

At September 30, 2024, there were three PCD loans totaling $558,000 greater than 90 days past due, compared to one PCD loan totaling $560,000 that was greater than 90 days past due at June 30, 2024.

Loans that experience insignificant payment delays and payment shortfalls generally are not adversely classified or determined to not share similar risk characteristics with collectively evaluated pools of loans for determination of the ACL estimate. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. Significant payment delays or shortfalls may lead to a determination that a loan should be individually evaluated for estimated credit losses.

Collateral Dependent Loans. The following tables present the Company’s collateral dependent loans and related ACL at September 30, 2024, and June 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance on

(dollars in thousands)

​

Commercial

​

Residential

​

Construction and

​

​

​

​

​

Collateral

September 30, 2024

​

Real Estate

​

Real Estate

​

Land Development

​

Other

​

Total

​

Dependent Loans

​

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

1-4 residential real estate

 

$

—

​

$

790

​

$

—

​

$

—

​

$

790

​

$

108

Non-owner occupied commercial real estate

​

​

23,204

​

​

—

​

​

—

​

​

—

​

​

23,204

​

​

12,079

Owner occupied commercial real estate

​

​

500

​

​

—

​

​

—

​

​

—

​

​

500

​

​

164

Construction and land development

​

​

—

​

​

—

​

​

1,161

​

​

—

​

​

1,161

​

​

161

Commercial and industrial

​

​

—

​

​

—

​

​

—

​

​

1,671

​

​

1,671

​

​

614

Total loans

​

$

23,704

​

$

790

​

$

1,161

​

$

1,671

​

$

27,326

​

$

13,126

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance on

(dollars in thousands)

​

Commercial

​

Residential

​

Construction and

​

​

​

​

​

Collateral

June 30, 2024

​

Real Estate

​

Real Estate

​

Land Development

​

Other

​

Total

​

Dependent Loans

​

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

1-4 residential real estate

 

$

—

​

$

797

​

$

—

​

$

—

​

$

797

​

$

116

Non-owner occupied commercial real estate

​

​

23,457

​

​

—

​

​

—

​

​

—

​

​

23,457

​

​

10,175

Commercial and industrial

​

​

—

​

​

—

​

​

—

​

​

2,705

​

​

2,705

​

​

635

Total loans

​

$

23,457

​

$

797

​

$

—

​

$

2,705

​

$

26,959

​

$

10,926

​

​

Nonaccrual Loans. The following table presents the Company’s amortized cost basis of nonaccrual loans segmented by class of loans at September 30, 2024, and June 30, 2024. The table excludes performing modifications to borrowers experiencing financial difficulty.

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

(dollars in thousands)

​

September 30, 2024

​

June 30, 2024

1-4 residential real estate

​

$

2,502

​

$

1,391

Owner occupied commercial real estate

​

 

1,326

​

 

1,102

Construction and land development

​

 

250

​

 

108

Agriculture real estate

​

 

1,940

​

 

1,896

Commercial and industrial

​

 

1,673

​

 

1,703

Agriculture production

​

 

412

​

 

461

Consumer

​

 

103

​

 

19

Total loans

​

$

8,206

​

$

6,680

​

At September 30, 2024, there were no nonaccrual loans individually evaluated for which no ACL was recorded. Interest income recognized on nonaccrual loans in the three-month periods ended September 30, 2024 and 2023, was immaterial.

Modifications to Borrowers Experiencing Financial Difficulty. The Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures,” effective July 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of TDRs and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty.

During the three-month periods ended September 30, 2024 and 2023, there were no loan modifications made for borrowers experiencing financial difficulty.

Residential Real Estate Foreclosures. The Company may obtain physical possession of real estate collateralizing a residential mortgage loan or home equity loan via foreclosure or in-substance repossession. As of September 30, 2024 and June 30, 2024, the carrying value of foreclosed residential real estate properties as a result of obtaining physical

possession was $74,000. In addition, as of September 30, 2024, and June 30, 2024, the Company had residential mortgage loans and home equity loans with a carrying value of $553,000 and $193,000, respectively, collateralized by residential real estate property for which formal foreclosure proceedings were in process.
v3.24.3
Premises and Equipment
 3 Months Ended
Sep. 30, 2024
Premises and Equipment  
Premises and Equipment

Note 5:  Premises and Equipment

Following is a summary of premises and equipment:

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

​

Land

​

$

15,376

​

$

15,376

​

Buildings and improvements

​

 

84,853

​

 

84,474

​

Construction in progress

​

 

1,214

​

 

829

​

Furniture, fixtures, equipment and software

​

 

27,924

​

 

27,850

​

Automobiles

​

 

112

​

 

112

​

Operating leases ROU asset

​

 

7,048

​

 

6,669

​

​

​

 

136,527

​

 

135,310

​

Less accumulated depreciation

​

 

40,440

​

 

39,358

​

​

​

$

96,087

​

$

95,952

​

​

Leases. The Company elected certain relief options under ASU 2016-02, Leases (Topic 842), including the option not to recognize right of use asset and lease liabilities that arise from short-term leases (leases with terms of twelve months or less). At September 30, 2024, the Company had ten leased properties, which included banking facilities, administrative offices and ground leases, and numerous office equipment lease agreements in which it was the lessee, with lease terms exceeding twelve months.

All of the Company’s leases are classified as operating leases. These operating leases are included as a ROU asset in the premises and equipment line item on the Company’s consolidated balance sheets. The corresponding lease liability is included in the accounts payable and other liabilities line item on the Company’s consolidated balance sheets.

In the February 2022 acquisition of Fortune, the Company assumed a ground lease with an entity that is controlled by a Company insider. This property is in St. Louis County, MO and is in its fourth year of a twenty year term.

ASU 2016-02 also requires certain other accounting elections. The Company elected the short-term lease recognition exemption for all leases that qualify, meaning those with terms under twelve months. ROU assets or lease liabilities are not to be recognized for short-term leases. The calculated amount of the ROU assets and lease liabilities in the table below are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, the ASU requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception over a similar term. The expected lease terms range from 18 months to 20 years.

​

​

​

​

​

​

​

​

​

    

September 30, 2024

    

June 30, 2024

Consolidated Balance Sheet

 

​

  

 

​

  

Operating leases ROU asset

​

$

7,048

​

$

6,669

Operating leases liability

​

$

7,048

​

$

6,669

​

​

​

​

​

​

​

​

​

​

​

    

For the three-month periods ended

​

    

September 30, 

(dollars in thousands)

    

2024

    

2023

Consolidated Statement of Income

 

​

  

 

​

  

Operating lease costs classified as occupancy and equipment expense

​

$

298

​

$

280

(includes short-term lease costs)

​

 

  

​

 

  

​

​

​

​

​

​

​

Supplemental disclosures of cash flow information

​

 

  

​

 

  

Cash paid for amounts included in the measurement of lease liabilities:

​

 

  

​

 

  

Operating cash flows from operating leases

​

$

206

​

$

187

ROU assets obtained in exchange for operating lease obligations:

​

$

—

​

$

2,445

​

​

At September 30, 2024, future expected lease payments for leases with terms exceeding one year were as follows:

​

​

​

​

​

(dollars in thousands)

    

  

​

2025

​

$

596

2026

​

 

720

2027

​

 

714

2028

​

 

729

2029

​

 

748

Thereafter

​

 

8,298

Future lease payments expected

​

$

11,805

​

The Company leases facilities it owns or portions of facilities it owns to other third parties. The Company has determined that all of these lease agreements, in terms of being the lessor, are classified as operating leases. For the three-month periods ended September 30, 2024 and 2023, income recognized from these lessor agreements was $114,000 and $57,000, respectively.

v3.24.3
Deposits
 3 Months Ended
Sep. 30, 2024
Deposits  
Deposits

Note 6:  Deposits

Deposits are summarized as follows:

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

    

Non-interest bearing accounts

​

$

503,209

​

$

514,107

​

NOW accounts

​

 

1,128,917

​

 

1,239,663

​

Money market deposit accounts

​

 

332,310

​

 

336,799

​

Savings accounts

​

 

556,030

​

 

517,084

​

Certificates

​

​

1,519,676

​

​

1,335,406

​

Total Deposit Accounts

​

$

4,040,142

​

$

3,943,059

​

​

Brokered certificates totaled $261.1 million at September 30, 2024, compared to $171.8 million at June 30, 2024.
v3.24.3
Repurchase Agreements
 3 Months Ended
Sep. 30, 2024
Repurchase Agreements  
Repurchase Agreements

Note 7: Repurchase Agreements

​

Securities sold under agreements to repurchase totaled $15.0 million at September 30, 2024, an increase of $5.6 million from $9.4 million at June 30, 2024. The following table sets forth the outstanding amounts and interest rates as of September 30, 2024 and June 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

June 30, 

 

(dollars in thousands)

​

2024

​

2024

 

Period-end balance

​

$

15,000

​

$

9,398

​

Average balance during the period

​

 

12,321

​

 

9,398

​

Maximum month-end balance during the period

​

 

15,000

​

 

9,398

​

Average interest during the period

​

 

5.19

%

 

5.39

%

Period-end interest rate

​

 

3.95

%

 

5.39

%

​

​

The repurchase agreements mature daily and the following sets forth the collateral pledged by class for repurchase agreements:

​

​

​

​

​

​

​

​

​

​

September 30, 

​

June 30, 

(dollars in thousands)

​

2024

​

2024

Mortgage-backed securities (MBS)

​

$

15,867

​

$

9,981

​
v3.24.3
Earnings Per Share
 3 Months Ended
Sep. 30, 2024
Earnings Per Share  
Earnings Per Share

Note 8:  Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

 

Three months ended

​

​

 

September 30, 

​

(dollars in thousands except per share data)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

12,458

​

$

13,151

​

Less: distributed earnings allocated to participating securities

​

 

(13)

​

 

(10)

​

Less: undistributed earnings allocated to participating securities

​

 

(49)

​

 

(47)

​

Net income available to common shareholders

​

$ 

12,396

​

$ 

13,094

​

​

​

​

​

​

​

​

​

Denominator for basic earnings per share -

​

​

​

​

​

​

​

Weighted-average shares outstanding

​

 

11,220,766

​

 

11,286,012

​

Effect of dilutive securities stock options or awards

​

 

19,241

​

 

11,803

​

Denominator for diluted earnings per share

​

​

11,240,007

​

​

11,297,815

​

​

​

​

​

​

​

​

​

Basic earnings per share available to common stockholders

​

$

1.10

​

$

1.16

​

Diluted earnings per share available to common stockholders

​

$

1.10

​

$

1.16

​

​

Certain option and restricted stock awards were excluded from the computation of diluted earnings per share because they were anti-dilutive, based on the average market prices of the Company’s common stock for these periods. Outstanding options and shares of restricted stock totaling 75,000 and 63,706 were excluded from the computation of diluted earnings per share for the three-month periods ended September 30, 2024 and 2023, respectively.

v3.24.3
Income Taxes
 3 Months Ended
Sep. 30, 2024
Income Taxes  
Income Taxes

Note 9: Income Taxes

The Company and its subsidiaries file income tax returns in the U.S. Federal jurisdiction and various states. The Company is no longer subject to federal examinations by tax authorities for tax years ending June 30, 2019 and before. The Company’s Missouri income tax returns for the fiscal years ending June 30, 2016 through 2018 are under audit by the Missouri Department of Revenue. The Company recognized no interest or penalties related to income taxes for the periods presented.

The Company’s income tax provision is comprised of the following components:

​

​

​

​

​

​

​

​

​

​

    

For the three-month periods ended

(dollars in thousands)

​

September 30, 2024

​

September 30, 2023

Income taxes

 

​

  

 

​

  

Current

​

$

3,377

​

$

3,487

Deferred

​

 

—

​

 

—

Total income tax provision

​

$

3,377

​

$

3,487

​

The components of net deferred tax assets (included in other assets on the condensed consolidated balance sheet) are summarized as follows:

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

Deferred tax assets:

 

​

  

 

​

  

Provision for losses on loans

​

$

12,640

​

$

12,159

Accrued compensation and benefits

​

 

823

​

 

1,063

NOL carry forwards acquired

​

 

29

​

 

30

Low income housing tax credit carry forward

​

 

297

​

 

396

Unrealized loss on other real estate

​

 

954

​

 

949

Unrealized loss on available for sale securities

​

​

2,972

​

​

4,915

Total deferred tax assets

​

 

17,715

​

 

19,512

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

​

​

 

​

Purchase accounting adjustments

​

 

2,473

​

 

2,452

Depreciation

​

 

4,288

​

 

4,519

FHLB stock dividends

​

 

120

​

 

120

Prepaid expenses

​

 

552

​

 

705

Other

​

 

1,038

​

 

529

Total deferred tax liabilities

​

 

8,471

​

 

8,325

Net deferred tax asset

​

$

9,244

​

$

11,187

​

As of September 30, 2024, the Company had approximately $131,000 in federal net operating loss carryforwards, which were acquired in the July 2009 Southern Bank of Commerce merger. The amount reported is net of the IRC Sec. 382 limitation, or state equivalent, related to utilization of net operating loss carryforwards of acquired corporations. Unless otherwise utilized, the net operating losses will begin to expire in 2030.

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:

​

​

​

​

​

​

​

​

​

    

For the three-month periods ended

(dollars in thousands)

​

September 30, 2024

​

September 30, 2023

Tax at statutory rate

​

$

3,325

​

$

3,494

Increase (reduction) in taxes resulting from:

​

 

​

​

 

​

Nontaxable municipal income

​

 

(106)

​

 

(108)

State tax, net of Federal benefit

​

 

85

​

 

164

Cash surrender value of Bank-owned life insurance

​

 

(109)

​

 

(96)

Tax credit benefits

​

 

(24)

​

 

(3)

Other, net

​

 

206

​

 

36

Actual provision

​

$

3,377

​

$

3,487

​

For the three-month periods ended September 30, 2024 and 2023, income tax expense at the statutory rate was calculated using a 21% annual effective tax rate (AETR).

Tax credit benefits are recognized under the deferral method of accounting for investments in tax credits.
v3.24.3
401(k) Retirement Plan
 3 Months Ended
Sep. 30, 2024
401(k) Retirement Plan  
401(k) Retirement Plan

Note 10:  401(k) Retirement Plan

The Bank has a 401(k) retirement plan that covers substantially all eligible employees. The Bank made “safe harbor” matching contributions to the Plan of up to 4% of eligible compensation, depending upon the percentage of eligible pay deferred into the plan by the employee, and also made additional, discretionary profit-sharing contributions for fiscal 2024. For fiscal 2025, the Company has maintained the safe harbor matching contribution of up to 4%, and expects to continue to make additional, discretionary profit-sharing contributions. During the three-month period ended September 30, 2024, retirement plan expenses recognized for the Plan totaled approximately $760,000, as compared to $711,000 for the same period of the prior fiscal year. Employee deferrals and safe harbor contributions are fully vested. Profit-sharing or other contributions vest over a period of five years.
v3.24.3
Subordinated Debt
 3 Months Ended
Sep. 30, 2024
Subordinated Debt.  
Subordinated Debt

Note 11:  Subordinated Debt

In March 2004, the Company established Southern Missouri Statutory Trust I as a statutory business trust, to issue Floating Rate Capital Securities (the “Trust Preferred Securities”). The securities mature in 2034, became redeemable after five years, and bear interest at a floating rate based on SOFR. The securities represent undivided beneficial interests in the trust, which was established by the Company for the purpose of issuing the securities. The Trust Preferred Securities were sold in a private transaction exempt from registration under the Securities Act of 1933, as amended (the “Act”) and have not been registered under the Act. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Southern Missouri Statutory Trust I used the proceeds from the sale of the Trust Preferred Securities to purchase Junior Subordinated Debentures (the “Debentures”) of the Company which have terms identical to the Trust Preferred Securities. At September 30, 2024, the Debentures carried an interest rate of 7.95%. The balance of the Debentures outstanding was $7.2 million at both September 30, 2024 and June 30, 2024. The Company used its net proceeds for working capital and investment in its subsidiaries.

In connection with the October 2013 Ozarks Legacy Community Financial, Inc. (OLCF) merger, the Company assumed $3.1 million in floating rate junior subordinated debt securities. The debt securities had been issued in June 2005 by OLCF in connection with the sale of trust preferred securities, bear interest at a floating rate based on SOFR, are now redeemable at par, and mature in 2035. At September 30, 2024, the current rate was 7.66%. The carrying value of the debt securities was approximately $2.8 million at both September 30, 2024 and June 30, 2024.

In connection with the August 2014 Peoples Service Company, Inc. (PSC) merger, the Company assumed $6.5 million in floating rate junior subordinated debt securities. The debt securities had been issued in 2005 by PSC’s subsidiary bank holding company, Peoples Banking Company, in connection with the sale of trust preferred securities, bear interest at a floating rate based on SOFR, are now redeemable at par, and mature in 2035. At September 30, 2024, the current rate was 7.01%. The carrying value of the debt securities was approximately $5.5 million at September 30, 2024 and $5.6 million at June 30, 2024.

The Company’s investment at a face amount of $505,000 in these trusts is included with Prepaid Expenses and Other Assets in the consolidated balance sheets, and is carried at a value of $468,000 and $467,000 at September 30, 2024 and June 30, 2024, respectively.

In connection with the February 2022 Fortune merger, the Company assumed $7.5 million in fixed-to-floating rate subordinated notes. The notes had been issued in May 2021 by Fortune to a multi-lender group, bear interest through May 2026 at a fixed rate of 4.5% and will bear interest thereafter at SOFR plus 3.77%. The notes will be redeemable at par beginning in May 2026, and mature in May 2031. The carrying value of the notes was approximately $7.6 million at both September 30, 2024 and June 30, 2024.
v3.24.3
Fair Value Measurements
 3 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Fair Value Measurements

​

​

Note 12:  Fair Value Measurements

ASC Topic 820, Fair Value Measurements, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Topic 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1 Quoted prices in active markets for identical assets or liabilities

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in active markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3 Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities

Recurring Measurements. The following table presents the fair value measurements recognized in the accompanying condensed consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2024 and June 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

Active Markets for

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

28,430

​

$

—

​

$

28,430

​

$

—

Corporate obligations

​

​

31,790

​

​

—

​

​

31,790

​

​

—

Asset backed securities

​

​

47,340

​

​

—

​

​

47,340

​

​

—

Other securities

​

 

5,161

​

 

—

​

 

5,161

​

 

—

MBS and CMOs

​

 

307,488

​

 

—

​

 

307,488

​

 

—

Mortgage servicing rights

​

​

2,419

​

​

—

​

​

—

​

​

2,419

Derivative financial instruments

​

​

1,320

​

​

—

​

​

1,320

​

​

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial instruments

​

​

1,294

​

​

—

​

​

1,294

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at June 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

​

Active Markets for 

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

27,753

​

$

—

​

$

27,753

​

$

—

Corporate obligations

​

​

31,277

​

​

—

​

​

31,277

​

​

—

Asset backed securities

​

​

58,679

​

​

—

​

​

58,679

​

​

—

Other securities

​

 

5,333

​

 

—

​

 

5,333

​

 

—

MBS and CMOs

​

​

304,861

​

​

—

​

​

304,861

​

​

—

Mortgage servicing rights

​

​

2,448

​

​

​

​

​

​

​

​

2,448

Derivative financial instruments

​

​

20

​

​

—

​

​

20

​

​

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial instruments

​

 

15

​

 

—

​

 

15

​

 

—

​

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended September 30, 2024.

Available-for-sale Securities. When quoted market prices are available in an active market, securities are classified within Level 1. If quoted market prices are not available, then fair values are estimated using pricing models, or quoted prices of securities with similar characteristics. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things.  In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

Derivative financial instruments. The Company’s derivative financial instruments consist of interest rate swaps on loans accounted for as fair value hedges. The fair value of interest rate swaps was determined by discounting the expected cash flows of the interest rate swaps. This valuation reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs. The inputs used to value the Company’s interest rate swaps fall within Level 2 of the fair value hierarchy and, as a result, the interest rate swaps were categorized as Level 2 within the fair value hierarchy. There were no transfers between levels of the fair value hierarchy during the period ended September 30, 2024. See information regarding the Company’s derivative financial agreements in Note 13: Derivative Financial Instruments of these Notes to Consolidated Financial Statements.

Mortgage servicing rights. The Company records MSR at fair value on a recurring basis with subsequent remeasurement of MSR based on change in fair value. An estimate of the fair value of the Company’s MSR is determined by utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. All of the Company’s MSR are classified as Level 3.

Nonrecurring Measurements. The following tables present the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the ASC 820 fair value hierarchy in which the fair value measurements fell at September 30, 2024 and June 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

​

Active Markets for

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Foreclosed and repossessed assets held for sale

​

$

736

​

$

—

​

$

—

​

$

736

Collateral dependent loans

​

​

11,770

​

​

—

​

​

—

​

​

11,770

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at June 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

​

Active Markets for

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Foreclosed and repossessed assets held for sale

​

$

759

​

$

—

​

$

—

​

$

759

Collateral dependent loans

​

​

12,994

​

​

—

​

​

—

​

​

12,994

​

The following table presents losses recognized on assets measured on a non-recurring basis for the three -month periods ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

    

For the three months ended

​

(dollars in thousands)

​

September 30, 2024

​

September 30, 2023

​

Foreclosed and repossessed assets held for sale

​

$

23

​

$

—

​

Total losses on assets measured on a non-recurring basis

​

$

23

​

$

—

​

​

The following is a description of valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification

of such assets and liabilities pursuant to the valuation hierarchy. For assets classified within Level 3 of fair value hierarchy, the process used to develop the reported fair value process is described below.

Foreclosed and Repossessed Assets Held for Sale. Foreclosed and repossessed assets held for sale are valued at the time the loan is foreclosed upon or collateral is repossessed and the asset is transferred to foreclosed or repossessed assets held for sale. The value of the asset is based on third party or internal appraisals, less estimated costs to sell and appropriate discounts, if any. The appraisals are generally discounted based on current and expected market conditions that may impact the sale or value of the asset and management’s knowledge and experience with similar assets. Such discounts typically may be significant and result in a Level 3 classification of the inputs for determining fair value of these assets. Foreclosed and repossessed assets held for sale are continually evaluated for additional impairment and are adjusted accordingly if impairment is identified.

Unobservable (Level 3) Inputs. The following tables present quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements at September 30, 2024 and June 30, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

    

​

    

Range

    

​

 

​

​

Fair value at

​

Valuation

​

Unobservable

​

of

​

Weighted-average

 

(dollars in thousands)

​

September 30, 2024

​

technique

​

inputs

​

inputs applied

​

inputs applied

 

Nonrecurring Measurements

 

​

  

 

  

 

  

 

  

 

  

​

Foreclosed and repossessed assets

​

$

736

 

Third party appraisal

 

Marketability discount

 

20.4 -20.4

%  

20.4

%

Collateral dependent loans

​

​

11,770

 

Collateral value

 

Marketability discount

 

13.8 -54.8

%  

33.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

    

​

    

Range

    

​

 

​

​

Fair value at

​

Valuation

​

Unobservable

​

of

​

Weighted-average

 

(dollars in thousands)

​

June 30, 2024

​

technique

​

inputs

​

inputs applied

​

inputs applied

 

Nonrecurring Measurements

 

​

  

 

  

 

  

 

  

 

  

​

Foreclosed and repossessed assets

​

$

759

 

Third party appraisal

 

Marketability discount

 

17.9 - 44.9

%  

20.3

%

Collateral dependent loans

​

​

12,994

 

Collateral value

 

Marketability discount

 

14.5 - 52.3

%  

43.7

%

​

​

Fair Value of Financial Instruments. The following table presents estimated fair values of the Company’s financial instruments not reported at fair value and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2024 and June 30, 2024.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

​

in Active

​

​

​

​

Significant

​

​

​

​

​

Markets for

​

Significant Other

​

Unobservable

​

​

Carrying

​

Identical Assets

​

Observable Inputs

​

Inputs

(dollars in thousands)

    

Amount

    

(Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

75,347

​

$

75,347

​

$

—

​

$

—

Interest-bearing time deposits

​

 

244

​

 

—

​

 

244

​

 

—

Stock in FHLB

​

 

8,972

​

 

—

​

 

8,972

​

 

—

Stock in Federal Reserve Bank of St. Louis

​

 

9,092

​

 

—

​

 

9,092

​

 

—

Loans receivable, net

​

 

3,912,081

​

 

—

​

 

—

​

 

3,848,447

Accrued interest receivable

​

 

28,949

​

 

—

​

 

28,949

​

 

—

Mortgage servicing assets

​

​

2,419

​

​

​

​

​

​

​

​

2,419

Derivative financial instruments

​

​

1,320

​

 

—

​

 

1,320

​

 

—

Financial liabilities

​

 

​

​

 

​

​

 

​

​

 

​

Deposits

​

 

4,040,142

​

 

2,520,687

​

 

—

​

 

1,523,471

Securities sold under agreements to repurchase

​

​

15,000

​

​

—

​

​

15,000

​

​

—

Advances from FHLB

​

 

107,069

​

 

—

​

 

107,124

​

 

—

Accrued interest payable

​

 

11,668

​

 

—

​

 

11,668

​

 

—

Subordinated debt

​

 

23,169

​

 

—

​

 

—

​

 

20,881

Derivative financial instruments

​

​

1,294

​

 

—

​

 

1,294

​

 

—

Unrecognized financial instruments (net of contract amount)

​

 

​

​

 

​

​

 

​

​

 

​

Commitments to originate loans

​

 

—

​

 

—

​

 

—

​

 

—

Letters of credit

​

 

—

​

 

—

​

 

—

​

 

—

Lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

​

in Active

​

​

​

​

Significant

​

​

​

​

​

Markets for

​

Significant Other

​

Unobservable

​

​

Carrying

​

Identical Assets

​

Observable Inputs

​

Inputs

(dollars in thousands)

    

Amount

    

(Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

60,904

​

$

60,904

​

$

—

​

$

—

Interest-bearing time deposits

​

 

491

​

 

—

​

 

491

​

 

—

Stock in FHLB

​

 

8,713

​

 

—

​

 

8,713

​

 

—

Stock in Federal Reserve Bank of St. Louis

​

 

9,089

​

 

—

​

 

9,089

​

 

—

Loans receivable, net

​

 

3,797,287

​

 

—

​

 

—

​

 

3,639,657

Accrued interest receivable

​

 

23,826

​

 

—

​

 

23,826

​

 

—

Mortgage servicing assets

​

 

2,448

​

​

—

​

 

—

​

 

2,448

Derivative financial instruments

​

 

20

​

 

—

​

 

20

​

 

—

Financial liabilities

​

 

​

​

 

​

​

 

​

​

 

​

Deposits

​

 

3,943,059

​

 

2,607,653

​

 

—

​

 

1,338,215

Securities sold under agreements to repurchase

​

​

9,398

​

​

—

​

 

9,398

​

 

—

Advances from FHLB

​

 

102,050

​

 

—

​

 

100,468

​

 

—

Accrued interest payable

​

​

12,868

​

 

—

​

 

12,868

​

 

—

Subordinated debt

​

​

23,156

​

​

—

​

 

—

​

 

20,576

Derivative financial instruments

​

​

15

​

​

—

​

 

15

​

 

—

Unrecognized financial instruments (net of contract amount)

​

​

​

​

​

​

​

 

​

​

 

​

Commitments to originate loans

​

​

—

​

 

—

​

 

—

​

 

—

Letters of credit

​

 

—

​

​

—

​

​

—

​

​

—

Lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.24.3
Derivative Financial Instruments
 3 Months Ended
Sep. 30, 2024
Derivative Financial Instruments  
Derivative Financial Instruments

Note 13: Derivative Financial Instruments

​

The Company enters into derivative financial instruments, primarily interest rate swaps, to convert certain long term fixed rate loans to floating rates to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. The fair value of derivative positions outstanding is included in other assets and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these line items in the operating section of the accompanying consolidated statements of cash flows. The unrealized gains and losses, representing the change in fair value of the derivative, are being recorded in interest income in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income and interest expense in the consolidated statements of income.

The Company executed one interest rate swap, with an original notional amount of $10.0 million, during the first quarter of fiscal 2025, and executed two interest rate swaps, with original notional amounts of $20.0 million each, during the fourth quarter of fiscal 2024, for a total of $50.0 million, designated as fair value hedges, to convert certain long-term fixed rate 1-4 family loans to floating rates to hedge interest rate risk exposure. The portfolio layer method is being used, which allows the Company to designate a stated amount of the assets that are not expected to be affected by prepayments, defaults or other factors that could affect the timing and amount of the cash flow, as the hedged item. The effect of the swaps on loan interest income in the income statement during the three-month period ended September 30, 2024, totaled $178,000, and none in the same period of the prior year.

The notional amounts and estimated fair values of the Company’s interest rate swaps at September 30, 2024 and June 30, 2024 are presented in the tables below:

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

​

​

 

Fair Value

​

 

​

Notional

 

Other

 

Other

(dollars in thousands)

    

​

Amount

    

Assets

    

Liabilities

​

​

​

​

​

​

​

​

​

​

1-4 Family interest rate swaps

​

$

50,000

​

$

1,320

​

$

1,294

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

​

​

 

Fair Value

​

 

​

Notional

 

Other

 

Other

(dollars in thousands)

    

​

Amount

    

Assets

    

Liabilities

​

​

​

​

​

​

​

​

​

​

1-4 Family interest rate swaps

​

$

40,000

​

$

20

​

$

15

​

The carrying amount of the hedged assets, located in loans receivable, net and cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets at September 30, 2024 and June 30, 2024 are presented in the tables below:

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

Carrying

 

Cumulative Amount of Fair Value

​

 

Amount of

 

Hedging Adj Included in

(dollars in thousands)

    

Hedged Assets

    

Carrying Amount of Hedged assets

1-4 Family interest rate swaps

​

$

532,785

​

$

26

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

Carrying

 

Cumulative Amount of Fair Value

​

 

Amount of

 

Hedging Adj Included in

(dollars in thousands)

    

Hedged Assets

    

Carrying Amount of Hedged assets

1-4 Family interest rate swaps

​

$

553,307

​

$

5

​

​

​
v3.24.3
Business Combinations
 3 Months Ended
Sep. 30, 2024
Business Combinations  
Business Combinations

Note 14: Business Combinations

​

On January 20, 2023, the Company completed its acquisition of Citizens and its wholly owned subsidiary, Citizens Bank & Trust Company (Citizens Bank), in a stock and cash transaction. In late February 2023, the Company merged Citizens Bank with and into Southern Bank, coincident to the data systems conversion. For the three-month period ended September 30, 2023, the Company incurred $125,000, compared to none in the same period of the current fiscal year, of third-party acquisition-related costs, included in noninterest expense in the Company’s condensed consolidated statements of income.

​

Under the acquisition method of accounting, the total purchase price is allocated to the net tangible and intangible assets acquired based on their estimated fair values on the date of the acquisition. Based on preliminary valuations of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Citizens acquisition is detailed in the following table. If, prior to the end of the one-year measurement period for finalizing the purchase price allocation, information becomes available about facts and circumstances that existed as of the acquisition date, which would indicate adjustments are required to the purchase price allocation, such adjustments will be included in the purchase price allocation retrospectively.

​

​

​

​

​

Citizens Bancshares Company

​

​

​

Fair Value of Consideration Transferred

​

​

(dollars in thousands)

​

​

Cash

​

$

34,889

Common stock, at fair value

​

​

98,280

Total consideration

​

$

133,169

​

    

​

​

Recognized amounts of identifiable assets acquired and liabilities assumed

 

​

​

​

​

 

​

Cash and cash equivalents

​

$

243,225

Investment securities

​

 

226,497

Loans

​

 

447,388

Premises and equipment

​

 

23,430

BOLI

​

 

21,733

Identifiable intangible assets

​

 

24,645

Miscellaneous other assets

​

 

9,366

​

​

 

​

Deposits

​

 

(851,140)

Securities sold under agreements to repurchase

​

 

(27,629)

Miscellaneous other liabilities

​

​

(7,784)

Total identifiable net assets

​

​

109,731

Goodwill

​

$

23,438

​

Of the total purchase price, $22.1 million was allocated to core deposit intangible, and is being amortized over ten years on a straight line basis, $2.6 million was allocated to the intangible related to the acquired trust and wealth management business line and is being amortized over ten years on a straight line basis, and $23.4 million was allocated to goodwill. None of the purchase price is deductible. Goodwill is attributable to synergies and economies of scale expected from combining the operations of the Bank and Citizens Bank. To the extent that management revises any of the fair value of the above fair value adjustments as a result of continuing evaluation, the amount of goodwill recorded in the merger will change.

​

The Company acquired the $461.5 million loan portfolio at an estimated fair value discount of $14.1 million. The excess of expected cash flows above the fair value of the performing portion of loans is being accreted to interest income over the remaining lives of the loans in accordance with ASC 310-30. Loans acquired that were not subject to guidance relating to PCD loans include loans with a fair value of $419.5 million and gross contractual amounts receivable of $520.0 million at the date of acquisition. Management identified 48 PCD loans, with a book balance of $27.5 million, associated with the Citizens acquisition (ASC 310-30).

​

​

​
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 12,458 $ 13,151
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Organization and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Sep. 30, 2024
Organization and Summary of Significant Accounting Policies  
Organization

Organization. Southern Missouri Bancorp, Inc., a Missouri corporation (the Company) was organized in 1994 and is the parent company of Southern Bank (the Bank). Substantially all of the Company’s consolidated revenues are derived from the operations of the Bank, and the Bank represents substantially all of the Company’s consolidated assets and liabilities. SB Real Estate Investments, LLC is a wholly-owned subsidiary of the Bank formed to hold Southern Bank Real Estate Investments, LLC. Southern Bank Real Estate Investments, LLC is a real estate investment trust (REIT) which is controlled by SB Real Estate Investments, LLC, and has other preferred shareholders in order to meet the requirements to be a REIT. At September 30, 2024, assets of the REIT were approximately $1.3 billion, and consisted primarily of real estate loan participations acquired from the Bank.

The Bank is primarily engaged in providing a full range of banking and financial services to individuals and corporate customers in its market areas. The Bank and Company are subject to competition from other financial institutions. The Bank and Company are subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities.
Basis of Financial Statement Presentation

Basis of Financial Statement Presentation. The condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America and general practices within the banking industry. In the normal course of business, the Company encounters two significant types of risk: economic and regulatory. Economic risk is comprised of interest rate risk, credit risk, and market risk. The Company is subject to interest rate risk to the degree that its interest-bearing liabilities reprice on a different basis than its interest-earning assets. Credit risk is the risk of default on the Company’s investment or loan portfolios resulting from the borrowers’ inability or unwillingness to make contractually required payments. Market risk reflects changes in the

value of the investment portfolio, collateral underlying loans receivable, and the value of the Company’s investments in real estate.
Principles of Consolidation

Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Cash and Cash Equivalents

Cash and Cash Equivalents. For purposes of reporting cash flows, cash and cash equivalents includes cash, due from depository institutions and interest-bearing deposits in other depository institutions with original maturities of three months or less. Interest-bearing deposits in other depository institutions were $20.4 million and $7.7 million at September 30, 2024 and June 30, 2024, respectively. The deposits are held in various commercial banks with a total of $1.8 million and $2.3 million exceeding the FDIC’s deposit insurance limits at September 30, 2024 and June 30, 2024, respectively, as well as at the Federal Reserve and the Federal Home Loan Banks of Des Moines and Chicago.
Interest-bearing Time Deposits

Interest-bearing Time Deposits. Interest bearing time deposits in banks mature within three years and are carried at cost.
Available for Sale Securities

Available for Sale Securities. Available for sale securities (AFS), which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Unrealized gains and losses, net of tax, are reported in accumulated other comprehensive loss, a component of stockholders’ equity. All securities have been classified as available for sale.

Premiums and discounts on debt securities are amortized or accreted as adjustments to income over the estimated life of the security using the level yield method. Realized gains or losses on the sale of securities is based on the specific identification method. The fair value of securities is based on quoted market prices or dealer quotes. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.

The Company does not invest in collateralized mortgage obligations that are considered high risk.

For AFS securities with fair value less than amortized cost that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive loss. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections, and is recorded to the Allowance for Credit Losses (“ACL”), by a charge to provision for credit losses. Accrued interest receivable is excluded from the estimate of credit losses. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired AFS security, or, if it is more likely than not the Company will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount would be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in this situation.

The Company evaluates impaired AFS securities at the individual level on a quarterly basis, and considers factors including, but not limited to: the extent to which the fair value of the security is less than the amortized cost basis; adverse conditions specifically related to the security, an industry, or geographic area; the payment structure of the security and likelihood of the issuer to be able to make payments that may increase in the future; failure of the issuer to make scheduled interest or principal payments; any changes to the rating of the security by a rating agency; and the ability and intent to hold the security until maturity. A qualitative determination as to whether any portion of the

impairment is attributable to credit risk is acceptable. There were no credit-related factors underlying unrealized losses on AFS securities at September 30, 2024, or June 30, 2024.

Changes in the ACL are recorded as expense. Losses are charged against the ACL when management believes the uncollectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
Federal Reserve Bank and Federal Home Loan Bank Stock

Federal Reserve Bank and Federal Home Loan Bank Stock. The Bank is a member of the Federal Reserve and the Federal Home Loan Bank (FHLB) systems. Capital stock of the Federal Reserve and the FHLB is a required investment of the Bank based upon a predetermined formula and is carried at cost.
Loans

Loans. Loans are generally stated at unpaid principal balances, less the ACL, any net deferred loan origination fees, and unamortized premiums or discounts on purchased loans.

Interest on loans is accrued based upon the principal amount outstanding. The accrual of interest on loans is discontinued when, in management’s judgment, the collectability of interest or principal in the normal course of business is doubtful. The Company complies with regulatory guidance which indicates that loans should be placed in nonaccrual status when 90 days past due, unless the loan is both well-secured and in the process of collection. A loan that is “in the process of collection” may be subject to legal action or, in appropriate circumstances, through other collection efforts reasonably expected to result in repayment or restoration to current status in the near future. A loan is considered delinquent when a payment has not been made by the contractual due date. Interest income previously accrued but not collected at the date a loan is placed on nonaccrual status is reversed against interest income. Cash receipts on a nonaccrual loan are applied to principal and interest in accordance with its contractual terms unless full payment of principal is not expected, in which case cash receipts, whether designated as principal or interest, are applied as a reduction of the carrying value of the loan. A nonaccrual loan is generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured, and a consistent record of performance has been demonstrated.

The ACL is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans, and is established through a provision for credit losses (PCL) charged to current earnings. The ACL is increased by the provision for credit losses on loans charged to expense and reduced by loans charged off, net of recoveries. Loans are charged off in the period deemed uncollectible, based on management’s analysis of expected cash flows (for non-collateral dependent loans) or collateral value (for collateral-dependent loans). Subsequent recoveries of loans previously charged off, if any, are credited to the allowance when received.

Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Adjustments may be made to historical loss information for differences identified in current loan-specific risk characteristics, such as differences in underwriting standards or terms; lending review systems; experience, ability, or depth of lending management and staff; portfolio growth and mix; delinquency levels and trends; as well as for changes in environmental conditions, such as changes in economic activity or employment, agricultural economic conditions, property values, or other relevant factors. The Company generally incorporates a reasonable and supportable forecast period of four quarters, and a four-quarter, straight-line reversion period to return to long-term historical averages.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist. For loans that do not share general risk characteristics with the collectively evaluated pools, the Company estimates credit losses on an individual loan basis, and these loans are excluded from the collectively evaluated pools. An ACL for an individually evaluated loan is recorded when the amortized cost basis of the loan exceeds the discounted estimated cash flows using the loan’s initial effective interest rate or the fair value, less estimated costs to sell, of the collateral for certain collateral dependent loans. For the collectively evaluated pools, the Company segments the loan portfolio primarily by loan purpose and collateral into 24 pools, which are homogeneous groups of loans that possess similar loss potential characteristics. The Company primarily utilizes the discounted cash flow (DCF) methodology for measurement of the required ACL. For a limited number of pools with a relatively small balance of unpaid principal, the Company utilizes the remaining life method. The DCF model implements probability of default (PD) and loss given default (LGD) calculations at the instrument level. PD and LGD are determined based on statistical analysis and correlation of historical losses with

various economic factors over time. In general, the Company’s losses have not correlated well with economic factors, and the Company has utilized peer data where more appropriate. The Company defines a default to include an event of charge off, an adverse (substandard or worse) internal credit rating, becoming delinquent 90 days or more, or being placed on nonaccrual status. A PD/LGD estimate is applied to a projected model of the loan’s cashflow, including principal and interest payments, with consideration for prepayment speeds, principal curtailments, and recovery lag.

Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (PCD) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial ACL is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial ACL is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to non-credit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans.

Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized as an adjustment to interest income using the interest method over the contractual life of the loans.
Off-Balance Sheet Credit Exposures

Off-Balance Sheet Credit Exposures. Off-balance sheet credit instruments include commitments to make loans, and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The ACL on off-balance sheet credit exposures is estimated by loan pool on a quarterly basis under the current CECL model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur and is included in other liabilities on the Company’s consolidated balance sheets. The Company records an ACL on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable.

Foreclosed Real Estate

Foreclosed Real Estate. Real estate acquired by foreclosure or by deed in lieu of foreclosure is initially recorded at fair value less estimated selling costs, establishing a new cost basis. Any costs for development and improvement of the property that are warranted are capitalized.

Valuations are periodically performed by management, and an allowance for losses is established by a charge to operations if the carrying value of a property exceeds its estimated fair value, less estimated selling costs.

Loans to facilitate the sale of real estate acquired in foreclosure are discounted if made at less than market rates. Discounts are amortized over the fixed interest period of each loan using the interest method.
Premises and Equipment

Premises and Equipment. Premises and equipment are stated at cost less accumulated depreciation and include expenditures for major betterments and renewals. Maintenance, repairs, and minor renewals are expensed as incurred. When property is retired or sold, the retired asset and related accumulated depreciation are removed from the accounts and the resulting gain or loss taken into income. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such assets are considered to be impaired, the impairment loss recognized is measured by the amount by which the carrying amount exceeds the fair value of the assets.

Depreciation is computed by use of straight-line and accelerated methods over the estimated useful lives of the assets. Estimated lives are generally seven to forty years for premises, three to seven years for equipment, and three years for software.
Bank Owned Life Insurance

Bank Owned Life Insurance. Bank owned life insurance policies are reflected in the condensed consolidated balance sheets at the estimated cash surrender value. Changes in the cash surrender value of these policies, as well as a portion of the insurance proceeds received, are recorded in noninterest income in the condensed consolidated statements of income.
Goodwill

Goodwill. The Company’s goodwill is evaluated annually for impairment or more frequently if impairment indicators are present. A qualitative assessment is performed to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value is less than the carrying amount, including goodwill. If, based on the evaluation, it is determined to be more likely than not that the fair value is less than the carrying value, then goodwill is tested further for impairment. If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. As of June 30, 2024, the date of the Company’s annual test, there was no impairment indicated, based on a qualitative assessment of goodwill, which considered: the market value of the Company’s common stock; concentrations of credit; profitability; nonperforming assets; capital levels; and results of recent regulatory examinations. There was no impairment of goodwill at September 30, 2024.
Intangible Assets

Intangible Assets. The Company’s intangible assets at September 30, 2024 included gross core deposit intangibles of $39.1 million with $18.9 million accumulated amortization, gross other identifiable intangibles of $6.4 million with accumulated amortization of $4.3 million, and mortgage and SBA servicing rights of $3.0 million. At June 30, 2024, the Company’s intangible assets included gross core deposit intangibles of $39.1 million with $17.8 million accumulated amortization, gross other identifiable intangibles of $6.4 million with accumulated amortization of $4.2 million, and mortgage and SBA servicing rights of $3.0 million. The Company’s core deposit and other intangible assets are being amortized using the straight line method, in accordance with ASC 350, over periods ranging from five to ten years, with amortization expense expected to be approximately $2.6 million in the remainder of fiscal 2025, $3.0 million in fiscal 2026, $2.7 million in fiscal 2027, $2.7 million in fiscal 2028, $2.6 million in fiscal 2029, and $8.8 million thereafter. As of September 30, 2024 and June 30, 2024, there was no impairment of other intangible assets indicated.

The Company records mortgage servicing rights (MSR) at fair value for all mortgage loans sold on a servicing retained basis with subsequent adjustments to fair value of MSR in accordance with FASB ASC 860. An estimate of the fair value of the Company’s MSR is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Changes in the fair value of MSR are recorded in loan servicing fees in the consolidated statements of income.
Income Taxes

The Company records mortgage servicing rights (MSR) at fair value for all mortgage loans sold on a servicing retained basis with subsequent adjustments to fair value of MSR in accordance with FASB ASC 860. An estimate of the fair value of the Company’s MSR is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Changes in the fair value of MSR are recorded in loan servicing fees in the consolidated statements of income.
Incentive Plans

Derivative Financial Instruments and Hedging Activities. The Company enters into derivative financial instruments, primarily interest rate swaps, to manage interest rate risk, facilitate asset/liability management strategies and manage other exposures. Derivative instruments are accounted pursuant to ASC Topic 815, “Derivatives and Hedging”, which requires companies to recognize derivative instruments as either assets or liabilities in the consolidated balance sheet. All derivative financial instruments are recognized as other assets or other liabilities, as applicable, at estimated fair value. The change in each of these financial statement line items is included as operating cash flows in the accompanying consolidated statements of cash flows. The Company does not speculate using derivative instruments. Derivative financial instruments are more fully described in Note 13.

Incentive Plans. The Company accounts for its Equity Incentive Plan (EIP), and Omnibus Incentive Plan (OIP) in accordance with ASC 718, “Share-Based Payment.” Compensation expense is based on the market price of the Company’s stock on the date the shares are granted and is recorded over the vesting period. The difference between the grant-date fair value and the fair value on the date the shares are considered earned represents a tax benefit to the Company that is recorded as an adjustment to income tax expense.

Non-Employee Directors' Retirement

Non-Employee Directors’ Retirement. The Bank entered into directors’ retirement agreements beginning in April 1994 for non-employee directors and continued to do so for new non-employee directors joining the Bank’s board through December 2014. These directors’ retirement agreements provide that each participating non-employee director (participant) shall receive, upon termination of service on the Board on or after age 60, other than termination for cause, a benefit in equal annual installments over a five year period. The benefit will be based upon the product of the participant’s vesting percentage and the total Board fees paid to the participant during the calendar year preceding termination of service on the Board. The vesting percentage shall be determined based upon the participant’s years of service on the Board.

In the event that the participant dies before collecting any or all of the benefits, the Bank shall pay the participant’s beneficiary. Benefits shall not be payable to anyone other than the beneficiary, and shall terminate on the death of the beneficiary.
Stock Options

Stock Options. Compensation cost is measured based on the grant-date fair value of the equity instruments issued, and recognized over the vesting period during which an employee provides service in exchange for the award.
Earnings Per Share

Earnings Per Share. Basic earnings per share available to common stockholders is computed using the weighted-average number of common shares outstanding. Diluted earnings per share available to common stockholders includes the effect of all weighted-average dilutive potential common shares (stock options and restricted stock grants) outstanding during each period.
Comprehensive Income

Comprehensive Income. Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized depreciation on available-for-sale securities, unrealized depreciation on available-for-sale securities for which a portion of an other-than-temporary impairment has been recognized in income, and changes in the funded status of defined benefit pension plans.
Transfers Between Fair Value Hierarchy Levels

Transfers Between Fair Value Hierarchy Levels. Transfers in and out of Level 1 (quoted market prices), Level 2 (other significant observable inputs) and Level 3 (significant unobservable inputs) are recognized on the period ending date.
Wealth Management Assets and Fees Wealth Management Assets and Fees. Assets managed in fiduciary or investment management accounts by the Company are not included in the consolidated balance sheets since such items are not assets of the Company or its subsidiaries. Fees from fiduciary or investment management activities are recorded on a cash basis over the period in which the service is provided. Fees are generally a function of the market value of assets managed and administered, the volume of transactions, and fees for other services rendered, as set forth in the agreement between the customer and the Company. This revenue recognition involves the use of estimates and assumptions, including components that are calculated based on asset valuations and transaction volumes. Any out-of-pocket expenses or services not typically covered by the fee schedule for fiduciary activities are charged directly to the account on a gross basis as revenue is incurred. The Southern Wealth Management division, which is a division of the Bank, held fiduciary assets totaling $113.1 million and $100.9 million as of September 30, 2024 and June 30, 2024, respectively, and investment management assets totaling $516.9 million and $474.7 million as of September 30, 2024 and June 30, 2024, respectively.
Correction of an Immaterial Error in Prior Period Financial Statements and New Accounting Pronouncements

New Accounting Pronouncements:

In January 2021, the FASB published ASU 2021-01, “Reference Rate Reform. (Topic 848)”. ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amended the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply the amendments in this update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments in this update for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. Originally, the amendments in this update did not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022 except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). With the issuance of ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, the sunset date for adoption of ASU 2021-01 was extended from December 31, 2022 to December 31, 2024. The Company is evaluating the impact of this ASU but does not expect it to have a material impact on the Company’s consolidated financial statements.

​

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments of this ASU are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Adoption of this ASU is not expected to have a material impact on Company’s consolidated financial statements.

​

On December 14, 2023, the FASB published ASU 2023-02, “Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” This ASU permits reporting entities to elect to account for tax equity investments, regardless of the tax credit program for which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense. A reporting entity makes an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. This ASU also requires specific disclosures of investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method. The ASU was effective for fiscal years beginning after December 15, 2023, and was effective for the Company beginning July 1, 2024. The adoption of ASU 2023-02 did not have a material impact on the Company’s consolidated financial statements.

​

In December 2023, the FASB issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures (Topic 740)”. ASU 2023-09 was issued to address requests by investors and creditors for enhanced transparency and decision usefulness of income tax disclosures. Public business entities (PBEs) would be required to prepare an annual detailed, tabular tax rate reconciliation. All other entities would be required to provide qualitative disclosure on specific categories and individual jurisdictions that result in significant differences between the statutory and effective tax rates. All entities would be required to annually disclose taxes paid disaggregated by federal, state, and foreign taxes, as well as disaggregating taxes by individual jurisdiction if taxes paid exceed 5% of total income taxes paid. The ASU is effective

for PBEs for fiscal years beginning after December 15, 2024. The Company does not expect adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

​

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. ASU 2024-03 was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The ASU is effective for PBEs for fiscal years beginning after December 15, 2026. The Company does not expect adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

​
v3.24.3
Basis of Presentation (Tables)
 3 Months Ended
Sep. 30, 2024
Basis of Presentation  
Correction of an Immaterial Error in Prior Period Financial Statements

​

​

​

​

​

​

​

​

​

​

​

​

​

Consolidated Balance Sheet

​

​

June 30, 2024

​

 

As Previously

 

Net

 

​

(dollars in thousands)

    

Presented

    

Change

    

As Corrected

​

​

​

​

​

​

​

Liabilities and Stockholders' Equity:

​

​

​

​

​

​

​

​

​

Deposits

​

$

3,952,457

​

$

(9,398)

​

$

3,943,059

Securities sold under agreements to repurchase

​

​

-

​

​

9,398

​

​

9,398

​

​

​

​

​

​

​

​

​

​

​

​

​

Consolidated Statement of Income

​

​

For the three-month period ended September 30, 2023

​

 

As Previously

 

Net

 

​

(dollars in thousands)

    

Presented

    

Change

    

As Corrected

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

​

​

Deposits

​

$

20,440

​

$

(72)

​

$

20,368

Securities sold under agreements to repurchase

​

​

-

​

​

72

​

​

72

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value of Financial Instruments

​

​

June 30, 2024

​

 

As Previously

 

Net

 

​

(dollars in thousands)

    

Presented

    

Change

    

As Corrected

​

​

​

​

​

​

​

Carrying Amount:

​

​

​

​

​

​

​

​

​

Deposits

​

$

3,952,457

​

$

(9,398)

​

$

3,943,059

Securities sold under agreements to repurchase

​

​

-

​

​

9,398

​

​

9,398

​

​

​

​

​

​

​

​

​

​

Significant Other Observable Inputs (Level 2):

​

​

​

​

​

​

​

​

​

Securities sold under agreements to repurchase

​

​

-

​

​

9,398

​

​

9,398

​
v3.24.3
Available for Sale Securities (Tables)
 3 Months Ended
Sep. 30, 2024
Available for Sale Securities  
Schedule of available for sale securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

​

​

 

Gross

 

Gross

 

Allowance

​

Estimated

​

 

Amortized

 

Unrealized

 

Unrealized

 

for

 

Fair

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Credit Losses

    

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of states and political subdivisions

​

$

29,913

​

$

44

​

$

(1,527)

​

$

—

​

$

28,430

Corporate obligations

​

​

33,036

​

​

45

​

​

(1,291)

​

​

—

​

​

31,790

Asset-backed securities

​

​

46,359

​

​

1,194

​

​

(213)

​

​

—

​

​

47,340

Other securities

​

 

5,191

​

 

21

​

 

(51)

​

 

—

​

 

5,161

Total debt securities

​

​

114,499

​

​

1,304

​

​

(3,082)

​

​

—

​

​

112,721

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential MBS issued by governmental sponsored enterprises (GSEs)

​

​

111,322

​

​

1,313

​

​

(4,756)

​

​

—

​

​

107,879

Commercial MBS issued by GSEs

​

​

65,071

​

​

940

​

​

(4,098)

​

​

—

​

​

61,913

CMOs issued by GSEs

​

​

142,824

​

​

507

​

​

(5,635)

​

​

—

​

​

137,696

Total MBS and CMOs

​

 

319,217

​

 

2,760

​

 

(14,489)

​

 

—

​

​

307,488

Total AFS securities

​

$

433,716

​

$

4,064

​

$

(17,571)

​

$

—

​

$

420,209

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

​

​

 

Gross

 

Gross

​

Allowance

​

Estimated

​

 

Amortized

 

Unrealized

 

Unrealized

 

for

 

Fair

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Credit Losses

    

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of states and political subdivisions

​

$

29,960

​

$

4

​

$

(2,211)

​

$

—

​

$

27,753

Corporate obligations

​

​

32,998

​

​

60

​

​

(1,781)

​

​

—

​

​

31,277

Asset-backed securities

​

​

57,403

​

​

1,525

​

​

(249)

​

​

—

​

​

58,679

Other securities

​

​

5,387

​

 

20

​

 

(74)

​

 

—

​

​

5,333

Total debt securities

​

​

125,748

​

​

1,609

​

​

(4,315)

​

​

—

​

​

123,042

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential MBS issued by governmental sponsored enterprises (GSEs)

​

​

110,918

​

​

692

​

​

(6,855)

​

​

—

​

​

104,755

Commercial MBS issued by GSEs

​

​

65,195

​

​

297

​

​

(5,746)

​

​

—

​

​

59,746

CMOs issued by GSEs

​

​

148,382

​

​

82

​

​

(8,104)

​

​

—

​

​

140,360

Total MBS and CMOs

​

 

324,495

​

 

1,071

​

 

(20,705)

​

 

—

​

 

304,861

Total AFS securities

​

$

450,243

​

$

2,680

​

$

(25,020)

​

$

—

​

$

427,903
Schedule of amortized cost and fair value of available-for-sale securities, by contractual maturity

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

Amortized

 

Estimated

(dollars in thousands)

    

Cost

    

Fair Value

Within one year

​

$

1,448

​

$

1,444

After one year but less than five years

​

 

26,918

​

 

26,576

After five years but less than ten years

​

 

45,791

​

 

44,128

After ten years

​

 

40,342

​

 

40,573

Total investment securities

​

 

114,499

​

 

112,721

MBS and CMOs

​

 

319,217

​

 

307,488

Total AFS securities

​

$

433,716

​

$

420,209
Schedule of available-for-sale securities, continuous unrealized loss position and fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

Less than 12 months

 

12 months or more

 

Total

​

 

​

​

​

Unrealized

 

​

​

​

Unrealized

 

​

​

​

Unrealized

​

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

1,413

​

$

27

​

$

18,156

​

$

1,500

​

$

19,569

​

$

1,527

Corporate obligations

​

​

—

​

​

—

​

​

24,835

​

​

1,291

​

​

24,835

​

​

1,291

Asset-backed securities

​

​

—

​

​

—

​

​

6,157

​

​

213

​

​

6,157

​

​

213

Other securities

​

​

4,235

​

​

20

​

​

282

​

​

31

​

​

4,517

​

​

51

MBS and CMOs

​

 

15,069

​

 

75

​

 

171,167

​

 

14,414

​

 

186,236

​

 

14,489

Total AFS securities

​

$

20,717

​

$

122

​

$

220,597

​

$

17,449

​

$

241,314

​

$

17,571

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

Less than 12 months

 

12 months or more

 

Total

​

 

​

​

​

Unrealized

 

​

​

​

Unrealized

 

​

​

​

Unrealized

​

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

3,720

​

$

38

​

$

21,762

​

$

2,173

​

$

25,482

​

$

2,211

Corporate obligations

​

​

—

​

​

—

​

​

25,295

​

​

1,781

​

​

25,295

​

​

1,781

Asset-backed securities

​

​

—

​

​

—

​

​

7,234

​

​

249

​

​

7,234

​

​

249

Other securities

​

​

4,404

​

​

31

​

​

287

​

​

43

​

​

4,691

​

​

74

MBS and CMOs

​

 

56,820

​

 

621

​

 

193,382

​

 

20,084

​

 

250,202

​

 

20,705

Total AFS securities

​

$

64,944

​

$

690

​

$

247,960

​

$

24,330

​

$

312,904

​

$

25,020
v3.24.3
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Sep. 30, 2024
Loans and Allowance for Credit Losses  
Schedule of classes of loans

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

​

​

​

​

​

​

​

1-4 residential real estate

​

$

942,916

​

$

925,397

Non-owner occupied commercial real estate

​

 

903,678

​

 

899,770

Owner occupied commercial real estate

​

 

438,030

​

 

427,476

Multi-family real estate

​

 

371,177

​

 

384,564

Construction and land development

​

​

351,481

​

​

290,541

Agriculture real estate

​

 

239,787

​

 

232,520

Total loans secured by real estate

​

 

3,247,069

​

 

3,160,268

​

​

​

​

​

​

​

Commercial and industrial

​

​

457,018

​

​

450,147

Agriculture production

​

​

200,215

​

​

175,968

Consumer

​

​

58,735

​

​

59,671

All other loans

​

​

3,699

​

​

3,981

Gross loans

​

 

3,966,736

​

 

3,850,035

​

​

​

​

​

​

​

Deferred loan fees, net

​

 

(218)

​

 

(232)

Allowance for credit losses

​

 

(54,437)

​

 

(52,516)

Net loans

​

$

3,912,081

​

$

3,797,287
Schedule of PCD loans

​

​

​

​

​

(dollars in thousands)

    

January 20, 2023

PCD Loans – Citizens

​

​

​

Purchase price of PCD loans at acquisition

​

$

27,481

Allowance for credit losses at acquisition

​

 

(1,121)

Fair value of PCD loans at acquisition

​

$

26,360

​

​

​

​

​

​

(dollars in thousands)

    

February 25, 2022

PCD Loans – Fortune

​

​

​

Purchase price of PCD loans at acquisition

​

$

15,055

Allowance for credit losses at acquisition

​

 

(120)

Fair value of PCD loans at acquisition

​

$

14,935
Schedule of balance in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment methods

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2024

​

 

Balance

 

Provision

​

​

 

​

​

​

Balance

​

​

beginning

​

(benefit) charged

​

Losses

​

​

​

​

end

(dollars in thousands)

    

of period

    

to expense

    

charged off

    

Recoveries

    

of period

Allowance for credit losses on loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

10,528

​

$

157

​

$

(48)

​

$

—

​

$

10,637

Non-owner occupied commercial real estate

​

​

19,055

​

​

1,673

​

​

—

​

​

—

​

​

20,728

Owner occupied commercial real estate

​

​

4,815

​

​

(1)

​

​

—

​

​

—

​

​

4,814

Multi-family real estate

​

​

5,447

​

​

(376)

​

​

—

​

​

47

​

​

5,118

Construction and land development

​

​

2,901

​

​

774

​

​

—

​

​

—

​

​

3,675

Agriculture real estate

​

​

2,107

​

​

(80)

​

​

—

​

​

—

​

​

2,027

Commercial and industrial

​

​

6,233

​

​

(85)

​

​

(39)

​

​

5

​

​

6,114

Agriculture production

​

​

835

​

​

(51)

​

​

—

​

​

—

​

​

784

Consumer

​

​

578

​

​

13

​

​

(72)

​

​

7

​

​

526

All other loans

​

​

17

​

​

(3)

​

​

—

​

​

—

​

​

14

Total

​

$

52,516

​

$

2,021

​

$

(159)

​

$

59

​

$

54,437

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2023

​

 

Balance

 

Provision

​

​

 

​

​

​

Balance

​

​

beginning

​

(benefit) charged

​

Losses

​

​

​

​

end

(dollars in thousands)

    

of period

    

to expense

    

charged off

    

Recoveries

    

of period

Allowance for credit losses on loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

9,474

​

$

(101)

​

$

(35)

​

$

33

​

$

9,371

Non-owner occupied commercial real estate

​

​

13,863

​

​

2,641

​

​

—

​

​

—

​

​

16,504

Owner occupied commercial real estate

​

​

5,168

​

​

(289)

​

​

—

​

​

—

​

​

4,879

Multi-family real estate

​

​

6,806

​

​

(612)

​

​

(97)

​

​

—

​

​

6,097

Construction and land development

​

​

3,414

​

​

224

​

​

(111)

​

​

18

​

​

3,545

Agriculture real estate

​

​

2,567

​

​

(141)

​

​

—

​

​

—

​

​

2,426

Commercial and industrial

​

​

5,235

​

​

(100)

​

​

(4)

​

​

3

​

​

5,134

Agriculture production

​

​

782

​

​

(85)

​

​

—

​

​

—

​

​

697

Consumer

​

​

490

​

​

38

​

​

(88)

​

​

13

​

​

453

All other loans

​

​

21

​

​

(5)

​

​

—

​

​

—

​

​

16

Total

​

$

47,820

​

$

1,570

​

$

(335)

​

$

67

​

$

49,122

​
Schedule of allowance for off-balance credit exposure

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2024

​

 

Balance

​

Provision

 

Balance

​

​

beginning

​

(benefit) charged

​

end

(dollars in thousands)

    

of period

    

to expense

    

of period

Allowance for off-balance sheet credit exposure:

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

140

​

$

30

​

$

170

Non-owner occupied commercial real estate

​

​

153

​

​

22

​

​

175

Owner occupied commercial real estate

​

​

136

​

​

(14)

​

​

122

Multi-family real estate

​

​

31

​

​

3

​

​

34

Construction and land development

​

​

1,912

​

​

88

​

​

2,000

Agriculture real estate

​

​

60

​

​

(8)

​

​

52

Commercial and industrial

​

​

782

​

​

20

​

​

802

Agriculture production

​

​

37

​

​

(3)

​

​

34

Consumer

​

​

12

​

​

—

​

​

12

All other loans

​

​

—

​

​

—

​

​

—

Total

​

$

3,263

​

$

138

​

$

3,401

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At period end and for the three months ended September 30, 2023

​

 

Balance

​

Provision

 

Balance

​

​

beginning

​

(benefit) charged

​

end

(dollars in thousands)

    

of period

    

to expense

    

of period

Allowance for off-balance sheet credit exposure:

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

126

​

$

5

​

$

131

Non-owner occupied commercial real estate

​

​

154

​

​

—

​

​

154

Owner occupied commercial real estate

​

​

182

​

​

(2)

​

​

180

Multi-family real estate

​

​

16

​

​

(1)

​

​

15

Construction and land development

​

​

4,897

​

​

(612)

​

​

4,285

Agriculture real estate

​

​

50

​

​

(11)

​

​

39

Commercial and industrial

​

​

730

​

​

37

​

​

767

Agriculture production

​

​

107

​

​

(84)

​

​

23

Consumer

​

​

16

​

​

1

​

​

17

All other loans

​

​

10

​

​

(3)

​

​

7

Total

​

$

6,288

​

$

(670)

​

$

5,618

​
Schedule of Gross charge-offs by loan class and year of origination

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

loans

    

Total

September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

48

​

$

—

​

$

48

Commercial and industrial

​

 

—

​

 

—

​

 

28

​

 

—

​

 

—

​

 

11

​

 

—

​

 

39

Consumer

​

 

—

​

 

37

​

 

21

​

 

11

​

 

3

​

 

—

​

 

—

​

 

72

Total gross charge-offs

​

$

—

​

$

37

​

$

49

​

$

11

​

$

3

​

$

59

​

$

—

​

$

159

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

loans

    

Total

September 30, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

1-4 residential real estate

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

35

​

$

—

​

$

35

Multi-family real estate

​

 

—

​

 

—

​

 

—

​

 

97

​

 

—

​

 

—

​

 

—

​

 

97

Construction and land development

​

 

—

​

 

—

​

 

—

​

 

111

​

 

—

​

 

—

​

 

—

​

 

111

Commercial and industrial

​

 

—

​

 

4

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

4

Consumer

​

 

6

​

 

41

​

 

26

​

 

10

​

 

—

​

 

5

​

 

—

​

 

88

Total gross charge-offs

​

$

6

​

$

45

​

$

26

​

$

218

​

$

—

​

$

40

​

$

—

​

$

335
Schedule of credit risk profile of the Company's loan portfolio based on rating category and payment activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

loans

    

Total

1-4 residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

59,431

​

$

152,857

​

$

148,199

​

$

185,830

​

$

138,617

​

$

153,107

​

$

99,379

​

$

937,420

Watch

​

 

60

​

 

809

​

 

287

​

 

238

​

 

391

​

 

118

​

 

—

​

 

1,903

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

960

​

 

758

​

 

623

​

 

326

​

 

176

​

 

750

​

 

—

​

 

3,593

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total 1-4 residential real estate

​

$

60,451

​

$

154,424

​

$

149,109

​

$

186,394

​

$

139,184

​

$

153,975

​

$

99,379

​

$

942,916

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

20,261

​

$

106,090

​

$

242,653

​

$

291,892

​

$

99,987

​

$

84,799

​

$

7,178

​

$

852,860

Watch

​

 

5,071

​

 

207

​

 

13,206

​

 

206

​

 

1,510

​

 

5,202

​

 

—

​

 

25,402

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

43

​

 

25,373

​

 

—

​

 

—

​

 

—

​

 

25,416

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Non-owner occupied commercial real estate

​

$

25,332

​

$

106,297

​

$

255,902

​

$

317,471

​

$

101,497

​

$

90,001

​

$

7,178

​

$

903,678

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

26,210

​

$

58,846

​

$

90,859

​

$

86,849

​

$

83,070

​

$

55,857

​

$

20,518

​

$

422,209

Watch

​

 

587

​

 

629

​

 

6,663

​

 

1,164

​

 

150

​

 

1,169

​

 

519

​

 

10,881

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

3,318

​

 

—

​

 

625

​

 

—

​

 

425

​

 

572

​

 

4,940

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Owner occupied commercial real estate

​

$

26,797

​

$

62,793

​

$

97,522

​

$

88,638

​

$

83,220

​

$

57,451

​

$

21,609

​

$

438,030

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

15,824

​

$

24,791

​

$

156,181

​

$

81,520

​

$

73,648

​

$

18,832

​

$

381

​

$

371,177

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Multi-family real estate

​

$

15,824

​

$

24,791

​

$

156,181

​

$

81,520

​

$

73,648

​

$

18,832

​

$

381

​

$

371,177

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

51,908

​

$

97,383

​

$

159,720

​

$

27,195

​

$

2,463

​

$

4,388

​

$

1,794

​

$

344,851

Watch

​

 

4,949

​

 

275

​

 

—

​

 

128

​

 

—

​

 

85

​

 

—

​

 

5,437

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

1,161

​

 

32

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,193

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Construction and land development

​

$

56,857

​

$

98,819

​

$

159,752

​

$

27,323

​

$

2,463

​

$

4,473

​

$

1,794

​

$

351,481

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

13,804

​

$

37,392

​

$

44,730

​

$

55,391

​

$

47,698

​

$

18,522

​

$

18,484

​

$

236,021

Watch

​

 

—

​

 

252

​

 

121

​

 

192

​

 

—

​

 

259

​

 

—

​

 

824

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

35

​

 

2,265

​

 

316

​

 

—

​

 

279

​

 

—

​

 

47

​

 

2,942

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture real estate

​

$

13,839

​

$

39,909

​

$

45,167

​

$

55,583

​

$

47,977

​

$

18,781

​

$

18,531

​

$

239,787

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

31,499

​

$

100,314

​

$

56,216

​

$

40,472

​

$

41,221

​

$

9,206

​

$

173,034

​

$

451,962

Watch

​

 

1,906

​

 

201

​

 

257

​

 

43

​

 

8

​

 

209

​

 

286

​

 

2,910

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

201

​

 

259

​

 

859

​

 

—

​

 

752

​

 

75

​

 

2,146

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Commercial and industrial

​

$

33,405

​

$

100,716

​

$

56,732

​

$

41,374

​

$

41,229

​

$

10,167

​

$

173,395

​

$

457,018

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture production

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

13,323

​

$

37,828

​

$

10,533

​

$

3,926

​

$

5,851

​

$

2,114

​

$

126,123

​

$

199,698

Watch

​

 

128

​

 

68

​

 

2

​

 

3

​

 

—

​

 

—

​

 

217

​

 

418

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

42

​

 

—

​

 

5

​

 

9

​

 

17

​

 

26

​

 

—

​

 

99

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture production

​

$

13,493

​

$

37,896

​

$

10,540

​

$

3,938

​

$

5,868

​

$

2,140

​

$

126,340

​

$

200,215

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

12,468

​

$

21,875

​

$

14,664

​

$

5,448

​

$

1,785

​

$

361

​

$

2,032

​

$

58,633

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

34

​

 

52

​

 

12

​

 

4

​

 

—

​

 

—

​

 

102

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Consumer

​

$

12,468

​

$

21,909

​

$

14,716

​

$

5,460

​

$

1,789

​

$

361

​

$

2,032

​

$

58,735

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All other loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

4

​

$

1,128

​

$

597

​

$

82

​

$

214

​

$

1,674

​

$

—

​

$

3,699

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total All other loans

​

$

4

​

$

1,128

​

$

597

​

$

82

​

$

214

​

$

1,674

​

$

—

​

$

3,699

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

244,732

​

$

638,504

​

$

924,352

​

$

778,605

​

$

494,554

​

$

348,860

​

$

448,923

​

$

3,878,530

Watch

​

 

12,701

​

 

2,441

​

 

20,536

​

 

1,974

​

 

2,059

​

 

7,042

​

 

1,022

​

 

47,775

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

1,037

​

 

7,737

​

 

1,330

​

 

27,204

​

 

476

​

 

1,953

​

 

694

​

 

40,431

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

258,470

​

$

648,682

​

$

946,218

​

$

807,783

​

$

497,089

​

$

357,855

​

$

450,639

​

$

3,966,736

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving

​

​

​

(dollars in thousands)

    

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

    

loans

    

Total

1-4 residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass

​

$

167,734

​

$

157,530

​

$

195,002

​

$

142,721

​

$

66,292

​

$

92,728

​

$

99,365

​

$

921,372

Watch

​

 

877

​

 

289

​

 

87

​

 

396

​

 

98

​

 

23

​

 

—

​

 

1,770

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

686

​

 

797

​

 

243

​

 

183

​

 

30

​

 

294

​

 

22

​

 

2,255

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total 1-4 residential real estate

​

$

169,297

​

$

158,616

​

$

195,332

​

$

143,300

​

$

66,420

​

$

93,045

​

$

99,387

​

$

925,397

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

120,914

​

$

232,802

​

$

294,138

​

$

102,380

​

$

33,691

​

$

55,190

​

$

6,470

​

$

845,585

Watch

​

 

4,658

​

 

16,232

​

 

209

​

 

1,513

​

 

4,443

​

 

1,404

​

 

—

​

 

28,459

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

43

​

 

25,683

​

 

—

​

 

—

​

 

—

​

 

—

​

 

25,726

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Non-owner occupied commercial real estate

​

$

125,572

​

$

249,077

​

$

320,030

​

$

103,893

​

$

38,134

​

$

56,594

​

$

6,470

​

$

899,770

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner occupied commercial real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

63,251

​

$

98,776

​

$

89,361

​

$

86,975

​

$

25,664

​

$

26,124

​

$

20,147

​

$

410,298

Watch

​

 

1,252

​

 

6,492

​

 

1,178

​

 

154

​

 

—

​

 

1,181

​

 

520

​

 

10,777

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

3,233

​

 

—

​

 

2,199

​

 

—

​

 

—

​

 

428

​

 

541

​

 

6,401

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Owner occupied commercial real estate

​

$

67,736

​

$

105,268

​

$

92,738

​

$

87,129

​

$

25,664

​

$

27,733

​

$

21,208

​

$

427,476

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-family real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

36,518

​

$

157,471

​

$

86,171

​

$

77,545

​

$

21,438

​

$

5,341

​

$

80

​

$

384,564

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Multi-family real estate

​

$

36,518

​

$

157,471

​

$

86,171

​

$

77,545

​

$

21,438

​

$

5,341

​

$

80

​

$

384,564

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

104,162

​

$

143,538

​

$

27,524

​

$

4,379

​

$

3,887

​

$

679

​

$

1,518

​

$

285,687

Watch

​

 

652

​

 

2,906

​

 

131

​

 

—

​

 

—

​

 

—

​

 

—

​

 

3,689

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

1,129

​

 

36

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,165

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Construction and land development

​

$

105,943

​

$

146,480

​

$

27,655

​

$

4,379

​

$

3,887

​

$

679

​

$

1,518

​

$

290,541

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture real estate

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

39,491

​

$

46,387

​

$

56,407

​

$

49,334

​

$

9,947

​

$

9,238

​

$

18,003

​

$

228,807

Watch

​

 

281

​

 

100

​

 

197

​

 

—

​

 

259

​

 

—

​

 

—

​

 

837

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

2,265

​

 

281

​

 

—

​

 

283

​

 

—

​

 

—

​

 

47

​

 

2,876

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture real estate

​

$

42,037

​

$

46,768

​

$

56,604

​

$

49,617

​

$

10,206

​

$

9,238

​

$

18,050

​

$

232,520

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

116,173

​

$

60,404

​

$

43,205

​

$

43,879

​

$

3,145

​

$

4,863

​

$

174,181

​

$

445,850

Watch

​

 

1,031

​

 

250

​

 

43

​

 

—

​

 

—

​

 

228

​

 

404

​

 

1,956

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

272

​

 

275

​

 

859

​

 

—

​

 

116

​

 

769

​

 

50

​

 

2,341

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Commercial and industrial

​

$

117,476

​

$

60,929

​

$

44,107

​

$

43,879

​

$

3,261

​

$

5,860

​

$

174,635

​

$

450,147

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Agriculture production

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

40,980

​

$

11,288

​

$

4,115

​

$

6,159

​

$

1,965

​

$

229

​

$

110,396

​

$

175,132

Watch

​

 

170

​

 

37

​

 

204

​

 

—

​

 

—

​

 

127

​

 

217

​

 

755

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

5

​

 

23

​

 

9

​

 

17

​

 

—

​

 

27

​

 

—

​

 

81

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Agriculture production

​

$

41,155

​

$

11,348

​

$

4,328

​

$

6,176

​

$

1,965

​

$

383

​

$

110,613

​

$

175,968

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

30,317

​

$

17,318

​

$

6,547

​

$

2,268

​

$

467

​

$

54

​

$

2,683

​

$

59,654

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

3

​

 

11

​

 

3

​

 

—

​

 

—

​

 

—

​

 

17

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total Consumer

​

$

30,317

​

$

17,321

​

$

6,558

​

$

2,271

​

$

467

​

$

54

​

$

2,683

​

$

59,671

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

All other loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

1,139

​

$

644

​

$

122

​

$

217

​

$

43

​

$

1,816

​

$

—

​

$

3,981

Watch

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total All other loans

​

$

1,139

​

$

644

​

$

122

​

$

217

​

$

43

​

$

1,816

​

$

—

​

$

3,981

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loans

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Pass

​

$

720,679

​

$

926,158

​

$

802,592

​

$

515,857

​

$

166,539

​

$

196,262

​

$

432,843

​

$

3,760,930

Watch

​

 

8,921

​

 

26,306

​

 

2,049

​

 

2,063

​

 

4,800

​

 

2,963

​

 

1,141

​

 

48,243

Special Mention

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Substandard

​

 

7,590

​

 

1,458

​

 

29,004

​

 

486

​

 

146

​

 

1,518

​

 

660

​

 

40,862

Doubtful

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Total

​

$

737,190

​

$

953,922

​

$

833,645

​

$

518,406

​

$

171,485

​

$

200,743

​

$

434,644

​

$

3,850,035
Schedule of company's loan portfolio aging analysis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

​

​

​

​

​

​

Greater Than

​

​

​

​

​

​

​

​

​

​

Greater Than 90

​

​

30-59 Days

​

60-89 Days

​

90 Days

​

Total

​

​

​

​

Total Loans

​

Days Past Due

(dollars in thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

    

and Accruing

1-4 residential real estate

​

$

1,688

​

$

3,196

​

$

1,713

​

$

6,597

​

$

936,319

​

$

942,916

​

$

—

Non-owner occupied commercial real estate

​

 

106

​

 

—

​

 

—

​

 

106

​

 

903,572

​

 

903,678

​

 

—

Owner occupied commercial real estate

​

 

135

​

 

—

​

 

1,173

​

 

1,308

​

 

436,722

​

 

438,030

​

 

—

Multi-family real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

371,177

​

 

371,177

​

 

—

Construction and land development

​

 

176

​

 

—

​

 

187

​

 

363

​

 

351,118

​

 

351,481

​

 

—

Agriculture real estate

​

 

27

​

 

—

​

 

1,859

​

 

1,886

​

 

237,901

​

 

239,787

​

 

—

Commercial and industrial

​

 

1,042

​

 

210

​

 

1,257

​

 

2,509

​

 

454,509

​

 

457,018

​

 

—

Agriculture production

​

 

—

​

 

66

​

 

26

​

 

92

​

 

200,123

​

 

200,215

​

 

—

Consumer

​

 

251

​

 

139

​

 

99

​

 

489

​

 

58,246

​

 

58,735

​

 

—

All other loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

3,699

​

 

3,699

​

 

—

Total loans

​

$

3,425

​

$

3,611

​

$

6,314

​

$

13,350

​

$

3,953,386

​

$

3,966,736

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

​

​

​

​

​

​

Greater Than

​

​

​

​

​

​

​

​

​

​

Greater Than 90

​

​

30-59 Days

​

60-89 Days

​

90 Days

​

Total

​

​

​

​

Total Loans

​

Days Past Due

(dollars in thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

    

and Accruing

1-4 residential real estate

​

$

890

​

$

2,087

​

$

664

​

$

3,641

​

$

921,756

​

$

925,397

​

$

—

Non-owner occupied commercial real estate

​

 

107

​

 

—

​

 

—

​

 

107

​

 

899,663

​

 

899,770

​

 

—

Owner occupied commercial real estate

​

 

305

​

 

—

​

 

1,060

​

 

1,365

​

 

426,111

​

 

427,476

​

 

—

Multi-family real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

384,564

​

 

384,564

​

 

—

Construction and land development

​

 

251

​

 

377

​

 

—

​

 

628

​

 

289,913

​

 

290,541

​

 

—

Agriculture real estate

​

 

573

​

 

—

​

 

35

​

 

608

​

 

231,912

​

 

232,520

​

 

—

Commercial and industrial

​

 

641

​

 

83

​

 

1,335

​

 

2,059

​

 

448,088

​

 

450,147

​

 

—

Agriculture production

​

 

50

​

 

—

​

 

344

​

 

394

​

 

175,574

​

 

175,968

​

 

—

Consumer

​

 

311

​

 

74

​

 

14

​

 

399

​

 

59,272

​

 

59,671

​

 

—

All other loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

3,981

​

 

3,981

​

 

—

Total loans

​

$

3,128

​

$

2,621

​

$

3,452

​

$

9,201

​

$

3,840,834

​

$

3,850,035

​

$

—
Schedule of company's collateral dependent loans and related ACL

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance on

(dollars in thousands)

​

Commercial

​

Residential

​

Construction and

​

​

​

​

​

Collateral

September 30, 2024

​

Real Estate

​

Real Estate

​

Land Development

​

Other

​

Total

​

Dependent Loans

​

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

1-4 residential real estate

 

$

—

​

$

790

​

$

—

​

$

—

​

$

790

​

$

108

Non-owner occupied commercial real estate

​

​

23,204

​

​

—

​

​

—

​

​

—

​

​

23,204

​

​

12,079

Owner occupied commercial real estate

​

​

500

​

​

—

​

​

—

​

​

—

​

​

500

​

​

164

Construction and land development

​

​

—

​

​

—

​

​

1,161

​

​

—

​

​

1,161

​

​

161

Commercial and industrial

​

​

—

​

​

—

​

​

—

​

​

1,671

​

​

1,671

​

​

614

Total loans

​

$

23,704

​

$

790

​

$

1,161

​

$

1,671

​

$

27,326

​

$

13,126

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance on

(dollars in thousands)

​

Commercial

​

Residential

​

Construction and

​

​

​

​

​

Collateral

June 30, 2024

​

Real Estate

​

Real Estate

​

Land Development

​

Other

​

Total

​

Dependent Loans

​

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

 

​

  

1-4 residential real estate

 

$

—

​

$

797

​

$

—

​

$

—

​

$

797

​

$

116

Non-owner occupied commercial real estate

​

​

23,457

​

​

—

​

​

—

​

​

—

​

​

23,457

​

​

10,175

Commercial and industrial

​

​

—

​

​

—

​

​

—

​

​

2,705

​

​

2,705

​

​

635

Total loans

​

$

23,457

​

$

797

​

$

—

​

$

2,705

​

$

26,959

​

$

10,926

​
Schedule of company's nonaccrual loans

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

(dollars in thousands)

​

September 30, 2024

​

June 30, 2024

1-4 residential real estate

​

$

2,502

​

$

1,391

Owner occupied commercial real estate

​

 

1,326

​

 

1,102

Construction and land development

​

 

250

​

 

108

Agriculture real estate

​

 

1,940

​

 

1,896

Commercial and industrial

​

 

1,673

​

 

1,703

Agriculture production

​

 

412

​

 

461

Consumer

​

 

103

​

 

19

Total loans

​

$

8,206

​

$

6,680
v3.24.3
Premises and Equipment (Tables)
 3 Months Ended
Sep. 30, 2024
Premises and Equipment  
Schedule of summary of premises and equipment

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

​

Land

​

$

15,376

​

$

15,376

​

Buildings and improvements

​

 

84,853

​

 

84,474

​

Construction in progress

​

 

1,214

​

 

829

​

Furniture, fixtures, equipment and software

​

 

27,924

​

 

27,850

​

Automobiles

​

 

112

​

 

112

​

Operating leases ROU asset

​

 

7,048

​

 

6,669

​

​

​

 

136,527

​

 

135,310

​

Less accumulated depreciation

​

 

40,440

​

 

39,358

​

​

​

$

96,087

​

$

95,952

​
Schedule of calculated amount of right of use assets and lease liabilities

​

​

​

​

​

​

​

​

​

    

September 30, 2024

    

June 30, 2024

Consolidated Balance Sheet

 

​

  

 

​

  

Operating leases ROU asset

​

$

7,048

​

$

6,669

Operating leases liability

​

$

7,048

​

$

6,669

​

​

​

​

​

​

​

​

​

​

​

    

For the three-month periods ended

​

    

September 30, 

(dollars in thousands)

    

2024

    

2023

Consolidated Statement of Income

 

​

  

 

​

  

Operating lease costs classified as occupancy and equipment expense

​

$

298

​

$

280

(includes short-term lease costs)

​

 

  

​

 

  

​

​

​

​

​

​

​

Supplemental disclosures of cash flow information

​

 

  

​

 

  

Cash paid for amounts included in the measurement of lease liabilities:

​

 

  

​

 

  

Operating cash flows from operating leases

​

$

206

​

$

187

ROU assets obtained in exchange for operating lease obligations:

​

$

—

​

$

2,445

​
Schedule of Future Minimum Rental Payments for Operating Leases

​

​

​

​

​

(dollars in thousands)

    

  

​

2025

​

$

596

2026

​

 

720

2027

​

 

714

2028

​

 

729

2029

​

 

748

Thereafter

​

 

8,298

Future lease payments expected

​

$

11,805
v3.24.3
Deposits (Tables)
 3 Months Ended
Sep. 30, 2024
Deposits  
Schedule of deposits

​

​

​

​

​

​

​

​

​

​

    

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

    

Non-interest bearing accounts

​

$

503,209

​

$

514,107

​

NOW accounts

​

 

1,128,917

​

 

1,239,663

​

Money market deposit accounts

​

 

332,310

​

 

336,799

​

Savings accounts

​

 

556,030

​

 

517,084

​

Certificates

​

​

1,519,676

​

​

1,335,406

​

Total Deposit Accounts

​

$

4,040,142

​

$

3,943,059

​
v3.24.3
Repurchase Agreements (Tables)
 3 Months Ended
Sep. 30, 2024
Repurchase Agreements  
Schedule of repurchase agreements

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

June 30, 

 

(dollars in thousands)

​

2024

​

2024

 

Period-end balance

​

$

15,000

​

$

9,398

​

Average balance during the period

​

 

12,321

​

 

9,398

​

Maximum month-end balance during the period

​

 

15,000

​

 

9,398

​

Average interest during the period

​

 

5.19

%

 

5.39

%

Period-end interest rate

​

 

3.95

%

 

5.39

%
Schedule of collateral pledged by class for repurchase agreements

​

​

​

​

​

​

​

​

​

​

September 30, 

​

June 30, 

(dollars in thousands)

​

2024

​

2024

Mortgage-backed securities (MBS)

​

$

15,867

​

$

9,981

​
v3.24.3
Earnings Per Share (Tables)
 3 Months Ended
Sep. 30, 2024
Earnings Per Share  
Schedule of earnings per share, basic and diluted

​

​

​

​

​

​

​

​

​

​

 

Three months ended

​

​

 

September 30, 

​

(dollars in thousands except per share data)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

12,458

​

$

13,151

​

Less: distributed earnings allocated to participating securities

​

 

(13)

​

 

(10)

​

Less: undistributed earnings allocated to participating securities

​

 

(49)

​

 

(47)

​

Net income available to common shareholders

​

$ 

12,396

​

$ 

13,094

​

​

​

​

​

​

​

​

​

Denominator for basic earnings per share -

​

​

​

​

​

​

​

Weighted-average shares outstanding

​

 

11,220,766

​

 

11,286,012

​

Effect of dilutive securities stock options or awards

​

 

19,241

​

 

11,803

​

Denominator for diluted earnings per share

​

​

11,240,007

​

​

11,297,815

​

​

​

​

​

​

​

​

​

Basic earnings per share available to common stockholders

​

$

1.10

​

$

1.16

​

Diluted earnings per share available to common stockholders

​

$

1.10

​

$

1.16

​
v3.24.3
Income Taxes (Tables)
 3 Months Ended
Sep. 30, 2024
Income Taxes  
Schedule of income tax provision

​

​

​

​

​

​

​

​

​

    

For the three-month periods ended

(dollars in thousands)

​

September 30, 2024

​

September 30, 2023

Income taxes

 

​

  

 

​

  

Current

​

$

3,377

​

$

3,487

Deferred

​

 

—

​

 

—

Total income tax provision

​

$

3,377

​

$

3,487
Schedule of components of net deferred tax assets

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2024

    

June 30, 2024

Deferred tax assets:

 

​

  

 

​

  

Provision for losses on loans

​

$

12,640

​

$

12,159

Accrued compensation and benefits

​

 

823

​

 

1,063

NOL carry forwards acquired

​

 

29

​

 

30

Low income housing tax credit carry forward

​

 

297

​

 

396

Unrealized loss on other real estate

​

 

954

​

 

949

Unrealized loss on available for sale securities

​

​

2,972

​

​

4,915

Total deferred tax assets

​

 

17,715

​

 

19,512

​

​

​

​

​

​

​

Deferred tax liabilities:

​

 

​

​

 

​

Purchase accounting adjustments

​

 

2,473

​

 

2,452

Depreciation

​

 

4,288

​

 

4,519

FHLB stock dividends

​

 

120

​

 

120

Prepaid expenses

​

 

552

​

 

705

Other

​

 

1,038

​

 

529

Total deferred tax liabilities

​

 

8,471

​

 

8,325

Net deferred tax asset

​

$

9,244

​

$

11,187
Schedule of reconciliation of income tax expense at the statutory rate

​

​

​

​

​

​

​

​

​

    

For the three-month periods ended

(dollars in thousands)

​

September 30, 2024

​

September 30, 2023

Tax at statutory rate

​

$

3,325

​

$

3,494

Increase (reduction) in taxes resulting from:

​

 

​

​

 

​

Nontaxable municipal income

​

 

(106)

​

 

(108)

State tax, net of Federal benefit

​

 

85

​

 

164

Cash surrender value of Bank-owned life insurance

​

 

(109)

​

 

(96)

Tax credit benefits

​

 

(24)

​

 

(3)

Other, net

​

 

206

​

 

36

Actual provision

​

$

3,377

​

$

3,487
v3.24.3
Fair Value Measurements (Tables)
 3 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Schedule of fair value assets measured on recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

Active Markets for

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

28,430

​

$

—

​

$

28,430

​

$

—

Corporate obligations

​

​

31,790

​

​

—

​

​

31,790

​

​

—

Asset backed securities

​

​

47,340

​

​

—

​

​

47,340

​

​

—

Other securities

​

 

5,161

​

 

—

​

 

5,161

​

 

—

MBS and CMOs

​

 

307,488

​

 

—

​

 

307,488

​

 

—

Mortgage servicing rights

​

​

2,419

​

​

—

​

​

—

​

​

2,419

Derivative financial instruments

​

​

1,320

​

​

—

​

​

1,320

​

​

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial instruments

​

​

1,294

​

​

—

​

​

1,294

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at June 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

​

Active Markets for 

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Obligations of state and political subdivisions

​

$

27,753

​

$

—

​

$

27,753

​

$

—

Corporate obligations

​

​

31,277

​

​

—

​

​

31,277

​

​

—

Asset backed securities

​

​

58,679

​

​

—

​

​

58,679

​

​

—

Other securities

​

 

5,333

​

 

—

​

 

5,333

​

 

—

MBS and CMOs

​

​

304,861

​

​

—

​

​

304,861

​

​

—

Mortgage servicing rights

​

​

2,448

​

​

​

​

​

​

​

​

2,448

Derivative financial instruments

​

​

20

​

​

—

​

​

20

​

​

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Derivative financial instruments

​

 

15

​

 

—

​

 

15

​

 

—
Schedule of fair value of nonrecurring measurements

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at September 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

​

Active Markets for

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Foreclosed and repossessed assets held for sale

​

$

736

​

$

—

​

$

—

​

$

736

Collateral dependent loans

​

​

11,770

​

​

—

​

​

—

​

​

11,770

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at June 30, 2024, Using:

​

​

​

​

​

Quoted Prices in

​

​

​

​

​

​

​

​

​

​

​

Active Markets for

​

Significant Other

​

Significant

​

​

​

​

​

Identical Assets

​

Observable Inputs

​

Unobservable Inputs

(dollars in thousands)

    

Fair Value

    

(Level 1)

    

(Level 2)

    

(Level 3)

Foreclosed and repossessed assets held for sale

​

$

759

​

$

—

​

$

—

​

$

759

Collateral dependent loans

​

​

12,994

​

​

—

​

​

—

​

​

12,994
Schedule of losses recognized on assets measured on a nonrecurring basis

​

​

​

​

​

​

​

​

​

​

    

For the three months ended

​

(dollars in thousands)

​

September 30, 2024

​

September 30, 2023

​

Foreclosed and repossessed assets held for sale

​

$

23

​

$

—

​

Total losses on assets measured on a non-recurring basis

​

$

23

​

$

—

​
Fair Value Option, Disclosures [Table Text Block]

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

    

​

    

Range

    

​

 

​

​

Fair value at

​

Valuation

​

Unobservable

​

of

​

Weighted-average

 

(dollars in thousands)

​

September 30, 2024

​

technique

​

inputs

​

inputs applied

​

inputs applied

 

Nonrecurring Measurements

 

​

  

 

  

 

  

 

  

 

  

​

Foreclosed and repossessed assets

​

$

736

 

Third party appraisal

 

Marketability discount

 

20.4 -20.4

%  

20.4

%

Collateral dependent loans

​

​

11,770

 

Collateral value

 

Marketability discount

 

13.8 -54.8

%  

33.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

​

    

​

    

Range

    

​

 

​

​

Fair value at

​

Valuation

​

Unobservable

​

of

​

Weighted-average

 

(dollars in thousands)

​

June 30, 2024

​

technique

​

inputs

​

inputs applied

​

inputs applied

 

Nonrecurring Measurements

 

​

  

 

  

 

  

 

  

 

  

​

Foreclosed and repossessed assets

​

$

759

 

Third party appraisal

 

Marketability discount

 

17.9 - 44.9

%  

20.3

%

Collateral dependent loans

​

​

12,994

 

Collateral value

 

Marketability discount

 

14.5 - 52.3

%  

43.7

%
Schedule of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

​

in Active

​

​

​

​

Significant

​

​

​

​

​

Markets for

​

Significant Other

​

Unobservable

​

​

Carrying

​

Identical Assets

​

Observable Inputs

​

Inputs

(dollars in thousands)

    

Amount

    

(Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

75,347

​

$

75,347

​

$

—

​

$

—

Interest-bearing time deposits

​

 

244

​

 

—

​

 

244

​

 

—

Stock in FHLB

​

 

8,972

​

 

—

​

 

8,972

​

 

—

Stock in Federal Reserve Bank of St. Louis

​

 

9,092

​

 

—

​

 

9,092

​

 

—

Loans receivable, net

​

 

3,912,081

​

 

—

​

 

—

​

 

3,848,447

Accrued interest receivable

​

 

28,949

​

 

—

​

 

28,949

​

 

—

Mortgage servicing assets

​

​

2,419

​

​

​

​

​

​

​

​

2,419

Derivative financial instruments

​

​

1,320

​

 

—

​

 

1,320

​

 

—

Financial liabilities

​

 

​

​

 

​

​

 

​

​

 

​

Deposits

​

 

4,040,142

​

 

2,520,687

​

 

—

​

 

1,523,471

Securities sold under agreements to repurchase

​

​

15,000

​

​

—

​

​

15,000

​

​

—

Advances from FHLB

​

 

107,069

​

 

—

​

 

107,124

​

 

—

Accrued interest payable

​

 

11,668

​

 

—

​

 

11,668

​

 

—

Subordinated debt

​

 

23,169

​

 

—

​

 

—

​

 

20,881

Derivative financial instruments

​

​

1,294

​

 

—

​

 

1,294

​

 

—

Unrecognized financial instruments (net of contract amount)

​

 

​

​

 

​

​

 

​

​

 

​

Commitments to originate loans

​

 

—

​

 

—

​

 

—

​

 

—

Letters of credit

​

 

—

​

 

—

​

 

—

​

 

—

Lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

​

​

​

Quoted Prices

​

​

​

​

​

​

​

​

​

​

​

in Active

​

​

​

​

Significant

​

​

​

​

​

Markets for

​

Significant Other

​

Unobservable

​

​

Carrying

​

Identical Assets

​

Observable Inputs

​

Inputs

(dollars in thousands)

    

Amount

    

(Level 1)

    

(Level 2)

    

(Level 3)

Financial assets

 

​

  

 

​

  

 

​

  

 

​

  

Cash and cash equivalents

​

$

60,904

​

$

60,904

​

$

—

​

$

—

Interest-bearing time deposits

​

 

491

​

 

—

​

 

491

​

 

—

Stock in FHLB

​

 

8,713

​

 

—

​

 

8,713

​

 

—

Stock in Federal Reserve Bank of St. Louis

​

 

9,089

​

 

—

​

 

9,089

​

 

—

Loans receivable, net

​

 

3,797,287

​

 

—

​

 

—

​

 

3,639,657

Accrued interest receivable

​

 

23,826

​

 

—

​

 

23,826

​

 

—

Mortgage servicing assets

​

 

2,448

​

​

—

​

 

—

​

 

2,448

Derivative financial instruments

​

 

20

​

 

—

​

 

20

​

 

—

Financial liabilities

​

 

​

​

 

​

​

 

​

​

 

​

Deposits

​

 

3,943,059

​

 

2,607,653

​

 

—

​

 

1,338,215

Securities sold under agreements to repurchase

​

​

9,398

​

​

—

​

 

9,398

​

 

—

Advances from FHLB

​

 

102,050

​

 

—

​

 

100,468

​

 

—

Accrued interest payable

​

​

12,868

​

 

—

​

 

12,868

​

 

—

Subordinated debt

​

​

23,156

​

​

—

​

 

—

​

 

20,576

Derivative financial instruments

​

​

15

​

​

—

​

 

15

​

 

—

Unrecognized financial instruments (net of contract amount)

​

​

​

​

​

​

​

 

​

​

 

​

Commitments to originate loans

​

​

—

​

 

—

​

 

—

​

 

—

Letters of credit

​

 

—

​

​

—

​

​

—

​

​

—

Lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.24.3
Derivative Financial Instruments (Tables)
 3 Months Ended
Sep. 30, 2024
Derivative Financial Instruments  
Notional amounts and estimated fair values of interest rate swaps

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

​

​

 

Fair Value

​

 

​

Notional

 

Other

 

Other

(dollars in thousands)

    

​

Amount

    

Assets

    

Liabilities

​

​

​

​

​

​

​

​

​

​

1-4 Family interest rate swaps

​

$

50,000

​

$

1,320

​

$

1,294

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

​

​

 

Fair Value

​

 

​

Notional

 

Other

 

Other

(dollars in thousands)

    

​

Amount

    

Assets

    

Liabilities

​

​

​

​

​

​

​

​

​

​

1-4 Family interest rate swaps

​

$

40,000

​

$

20

​

$

15
Carrying amount of the hedged assets, located in loans receivable, net

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

 

Carrying

 

Cumulative Amount of Fair Value

​

 

Amount of

 

Hedging Adj Included in

(dollars in thousands)

    

Hedged Assets

    

Carrying Amount of Hedged assets

1-4 Family interest rate swaps

​

$

532,785

​

$

26

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

 

Carrying

 

Cumulative Amount of Fair Value

​

 

Amount of

 

Hedging Adj Included in

(dollars in thousands)

    

Hedged Assets

    

Carrying Amount of Hedged assets

1-4 Family interest rate swaps

​

$

553,307

​

$

5
v3.24.3
Business Combinations (Tables)
 3 Months Ended
Sep. 30, 2024
Schedule of unaudited pro forma

​

​
Citizens  
Schedule of purchase price

​

​

​

​

​

Citizens Bancshares Company

​

​

​

Fair Value of Consideration Transferred

​

​

(dollars in thousands)

​

​

Cash

​

$

34,889

Common stock, at fair value

​

​

98,280

Total consideration

​

$

133,169

​

    

​

​

Recognized amounts of identifiable assets acquired and liabilities assumed

 

​

​

​

​

 

​

Cash and cash equivalents

​

$

243,225

Investment securities

​

 

226,497

Loans

​

 

447,388

Premises and equipment

​

 

23,430

BOLI

​

 

21,733

Identifiable intangible assets

​

 

24,645

Miscellaneous other assets

​

 

9,366

​

​

 

​

Deposits

​

 

(851,140)

Securities sold under agreements to repurchase

​

 

(27,629)

Miscellaneous other liabilities

​

​

(7,784)

Total identifiable net assets

​

​

109,731

Goodwill

​

$

23,438
v3.24.3
Basis of Presentation - Correction of an Immaterial Error in Prior Period Financial Statements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Error Correction, Previously Immaterial [true false] false    
Liabilities and Stockholders' Equity      
Deposits $ 4,040,142   $ 3,943,059
Securities Sold under Agreements to Repurchase 15,000   9,398
Interest Expense      
Deposits 28,796 $ 20,368  
Securities sold under agreements to repurchase 160 72  
Financial liabilities      
Deposits 4,040,142   3,943,059
Securities sold under agreements to repurchase 15,000   9,398
Fair Value, Inputs, Level 2      
Financial liabilities      
Securities sold under agreements to repurchase $ 15,000   9,398
Previously Reported [Member]      
Liabilities and Stockholders' Equity      
Deposits     3,952,457
Interest Expense      
Deposits   20,440  
Securities sold under agreements to repurchase   0  
Financial liabilities      
Deposits     3,952,457
Securities sold under agreements to repurchase     0
Previously Reported [Member] | Fair Value, Inputs, Level 2      
Financial liabilities      
Securities sold under agreements to repurchase     0
Revision of Prior Period, Adjustment [Member]      
Liabilities and Stockholders' Equity      
Deposits     (9,398)
Securities Sold under Agreements to Repurchase     9,398
Interest Expense      
Deposits   (72)  
Securities sold under agreements to repurchase   $ 72  
Financial liabilities      
Deposits     (9,398)
Securities sold under agreements to repurchase     9,398
Revision of Prior Period, Adjustment [Member] | Fair Value, Inputs, Level 2      
Financial liabilities      
Securities sold under agreements to repurchase     $ 9,398
v3.24.3
Organization and Summary of Significant Accounting Policies - Organization (Details)
$ in Billions
 3 Months Ended
Sep. 30, 2024
USD ($)
Organization and Summary of Significant Accounting Policies  
Assets of the REIT $ 1.3
Non-Employee directors' retirement, payments in equal annual installments, period 5 years
v3.24.3
Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Cash and Cash Equivalents [Line Items]    
Term of interest bearing deposits 3 years  
Interest-bearing deposits in other depository institutions    
Cash and Cash Equivalents [Line Items]    
Cash $ 20.4 $ 7.7
Deposits are held in various commercial banks    
Cash and Cash Equivalents [Line Items]    
Cash $ 1.8 $ 2.3
v3.24.3
Organization and Summary of Significant Accounting Policies - Loans (Details)
 3 Months Ended
Sep. 30, 2024
item
Organization and Summary of Significant Accounting Policies  
Number of loan portfolio pools 24
v3.24.3
Organization and Summary of Significant Accounting Policies - Premises and Equipment (Details)
Sep. 30, 2024
Software  
Property, Plant and Equipment [Line Items]  
Estimated lives (in years) 3 years
Minimum | Premises  
Property, Plant and Equipment [Line Items]  
Estimated lives (in years) 7 years
Minimum | Equipment  
Property, Plant and Equipment [Line Items]  
Estimated lives (in years) 3 years
Maximum | Premises  
Property, Plant and Equipment [Line Items]  
Estimated lives (in years) 40 years
Maximum | Equipment  
Property, Plant and Equipment [Line Items]  
Estimated lives (in years) 7 years
v3.24.3
Organization and Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Impairment loss on goodwill $ 0.0 $ 0.0
Core deposit intangible assets, amortization method using the straight line method  
Impairment of intangible assets $ 0.0 0.0
Core Deposits    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 39.1 39.1
Intangibles assets, accumulated amortization 18.9 17.8
Remainder of fiscal 2025 2.6  
2026 3.0  
2027 2.7  
2028 2.7  
2029 2.6  
Thereafter 8.8  
Other identifiable intangibles    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 6.4 6.4
Intangibles assets, accumulated amortization 4.3 4.2
Mortgage and SBA servicing rights    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, net $ 3.0 $ 3.0
Minimum | Core Deposits    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, amortization period 5 years  
Maximum | Core Deposits    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, amortization period 10 years  
v3.24.3
Organization and Summary of Significant Accounting Policies - Wealth Management Assets and Fees (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Organization and Summary of Significant Accounting Policies    
Fiduciary assets $ 113.1 $ 100.9
Investment management assets $ 516.9 $ 474.7
v3.24.3
Available for Sale Securities - Amortized cost, gross unrealized gains, gross unrealized losses, ACL, and approximate fair value of securities available for sale (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost $ 433,716 $ 450,243
Gross Unrealized Gains 4,064 2,680
Gross Unrealized Losses (17,571) (25,020)
Allowance for Credit Losses 0 0
Estimated Fair Value 420,209 427,903
Obligations of states and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 29,913 29,960
Gross Unrealized Gains 44 4
Gross Unrealized Losses (1,527) (2,211)
Allowance for Credit Losses 0 0
Estimated Fair Value 28,430 27,753
Corporate obligations    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 33,036 32,998
Gross Unrealized Gains 45 60
Gross Unrealized Losses (1,291) (1,781)
Allowance for Credit Losses 0 0
Estimated Fair Value 31,790 31,277
Asset backed securities    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 46,359 57,403
Gross Unrealized Gains 1,194 1,525
Gross Unrealized Losses (213) (249)
Allowance for Credit Losses 0 0
Estimated Fair Value 47,340 58,679
Other securities    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 5,191 5,387
Gross Unrealized Gains 21 20
Gross Unrealized Losses (51) (74)
Allowance for Credit Losses 0 0
Estimated Fair Value 5,161 5,333
Debt securities    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 114,499 125,748
Gross Unrealized Gains 1,304 1,609
Gross Unrealized Losses (3,082) (4,315)
Allowance for Credit Losses 0 0
Estimated Fair Value 112,721 123,042
Residential MBS issued by governmental sponsored enterprises (GSEs)    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 111,322 110,918
Gross Unrealized Gains 1,313 692
Gross Unrealized Losses (4,756) (6,855)
Allowance for Credit Losses 0 0
Estimated Fair Value 107,879 104,755
Commercial MBS issued by GSEs    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 65,071 65,195
Gross Unrealized Gains 940 297
Gross Unrealized Losses (4,098) (5,746)
Allowance for Credit Losses 0 0
Estimated Fair Value 61,913 59,746
CMOs issued by GSEs    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 142,824 148,382
Gross Unrealized Gains 507 82
Gross Unrealized Losses (5,635) (8,104)
Allowance for Credit Losses 0 0
Estimated Fair Value 137,696 140,360
MBS and CMOs    
Debt Securities, Available-for-Sale [Line Items]    
Total AFS securities, Amortized Cost 319,217 324,495
Gross Unrealized Gains 2,760 1,071
Gross Unrealized Losses (14,489) (20,705)
Allowance for Credit Losses 0 0
Estimated Fair Value $ 307,488 $ 304,861
v3.24.3
Available for Sale Securities - Amortized Cost and Fair Value of Available-for-sale Securities, by Contractual Maturity (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Amortized Cost    
Within one year $ 1,448  
After one year but less than five years 26,918  
After five years but less than ten years 45,791  
After ten years 40,342  
Total investment securities 114,499  
Total AFS securities, Amortized Cost 433,716 $ 450,243
Estimated Fair Value    
Within one year 1,444  
After one year but less than five years 26,576  
After five years but less than ten years 44,128  
After ten years 40,573  
Total investment securities 112,721  
Total AFS securities 420,209 427,903
MBS and CMOs    
Amortized Cost    
Total AFS securities, Amortized Cost 319,217 324,495
Estimated Fair Value    
Total AFS securities $ 307,488 $ 304,861
v3.24.3
Available for Sale Securities - Investments Pledged as Collateral to Secure Public Deposits and Securities Sold Under Agreements to Repurchase (Details) - Pledged as collateral - Public deposits - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Securities pledged as collateral $ 253.6 $ 265.5
MBS    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Securities pledged as collateral 133.2 137.0
CMOs    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Securities pledged as collateral 94.0 103.5
Obligations of states and political subdivisions    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Securities pledged as collateral 22.3 20.8
Other securities    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Securities pledged as collateral $ 4.1 $ 4.3
v3.24.3
Available for Sale Securities - Gross Unrealized Losses and Fair Value, Continuous Unrealized Loss Position (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
security
Jun. 30, 2024
USD ($)
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value $ 20,717 $ 64,944
Less than 12 months, Unrealized Losses 122 690
12 months or more, Fair Value 220,597 247,960
12 months or more, Unrealized Losses 17,449 24,330
Total Fair Value 241,314 312,904
Total Unrealized Losses 17,571 25,020
Obligations of states and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 1,413 3,720
Less than 12 months, Unrealized Losses 27 38
12 months or more, Fair Value 18,156 21,762
12 months or more, Unrealized Losses 1,500 2,173
Total Fair Value 19,569 25,482
Total Unrealized Losses $ 1,527 2,211
Number of individual securities in an unrealized loss position for less than 12 months | security 4  
Number of individual securities in an unrealized loss position for more than 12 months | security 40  
Corporate obligations    
Debt Securities, Available-for-Sale [Line Items]    
12 months or more, Fair Value $ 24,835 25,295
12 months or more, Unrealized Losses 1,291 1,781
Total Fair Value 24,835 25,295
Total Unrealized Losses $ 1,291 1,781
Number of individual securities in an unrealized loss position for less than 12 months | security 1  
Number of individual securities in an unrealized loss position for more than 12 months | security 17  
Asset backed securities    
Debt Securities, Available-for-Sale [Line Items]    
12 months or more, Fair Value $ 6,157 7,234
12 months or more, Unrealized Losses 213 249
Total Fair Value 6,157 7,234
Total Unrealized Losses $ 213 249
Number of individual securities in an unrealized loss position for less than 12 months | security 0  
Number of individual securities in an unrealized loss position for more than 12 months | security 5  
Other securities    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value $ 4,235 4,404
Less than 12 months, Unrealized Losses 20 31
12 months or more, Fair Value 282 287
12 months or more, Unrealized Losses 31 43
Total Fair Value 4,517 4,691
Total Unrealized Losses 51 74
MBS and CMOs    
Debt Securities, Available-for-Sale [Line Items]    
Less than 12 months, Fair Value 15,069 56,820
Less than 12 months, Unrealized Losses 75 621
12 months or more, Fair Value 171,167 193,382
12 months or more, Unrealized Losses 14,414 20,084
Total Fair Value 186,236 250,202
Total Unrealized Losses $ 14,489 $ 20,705
Number of individual securities in an unrealized loss position for less than 12 months | security 6  
Number of individual securities in an unrealized loss position for more than 12 months | security 107  
v3.24.3
Available for Sale Securities - Other Securities Policy: Pooled Trust Preferred Securities (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Available for Sale Securities    
Credit losses recognized on investments $ 0 $ 0
v3.24.3
Loans and Allowance for Credit Losses - Classes of loans (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
loan
Jun. 30, 2024
USD ($)
loan
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) $ 3,966,736 $ 3,850,035    
Deferred loan fees, net (218) (232)    
Allowance for credit losses (54,437) (52,516) $ (49,122) $ (47,820)
Net loans $ 3,912,081 $ 3,797,287    
Number of purchased participation loans | loan 78 71    
Purchased participation loans $ 208,500 $ 178,500    
Commercial and industrial        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 457,018 450,147    
Allowance for credit losses (6,114) (6,233) (5,134) (5,235)
Agriculture production        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 200,215 175,968    
Allowance for credit losses (784) (835) (697) (782)
Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 58,735 59,671    
Allowance for credit losses (526) (578) (453) (490)
All other loans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 3,699 3,981    
Allowance for credit losses (14) (17) (16) (21)
Secured by real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 3,247,069 3,160,268    
Secured by real estate | 1-4 residential real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 942,916 925,397    
Allowance for credit losses (10,637) (10,528) (9,371) (9,474)
Secured by real estate | Commercial Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 1,600,000      
Secured by real estate | Commercial Real Estate | Non-owner occupied        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 903,678 899,770    
Allowance for credit losses (20,728) (19,055) (16,504) (13,863)
Secured by real estate | Commercial Real Estate | Owner occupied        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 438,030 427,476    
Allowance for credit losses (4,814) (4,815) (4,879) (5,168)
Secured by real estate | Multi-family real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 371,177 384,564    
Allowance for credit losses (5,118) (5,447) (6,097) (6,806)
Secured by real estate | Construction and land development        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 351,481 290,541    
Allowance for credit losses (3,675) (2,901) (3,545) (3,414)
Secured by real estate | Agriculture real estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total loans (before deferred loan fees, net) 239,787 232,520    
Allowance for credit losses $ (2,027) $ (2,107) $ (2,426) $ (2,567)
v3.24.3
Loans and Allowance for Credit Losses - Classes of loans information (Details) - USD ($)
 3 Months Ended
Jan. 20, 2023
Feb. 25, 2022
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     $ 3,966,736,000   $ 3,850,035,000
Provision for credit losses     2,159,000 $ 900,000  
Allowance for credit losses, loans     2,021,000 1,570,000  
Provision (recovery) for off balance sheet credit exposure     $ 138,000 $ (670,000)  
Net charge offs on average loans outstanding (as percentage)     0.01% 0.03%  
Citizens Bancshares Company          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for credit losses for purchased credit deteriorated (PCD) $ 1,121,000        
Fortune          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for credit losses for purchased credit deteriorated (PCD)   $ 120,000      
Commercial and industrial          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     5 years    
Total loans (before deferred loan fees, net)     $ 457,018,000   450,147,000
Allowance for credit losses, loans     (85,000) $ (100,000)  
Provision (recovery) for off balance sheet credit exposure     20,000 37,000  
Agriculture production          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     200,215,000   175,968,000
Allowance for credit losses, loans     (51,000) (85,000)  
Provision (recovery) for off balance sheet credit exposure     (3,000) (84,000)  
Consumer          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     58,735,000   59,671,000
Allowance for credit losses, loans     $ 13,000 38,000  
Provision (recovery) for off balance sheet credit exposure       1,000  
Consumer | Automobile loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Maximum percentage of appraised value or purchase price that loans cannot exceed     100.00%    
Amortization period of loans     66 months    
Consumer | Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     66 months    
Consumer | Maximum | Home Equity Loan          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     10 years    
All other loans          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     $ 3,699,000   3,981,000
Allowance for credit losses, loans     (3,000) (5,000)  
Provision (recovery) for off balance sheet credit exposure       (3,000)  
Secured by real estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     $ 3,247,069,000   3,160,268,000
Secured by real estate | 1-4 residential real estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Maximum percentage of appraised value or purchase price that loans cannot exceed     90.00%    
Total loans (before deferred loan fees, net)     $ 942,916,000   925,397,000
Allowance for credit losses, loans     157,000 (101,000)  
Provision (recovery) for off balance sheet credit exposure     $ 30,000 5,000  
Secured by real estate | 1-4 residential real estate | Home Equity Loan          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Percentage of appraised value or estimated value of property     90.00%    
Term of loan     10 years    
Secured by real estate | 1-4 residential real estate | Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Fixed-rate and adjustable-rate mortgage (ARM) loans amortization period (in years)     30 years    
Secured by real estate | Commercial Real Estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     $ 1,600,000,000    
Secured by real estate | Commercial Real Estate | Secured by properties located outside lending area          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     $ 626,300,000    
Secured by real estate | Commercial Real Estate | Non-owner occupied          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Maximum percentage of appraised value or purchase price that loans cannot exceed     80.00%    
Total loans (before deferred loan fees, net)     $ 903,678,000   899,770,000
Term of variable interest applicability on loans     7 years    
Allowance for credit losses, loans     $ 1,673,000 2,641,000  
Provision (recovery) for off balance sheet credit exposure     $ 22,000    
Secured by real estate | Commercial Real Estate | Non-owner occupied | Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     25 years    
Term of fixed interest applicability on loans     10 years    
Secured by real estate | Commercial Real Estate | Owner occupied          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Total loans (before deferred loan fees, net)     $ 438,030,000   427,476,000
Allowance for credit losses, loans     (1,000) (289,000)  
Provision (recovery) for off balance sheet credit exposure     $ (14,000) (2,000)  
Secured by real estate | Multi-family real estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Maximum percentage of appraised value or purchase price that loans cannot exceed     85.00%    
Total loans (before deferred loan fees, net)     $ 371,177,000   384,564,000
Allowance for credit losses, loans     (376,000) (612,000)  
Provision (recovery) for off balance sheet credit exposure     $ 3,000 (1,000)  
Secured by real estate | Multi-family real estate | Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     25 years    
Amortization term of ballon maturity     10 years    
Secured by real estate | Construction and land development          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     25 years    
Total loans (before deferred loan fees, net)     $ 351,481,000   290,541,000
Allowance for credit losses, loans     774,000 224,000  
Provision (recovery) for off balance sheet credit exposure     $ 88,000 (612,000)  
Secured by real estate | Construction and land development | Minimum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Maturities of single-family residential construction loans     6 months    
Maturities of multifamily or commercial construction loans     12 months    
Secured by real estate | Construction and land development | Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     30 years    
Maturities of single-family residential construction loans     12 months    
Maturities of multifamily or commercial construction loans     36 months    
Secured by real estate | Agriculture real estate          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Amortization period of loans     1 year    
Total loans (before deferred loan fees, net)     $ 239,787,000   $ 232,520,000
Agricultural real estate terms if 75% loan-to-value ratio     30 years    
Allowance for credit losses, loans     $ (80,000) (141,000)  
Provision (recovery) for off balance sheet credit exposure     $ (8,000) $ (11,000)  
Secured by real estate | Agriculture real estate | Maximum          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Agricultural real estate terms if 80% loan-to-value ratio     25 years    
v3.24.3
Loans and Allowance for Credit Losses - PCD Loans Acquired (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 20, 2023
Feb. 25, 2022
Sep. 30, 2024
Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Fair value of PCD loans at acquisition     $ 558,000 $ 560,000
Citizens Bancshares Company        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Purchase price of PCD loans at acquisition $ 27,481,000      
Allowance for credit losses at acquisition (1,121,000)      
Fair value of PCD loans at acquisition $ 26,360,000      
Fortune        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Purchase price of PCD loans at acquisition   $ 15,055,000    
Allowance for credit losses at acquisition   (120,000)    
Fair value of PCD loans at acquisition   $ 14,935,000    
v3.24.3
Loans and Allowance for Credit Losses - Balance and activity in the Allowance for credit losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Allowance for credit losses:    
Balance, beginning of period $ 52,516 $ 47,820
Provision (benefit) charged to expense 2,021 1,570
Losses charged off (159) (335)
Recoveries 59 67
Balance, end of period 54,437 49,122
Commercial and industrial    
Allowance for credit losses:    
Balance, beginning of period 6,233 5,235
Provision (benefit) charged to expense (85) (100)
Losses charged off (39) (4)
Recoveries 5 3
Balance, end of period 6,114 5,134
Agriculture production    
Allowance for credit losses:    
Balance, beginning of period 835 782
Provision (benefit) charged to expense (51) (85)
Balance, end of period 784 697
Consumer    
Allowance for credit losses:    
Balance, beginning of period 578 490
Provision (benefit) charged to expense 13 38
Losses charged off (72) (88)
Recoveries 7 13
Balance, end of period 526 453
All other loans    
Allowance for credit losses:    
Balance, beginning of period 17 21
Provision (benefit) charged to expense (3) (5)
Balance, end of period 14 16
Secured by real estate | 1-4 residential real estate    
Allowance for credit losses:    
Balance, beginning of period 10,528 9,474
Provision (benefit) charged to expense 157 (101)
Losses charged off (48) (35)
Recoveries   33
Balance, end of period 10,637 9,371
Secured by real estate | Commercial Real Estate | Non-owner occupied    
Allowance for credit losses:    
Balance, beginning of period 19,055 13,863
Provision (benefit) charged to expense 1,673 2,641
Balance, end of period 20,728 16,504
Secured by real estate | Commercial Real Estate | Owner occupied    
Allowance for credit losses:    
Balance, beginning of period 4,815 5,168
Provision (benefit) charged to expense (1) (289)
Balance, end of period 4,814 4,879
Secured by real estate | Multi-family real estate    
Allowance for credit losses:    
Balance, beginning of period 5,447 6,806
Provision (benefit) charged to expense (376) (612)
Losses charged off   (97)
Recoveries 47  
Balance, end of period 5,118 6,097
Secured by real estate | Construction and land development    
Allowance for credit losses:    
Balance, beginning of period 2,901 3,414
Provision (benefit) charged to expense 774 224
Losses charged off   (111)
Recoveries   18
Balance, end of period 3,675 3,545
Secured by real estate | Agriculture real estate    
Allowance for credit losses:    
Balance, beginning of period 2,107 2,567
Provision (benefit) charged to expense (80) (141)
Balance, end of period $ 2,027 $ 2,426
v3.24.3
Loans and Allowance for Credit Losses - Allowance for off-balance credit exposure (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period $ 3,263,000 $ 6,288,000
Provision (benefit) charged to expense 138,000 (670,000)
Balance, end of period 3,401,000 5,618,000
Commercial and industrial    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 782,000 730,000
Provision (benefit) charged to expense 20,000 37,000
Balance, end of period 802,000 767,000
Agriculture production    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 37,000 107,000
Provision (benefit) charged to expense (3,000) (84,000)
Balance, end of period 34,000 23,000
Consumer    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 12,000 16,000
Provision (benefit) charged to expense   1,000
Balance, end of period 12,000 17,000
All other loans    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period   10,000
Provision (benefit) charged to expense   (3,000)
Balance, end of period   7,000
Secured by real estate | 1-4 residential real estate    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 140,000 126,000
Provision (benefit) charged to expense 30,000 5,000
Balance, end of period 170,000 131,000
Secured by real estate | Commercial Real Estate | Non-owner occupied    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 153,000 154,000
Provision (benefit) charged to expense 22,000  
Balance, end of period 175,000 154,000
Secured by real estate | Commercial Real Estate | Owner occupied    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 136,000 182,000
Provision (benefit) charged to expense (14,000) (2,000)
Balance, end of period 122,000 180,000
Secured by real estate | Multi-family real estate    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 31,000 16,000
Provision (benefit) charged to expense 3,000 (1,000)
Balance, end of period 34,000 15,000
Secured by real estate | Construction and land development    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 1,912,000 4,897,000
Provision (benefit) charged to expense 88,000 (612,000)
Balance, end of period 2,000,000 4,285,000
Secured by real estate | Agriculture real estate    
Allowance for off-balance sheet credit exposure:    
Balance, beginning of period 60,000 50,000
Provision (benefit) charged to expense (8,000) (11,000)
Balance, end of period $ 52,000 $ 39,000
v3.24.3
Loans and Allowance for Credit Losses - Gross Charge-offs by Loan Class and Year of Origination (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
2025   $ 6
2024 $ 37 45
2023 49 26
2022 11 218
2021 3  
Prior 59 40
Financing Receivable, Allowance for Credit Loss, Writeoff, Total 159 335
Commercial and industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024   4
2023 28  
Prior 11  
Financing Receivable, Allowance for Credit Loss, Writeoff, Total 39 4
Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025   6
2024 37 41
2023 21 26
2022 11 10
2021 3  
Prior   5
Financing Receivable, Allowance for Credit Loss, Writeoff, Total 72 88
Secured by real estate | 1-4 residential real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Prior 48 35
Financing Receivable, Allowance for Credit Loss, Writeoff, Total $ 48 35
Secured by real estate | Multi-family real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022   97
Financing Receivable, Allowance for Credit Loss, Writeoff, Total   97
Secured by real estate | Construction and land development    
Financing Receivable, Credit Quality Indicator [Line Items]    
2022   111
Financing Receivable, Allowance for Credit Loss, Writeoff, Total   $ 111
v3.24.3
Loans and Allowance for Credit Losses - Credit risk profile based on rating category and year of origination (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Amount of loan relationships subject to annual credit analysis $ 3,000  
Loan relationships that are subject to independent annual review 1,000  
2025 / 2024 258,470 $ 737,190
2024 / 2023 648,682 953,922
2023 / 2022 946,218 833,645
2022 / 2021 807,783 518,406
2021 / 2020 497,089 171,485
Prior 357,855 200,743
Revolving loans 450,639 434,644
Total 3,966,736 3,850,035
Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 244,732 720,679
2024 / 2023 638,504 926,158
2023 / 2022 924,352 802,592
2022 / 2021 778,605 515,857
2021 / 2020 494,554 166,539
Prior 348,860 196,262
Revolving loans 448,923 432,843
Total 3,878,530 3,760,930
Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 12,701 8,921
2024 / 2023 2,441 26,306
2023 / 2022 20,536 2,049
2022 / 2021 1,974 2,063
2021 / 2020 2,059 4,800
Prior 7,042 2,963
Revolving loans 1,022 1,141
Total 47,775 48,243
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 1,037 7,590
2024 / 2023 7,737 1,458
2023 / 2022 1,330 29,004
2022 / 2021 27,204 486
2021 / 2020 476 146
Prior 1,953 1,518
Revolving loans 694 660
Total 40,431 40,862
Construction and land development    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 56,857  
2024 / 2023 98,819  
2023 / 2022 159,752  
2022 / 2021 27,323  
2021 / 2020 2,463  
Prior 4,473  
Revolving loans 1,794  
Total 351,481  
Construction and land development | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 51,908  
2024 / 2023 97,383  
2023 / 2022 159,720  
2022 / 2021 27,195  
2021 / 2020 2,463  
Prior 4,388  
Revolving loans 1,794  
Total 344,851  
Construction and land development | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 4,949  
2024 / 2023 275  
2022 / 2021 128  
Prior 85  
Total 5,437  
Construction and land development | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 / 2023 1,161  
2023 / 2022 32  
Total 1,193  
Agriculture real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 13,839  
2024 / 2023 39,909  
2023 / 2022 45,167  
2022 / 2021 55,583  
2021 / 2020 47,977  
Prior 18,781  
Revolving loans 18,531  
Total 239,787  
Agriculture real estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 13,804  
2024 / 2023 37,392  
2023 / 2022 44,730  
2022 / 2021 55,391  
2021 / 2020 47,698  
Prior 18,522  
Revolving loans 18,484  
Total 236,021  
Agriculture real estate | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 / 2023 252  
2023 / 2022 121  
2022 / 2021 192  
Prior 259  
Total 824  
Agriculture real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 35  
2024 / 2023 2,265  
2023 / 2022 316  
2021 / 2020 279  
Revolving loans 47  
Total 2,942  
Commercial and industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 33,405 117,476
2024 / 2023 100,716 60,929
2023 / 2022 56,732 44,107
2022 / 2021 41,374 43,879
2021 / 2020 41,229 3,261
Prior 10,167 5,860
Revolving loans 173,395 174,635
Total 457,018 450,147
Commercial and industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 31,499 116,173
2024 / 2023 100,314 60,404
2023 / 2022 56,216 43,205
2022 / 2021 40,472 43,879
2021 / 2020 41,221 3,145
Prior 9,206 4,863
Revolving loans 173,034 174,181
Total 451,962 445,850
Commercial and industrial | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 1,906 1,031
2024 / 2023 201 250
2023 / 2022 257 43
2022 / 2021 43  
2021 / 2020 8  
Prior 209 228
Revolving loans 286 404
Total 2,910 1,956
Commercial and industrial | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   272
2024 / 2023 201 275
2023 / 2022 259 859
2022 / 2021 859  
2021 / 2020   116
Prior 752 769
Revolving loans 75 50
Total 2,146 2,341
Agriculture production    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 13,493 41,155
2024 / 2023 37,896 11,348
2023 / 2022 10,540 4,328
2022 / 2021 3,938 6,176
2021 / 2020 5,868 1,965
Prior 2,140 383
Revolving loans 126,340 110,613
Total 200,215 175,968
Agriculture production | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 13,323 40,980
2024 / 2023 37,828 11,288
2023 / 2022 10,533 4,115
2022 / 2021 3,926 6,159
2021 / 2020 5,851 1,965
Prior 2,114 229
Revolving loans 126,123 110,396
Total 199,698 175,132
Agriculture production | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 128 170
2024 / 2023 68 37
2023 / 2022 2 204
2022 / 2021 3  
Prior   127
Revolving loans 217 217
Total 418 755
Agriculture production | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 42 5
2024 / 2023   23
2023 / 2022 5 9
2022 / 2021 9 17
2021 / 2020 17  
Prior 26 27
Total 99 81
Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 12,468 30,317
2024 / 2023 21,909 17,321
2023 / 2022 14,716 6,558
2022 / 2021 5,460 2,271
2021 / 2020 1,789 467
Prior 361 54
Revolving loans 2,032 2,683
Total 58,735 59,671
Consumer | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 12,468 30,317
2024 / 2023 21,875 17,318
2023 / 2022 14,664 6,547
2022 / 2021 5,448 2,268
2021 / 2020 1,785 467
Prior 361 54
Revolving loans 2,032 2,683
Total 58,633 59,654
Consumer | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 / 2023 34 3
2023 / 2022 52 11
2022 / 2021 12 3
2021 / 2020 4  
Total 102 17
All other loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 4 1,139
2024 / 2023 1,128 644
2023 / 2022 597 122
2022 / 2021 82 217
2021 / 2020 214 43
Prior 1,674 1,816
Total 3,699 3,981
All other loans | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 4 1,139
2024 / 2023 1,128 644
2023 / 2022 597 122
2022 / 2021 82 217
2021 / 2020 214 43
Prior 1,674 1,816
Total 3,699 3,981
Secured by real estate | 1-4 residential real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 60,451 169,297
2024 / 2023 154,424 158,616
2023 / 2022 149,109 195,332
2022 / 2021 186,394 143,300
2021 / 2020 139,184 66,420
Prior 153,975 93,045
Revolving loans 99,379 99,387
Total 942,916 925,397
Secured by real estate | 1-4 residential real estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 59,431 167,734
2024 / 2023 152,857 157,530
2023 / 2022 148,199 195,002
2022 / 2021 185,830 142,721
2021 / 2020 138,617 66,292
Prior 153,107 92,728
Revolving loans 99,379 99,365
Total 937,420 921,372
Secured by real estate | 1-4 residential real estate | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 60 877
2024 / 2023 809 289
2023 / 2022 287 87
2022 / 2021 238 396
2021 / 2020 391 98
Prior 118 23
Total 1,903 1,770
Secured by real estate | 1-4 residential real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 960 686
2024 / 2023 758 797
2023 / 2022 623 243
2022 / 2021 326 183
2021 / 2020 176 30
Prior 750 294
Revolving loans   22
Total 3,593 2,255
Secured by real estate | Commercial Real Estate | Non-owner occupied    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 25,332 125,572
2024 / 2023 106,297 249,077
2023 / 2022 255,902 320,030
2022 / 2021 317,471 103,893
2021 / 2020 101,497 38,134
Prior 90,001 56,594
Revolving loans 7,178 6,470
Total 903,678 899,770
Secured by real estate | Commercial Real Estate | Non-owner occupied | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 20,261 120,914
2024 / 2023 106,090 232,802
2023 / 2022 242,653 294,138
2022 / 2021 291,892 102,380
2021 / 2020 99,987 33,691
Prior 84,799 55,190
Revolving loans 7,178 6,470
Total 852,860 845,585
Secured by real estate | Commercial Real Estate | Non-owner occupied | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 5,071 4,658
2024 / 2023 207 16,232
2023 / 2022 13,206 209
2022 / 2021 206 1,513
2021 / 2020 1,510 4,443
Prior 5,202 1,404
Total 25,402 28,459
Secured by real estate | Commercial Real Estate | Non-owner occupied | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2024 / 2023   43
2023 / 2022 43 25,683
2022 / 2021 25,373  
Total 25,416 25,726
Secured by real estate | Commercial Real Estate | Owner occupied    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 26,797 67,736
2024 / 2023 62,793 105,268
2023 / 2022 97,522 92,738
2022 / 2021 88,638 87,129
2021 / 2020 83,220 25,664
Prior 57,451 27,733
Revolving loans 21,609 21,208
Total 438,030 427,476
Secured by real estate | Commercial Real Estate | Owner occupied | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 26,210 63,251
2024 / 2023 58,846 98,776
2023 / 2022 90,859 89,361
2022 / 2021 86,849 86,975
2021 / 2020 83,070 25,664
Prior 55,857 26,124
Revolving loans 20,518 20,147
Total 422,209 410,298
Secured by real estate | Commercial Real Estate | Owner occupied | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 587 1,252
2024 / 2023 629 6,492
2023 / 2022 6,663 1,178
2022 / 2021 1,164 154
2021 / 2020 150  
Prior 1,169 1,181
Revolving loans 519 520
Total 10,881 10,777
Secured by real estate | Commercial Real Estate | Owner occupied | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   3,233
2024 / 2023 3,318  
2023 / 2022   2,199
2022 / 2021 625  
Prior 425 428
Revolving loans 572 541
Total 4,940 6,401
Secured by real estate | Multi-family real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 15,824 36,518
2024 / 2023 24,791 157,471
2023 / 2022 156,181 86,171
2022 / 2021 81,520 77,545
2021 / 2020 73,648 21,438
Prior 18,832 5,341
Revolving loans 381 80
Total 371,177 384,564
Secured by real estate | Multi-family real estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024 15,824 36,518
2024 / 2023 24,791 157,471
2023 / 2022 156,181 86,171
2022 / 2021 81,520 77,545
2021 / 2020 73,648 21,438
Prior 18,832 5,341
Revolving loans 381 80
Total 371,177 384,564
Secured by real estate | Construction and land development    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   105,943
2024 / 2023   146,480
2023 / 2022   27,655
2022 / 2021   4,379
2021 / 2020   3,887
Prior   679
Revolving loans   1,518
Total 351,481 290,541
Secured by real estate | Construction and land development | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   104,162
2024 / 2023   143,538
2023 / 2022   27,524
2022 / 2021   4,379
2021 / 2020   3,887
Prior   679
Revolving loans   1,518
Total   285,687
Secured by real estate | Construction and land development | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   652
2024 / 2023   2,906
2023 / 2022   131
Total   3,689
Secured by real estate | Construction and land development | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   1,129
2024 / 2023   36
Total   1,165
Secured by real estate | Agriculture real estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   42,037
2024 / 2023   46,768
2023 / 2022   56,604
2022 / 2021   49,617
2021 / 2020   10,206
Prior   9,238
Revolving loans   18,050
Total $ 239,787 232,520
Secured by real estate | Agriculture real estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   39,491
2024 / 2023   46,387
2023 / 2022   56,407
2022 / 2021   49,334
2021 / 2020   9,947
Prior   9,238
Revolving loans   18,003
Total   228,807
Secured by real estate | Agriculture real estate | Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   281
2024 / 2023   100
2023 / 2022   197
2021 / 2020   259
Total   837
Secured by real estate | Agriculture real estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 / 2024   2,265
2024 / 2023   281
2022 / 2021   283
Revolving loans   47
Total   $ 2,876
v3.24.3
Loans and Allowance for Credit Losses - Credit risk profile based on rating and payment activity (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
PCD loans receivable, net of ACL $ 558,000 $ 560,000
Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
PCD loans receivable, net of ACL 41,900,000 40,900,000
Watch    
Financing Receivable, Credit Quality Indicator [Line Items]    
PCD loans receivable, net of ACL 8,300,000 8,400,000
Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
PCD loans receivable, net of ACL 0 0
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
PCD loans receivable, net of ACL 3,200,000 3,100,000
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
PCD loans receivable, net of ACL $ 0 $ 0
v3.24.3
Loans and Allowance for Credit Losses - Loan portfolio aging analysis (Details)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
loan
Jun. 30, 2024
USD ($)
loan
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable $ 3,966,736,000 $ 3,850,035,000
Number of PCD loans greater than 90 days past due | loan 3 1
Purchased credit-impaired loans $ 558,000 $ 560,000
Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 13,350,000 9,201,000
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 3,425,000 3,128,000
60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 3,611,000 2,621,000
Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 6,314,000 3,452,000
Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 3,953,386,000 3,840,834,000
Construction and land development    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 351,481,000  
Agriculture real estate    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 239,787,000  
Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 457,018,000 450,147,000
Commercial and industrial | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 2,509,000 2,059,000
Commercial and industrial | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,042,000 641,000
Commercial and industrial | 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 210,000 83,000
Commercial and industrial | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,257,000 1,335,000
Commercial and industrial | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 454,509,000 448,088,000
Agriculture production    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 200,215,000 175,968,000
Agriculture production | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 92,000 394,000
Agriculture production | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable   50,000
Agriculture production | 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 66,000  
Agriculture production | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 26,000 344,000
Agriculture production | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 200,123,000 175,574,000
Consumer    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 58,735,000 59,671,000
Consumer | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 489,000 399,000
Consumer | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 251,000 311,000
Consumer | 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 139,000 74,000
Consumer | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 99,000 14,000
Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 58,246,000 59,272,000
All other loans    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 3,699,000 3,981,000
All other loans | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 3,699,000 3,981,000
Secured by real estate | 1-4 residential real estate    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 942,916,000 925,397,000
Secured by real estate | 1-4 residential real estate | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 6,597,000 3,641,000
Secured by real estate | 1-4 residential real estate | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,688,000 890,000
Secured by real estate | 1-4 residential real estate | 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 3,196,000 2,087,000
Secured by real estate | 1-4 residential real estate | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,713,000 664,000
Secured by real estate | 1-4 residential real estate | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 936,319,000 921,756,000
Secured by real estate | Commercial Real Estate | Non-owner occupied    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 903,678,000 899,770,000
Secured by real estate | Commercial Real Estate | Non-owner occupied | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 106,000 107,000
Secured by real estate | Commercial Real Estate | Non-owner occupied | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 106,000 107,000
Secured by real estate | Commercial Real Estate | Non-owner occupied | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 903,572,000 899,663,000
Secured by real estate | Commercial Real Estate | Owner occupied    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 438,030,000 427,476,000
Secured by real estate | Commercial Real Estate | Owner occupied | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,308,000 1,365,000
Secured by real estate | Commercial Real Estate | Owner occupied | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 135,000 305,000
Secured by real estate | Commercial Real Estate | Owner occupied | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,173,000 1,060,000
Secured by real estate | Commercial Real Estate | Owner occupied | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 436,722,000 426,111,000
Secured by real estate | Multi-family real estate    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 371,177,000 384,564,000
Secured by real estate | Multi-family real estate | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 371,177,000 384,564,000
Secured by real estate | Construction and land development    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 351,481,000 290,541,000
Secured by real estate | Construction and land development | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 363,000 628,000
Secured by real estate | Construction and land development | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 176,000 251,000
Secured by real estate | Construction and land development | 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable   377,000
Secured by real estate | Construction and land development | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 187,000  
Secured by real estate | Construction and land development | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 351,118,000 289,913,000
Secured by real estate | Agriculture real estate    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 239,787,000 232,520,000
Secured by real estate | Agriculture real estate | Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,886,000 608,000
Secured by real estate | Agriculture real estate | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 27,000 573,000
Secured by real estate | Agriculture real estate | Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable 1,859,000 35,000
Secured by real estate | Agriculture real estate | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Receivable $ 237,901,000 $ 231,912,000
v3.24.3
Loans and Allowance for Credit Losses - Collateral dependent loans and related ACL (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable $ 3,966,736 $ 3,850,035    
Related allowance for credit losses 54,437 52,516 $ 49,122 $ 47,820
Construction and land development        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 351,481      
Agriculture real estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 239,787      
Commercial and industrial        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 457,018 450,147    
Related allowance for credit losses 6,114 6,233 5,134 5,235
Agriculture production        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 200,215 175,968    
Related allowance for credit losses 784 835 697 782
Consumer        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 58,735 59,671    
Related allowance for credit losses 526 578 453 490
All other loans        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 3,699 3,981    
Related allowance for credit losses 14 17 16 21
Secured by real estate | 1-4 residential real estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 942,916 925,397    
Related allowance for credit losses 10,637 10,528 9,371 9,474
Secured by real estate | Commercial Real Estate | Non-owner occupied        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 903,678 899,770    
Related allowance for credit losses 20,728 19,055 16,504 13,863
Secured by real estate | Commercial Real Estate | Owner occupied        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 438,030 427,476    
Related allowance for credit losses 4,814 4,815 4,879 5,168
Secured by real estate | Multi-family real estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 371,177 384,564    
Related allowance for credit losses 5,118 5,447 6,097 6,806
Secured by real estate | Construction and land development        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 351,481 290,541    
Related allowance for credit losses 3,675 2,901 3,545 3,414
Secured by real estate | Agriculture real estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 239,787 232,520    
Related allowance for credit losses 2,027 2,107 $ 2,426 $ 2,567
Commercial Real Estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 23,704 23,457    
Commercial Real Estate | Commercial Real Estate | Non-owner occupied        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 23,204 23,457    
Commercial Real Estate | Commercial Real Estate | Owner occupied        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 500      
Residential Real Estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 790 797    
Residential Real Estate | 1-4 residential real estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 790 797    
Construction and Land Development        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 1,161      
Construction and Land Development | Construction and land development        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 1,161      
Other        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 1,671 2,705    
Other | Commercial and industrial        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 1,671 2,705    
Collateral Pledged        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 27,326 26,959    
Related allowance for credit losses 13,126 10,926    
Collateral Pledged | 1-4 residential real estate        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 790 797    
Related allowance for credit losses 108 116    
Collateral Pledged | Commercial Real Estate | Non-owner occupied        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 23,204 23,457    
Related allowance for credit losses 12,079 10,175    
Collateral Pledged | Commercial Real Estate | Owner occupied        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 500      
Related allowance for credit losses 164      
Collateral Pledged | Construction and land development        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 1,161      
Related allowance for credit losses 161      
Collateral Pledged | Commercial and industrial        
Financing Receivable, Past Due [Line Items]        
Total Loans Receivable 1,671 2,705    
Related allowance for credit losses $ 614 $ 635    
v3.24.3
Loans and Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($)
Sep. 30, 2024
Jun. 30, 2024
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans $ 8,206,000 $ 6,680,000
Nonaccrual loans individually evaluated for which no ACL was recorded 0  
Commercial and industrial    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans 1,673,000 1,703,000
Agriculture production    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans 412,000 461,000
Consumer    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans 103,000 19,000
Secured by real estate | 1-4 residential real estate    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans 2,502,000 1,391,000
Secured by real estate | Commercial Real Estate | Owner occupied    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans 1,326,000 1,102,000
Secured by real estate | Construction and land development    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans 250,000 108,000
Secured by real estate | Agriculture real estate    
Financing Receivable, Nonaccrual [Line Items]    
Nonaccrual loans $ 1,940,000 $ 1,896,000
v3.24.3
Loans and Allowance for Credit Losses - TDRs Segregated by Class (Details) - USD ($)
Sep. 30, 2024
Sep. 30, 2023
Loans and Allowance for Credit Losses    
Recorded Investment, Loan modifications $ 0 $ 0
v3.24.3
Loans and Allowance for Credit Losses - Real Estate Foreclosures (Details) - USD ($)
Sep. 30, 2024
Jun. 30, 2024
Financing Receivable, Modified [Line Items]    
Repossessed assets $ 74,000 $ 74,000
1- to 4-family residential real estate | Home Equity Loan    
Financing Receivable, Modified [Line Items]    
Foreclosure proceedings in process $ 553,000 $ 193,000
v3.24.3
Premises and Equipment - Summary of premises and equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Premises and Equipment    
Land $ 15,376 $ 15,376
Buildings and improvements 84,853 84,474
Construction in progress 1,214 829
Furniture, fixtures, equipment and software 27,924 27,850
Automobiles 112 112
Operating leases right of use asset 7,048 6,669
Property, Plant and Equipment, Gross 136,527 135,310
Less accumulated depreciation 40,440 39,358
Premises and equipment, net $ 96,087 $ 95,952
v3.24.3
Premises and Equipment - Additional Information (Details)
 3 Months Ended
Sep. 30, 2024
USD ($)
property
Sep. 30, 2023
USD ($)
Feb. 28, 2022
Number of leased properties | property 10    
Income recognized from lessor agreements | $ $ 114,000 $ 57,000  
Minimum      
Term of contract 18 months    
Maximum      
Term of contract 20 years    
Property in ST. Louis Company      
Term of contract     20 years
v3.24.3
Premises and Equipment - ROU Assets and Lease liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Operating leases right of use asset $ 7,048   $ 6,669
ROU assets obtained in exchange for operating lease obligations:   $ 2,333  
Consolidated Balance Sheet [Member]      
Operating leases right of use asset 7,048   $ 6,669
Consolidated Statement Of Income [Member]      
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs) $ 298 280  
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Member] | Supplemental Disclosures Of Cash Flow Information [Member]      
ROU assets obtained in exchange for operating lease obligations:   $ 2,445  
v3.24.3
Premises and Equipment - Calculated amount of right of use assets and lease liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Operating leases right of use asset $ 7,048   $ 6,669
Consolidated Balance Sheet      
Operating leases right of use asset $ 7,048   $ 6,669
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net   Property, Plant and Equipment, Net
Operating leases liability $ 7,048   $ 6,669
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Other Accrued Liabilities   Accounts Payable and Other Accrued Liabilities
Consolidated Statement Of Income      
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs) $ 298 $ 280  
Supplemental Disclosures Of Cash Flow Information | Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 206 $ 187  
v3.24.3
Premises and Equipment - Future expected lease payments for leases (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Premises and Equipment  
2025 $ 596
2026 720
2027 714
2028 729
2029 748
Thereafter 8,298
Future lease payments expected $ 11,805
v3.24.3
Deposits (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Deposits    
Non-interest bearing accounts $ 503,209 $ 514,107
NOW accounts 1,128,917 1,239,663
Money market deposit accounts 332,310 336,799
Savings accounts 556,030 517,084
Certificates 1,519,676 1,335,406
Total Deposit Accounts $ 4,040,142 $ 3,943,059
v3.24.3
Deposits - Additional Information (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Deposits    
Brokered certificates $ 261.1 $ 171.8
v3.24.3
Repurchase Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Repurchase Agreements    
Increase in securities sold under agreements to repurchase $ 5,600  
Period-end balance 15,000 $ 9,398
Average balance during the period 12,321 9,398
Maximum month-end balance during the period $ 15,000 $ 9,398
Average interest during the period 5.19% 5.39%
Period-end interest rate 3.95% 5.39%
v3.24.3
Repurchase Agreements - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Repurchase Agreements    
Mortgage-backed securities (MBS) $ 15,867 $ 9,981
v3.24.3
Earnings Per Share - Schedule of computation of basic and diluted earnings per share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share    
Net Income $ 12,458 $ 13,151
Less: distributed earnings allocated to participating securities (13) (10)
Less: undistributed earnings allocated to participating securities (49) (47)
Net income available to common shareholders $ 12,396 $ 13,094
Weighted-average shares outstanding 11,220,766 11,286,012
Effect of dilutive securities stock options or awards 19,241 11,803
Denominator for diluted earnings per share 11,240,007 11,297,815
Basic earnings per share available to common stockholders $ 1.10 $ 1.16
Diluted earnings per share available to common stockholders $ 1.10 $ 1.16
v3.24.3
Earnings Per Share - Additional information (Details) - shares
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Employee Stock Option    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from the computation of diluted earnings per share 75,000 63,706
Restricted Stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from the computation of diluted earnings per share 75,000 63,706
v3.24.3
Income Taxes - Income tax provision (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Taxes    
Current $ 3,377 $ 3,487
Total Income Taxes $ 3,377 $ 3,487
v3.24.3
Income Taxes - Schedule of net deferred tax assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Deferred tax assets:    
Provision for losses on loans $ 12,640 $ 12,159
Accrued compensation and benefits 823 1,063
NOL carry forwards acquired 29 30
Low income tax credit carry forward 297 396
Unrealized loss on other real estate 954 949
Unrealized loss on available for sale securities 2,972 4,915
Total deferred tax assets 17,715 19,512
Deferred tax liabilities:    
Purchase accounting adjustments 2,473 2,452
Depreciation 4,288 4,519
FHLB stock dividends 120 120
Prepaid expenses 552 705
Other 1,038 529
Total deferred tax liabilities 8,471 8,325
Net deferred tax asset $ 9,244 $ 11,187
v3.24.3
Income Taxes - Reconciliation of income tax expense at statutory rate (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]    
Tax at statutory rate $ 3,325 $ 3,494
Nontaxable municipal income (106) (108)
State tax, net of Federal benefit 85 164
Cash surrender value of Bank-owned life insurance (109) (96)
Tax credit benefits (24) (3)
Other, net 206 36
Total Income Taxes $ 3,377 $ 3,487
v3.24.3
Income Taxes - Additional Information (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Taxes    
Interest or penalties on income taxes $ 0  
Net operating loss carryforwards $ 131,000  
Effective tax rate (as a percent) 21.00% 21.00%
v3.24.3
401(k) Retirement Plan (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]    
Retirement plan expenses $ 760,000 $ 711,000
Vesting period 5 years  
Maximum    
Defined Contribution Plan Disclosure [Line Items]    
Matching contributions of eligible compensation 4.00%  
v3.24.3
Subordinated Debt (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2021
Aug. 31, 2014
Oct. 31, 2013
Sep. 30, 2024
Jun. 30, 2024
Feb. 28, 2022
Subordinated debt       $ 23,169,000 $ 23,156,000  
Investment, carrying value       516,900,000 474,700,000  
Prepaid Expenses and Other Current Assets            
Investment, face amount       505,000    
Investment, carrying value       $ 468,000 467,000  
Trust Preferred Securities            
Number of years after securities became redeemable       5 years    
Interest rate (as a percent)       7.95%    
Subordinated debt       $ 7,200,000 7,200,000  
Ozarks Legacy Community Financial, Inc.            
Interest rate (as a percent)       7.66%    
Less: common stock issued     $ 3,100,000      
Ozarks Legacy Community Financial, Inc. | Reported Value Measurement            
Floating rate       $ 2,800,000 2,800,000  
Peoples Service Company, Inc.            
Interest rate (as a percent)       7.01%    
Floating rate   $ 6,500,000        
Peoples Service Company, Inc. | Reported Value Measurement            
Floating rate       $ 5,500,000 5,600,000  
Fortune | Subordinated notes Issued in May 2021            
Interest rate (as a percent) 4.50%          
Subordinated debt       $ 7,600,000 $ 7,600,000  
Instrument face amount           $ 7,500,000
Variable rate (as a percent) 3.77%          
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]       us-gaap:SecuredOvernightFinancingRateSofrMember    
v3.24.3
Fair Value Measurements - Fair value of Assets Measured on a Recurring Basis and Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments (Assets) $ 1,320 $ 20
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets Prepaid Expense and Other Assets
Derivative financial instruments (Liabilities) $ 1,294 $ 15
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Other Accrued Liabilities  
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments (Assets) $ 1,320 20
Derivative financial instruments (Liabilities) 1,294  
Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreclosed and repossessed assets held for sale 736 759
Fair Value, Inputs, Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments (Assets) 1,320 20
Derivative financial instruments (Liabilities) 1,294 15
Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative financial instruments (Assets) 1,320 20
Derivative financial instruments (Liabilities) 1,294  
Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreclosed and repossessed assets held for sale 736 759
Obligations of states and political subdivisions | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 28,430 27,753
Obligations of states and political subdivisions | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 28,430 27,753
Corporate obligations | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 31,790 31,277
Corporate obligations | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 31,790 31,277
Asset backed securities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 47,340 58,679
Asset backed securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 47,340 58,679
Other securities | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 5,161 5,333
Other securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 5,161 $ 5,333
MBS and CMOs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liability, Statement of Financial Position [Extensible Enumeration]   Accounts Payable and Other Accrued Liabilities
MBS and CMOs | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 307,488 $ 304,861
Derivative financial instruments (Liabilities)   15
MBS and CMOs | Fair Value, Inputs, Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 307,488 304,861
Derivative financial instruments (Liabilities)   15
Mortgage servicing assets | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 2,419 2,448
Mortgage servicing assets | Fair Value, Inputs, Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale Securities 2,419 2,448
Foreclosed and repossessed assets held for sale | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreclosed and repossessed assets held for sale 11,770 12,994
Foreclosed and repossessed assets held for sale | Fair Value, Inputs, Level 3 | Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreclosed and repossessed assets held for sale $ 11,770 $ 12,994
v3.24.3
Fair Value Measurements - Losses Recognized on Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring
$ in Thousands
 3 Months Ended
Sep. 30, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total losses on assets measured on a non-recurring basis $ 23
Foreclosed and repossessed assets held for sale  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Total losses on assets measured on a non-recurring basis $ 23
v3.24.3
Fair Value Measurements - Unobservable (Level 3) inputs (Details) - Fair Value, Inputs, Level 3 - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Foreclosed and repossessed assets | Measurement Input, Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Weighted Average Discount Applied   20.3
Foreclosed and repossessed assets | Third party appraisal | Measurement Input, Discount Rate | Minimum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Range of discounts Applied 20.40%  
Foreclosed and repossessed assets | Third party appraisal | Measurement Input, Discount Rate | Maximum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Range of discounts Applied (20.40%)  
Fair Value, Nonrecurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investment, Type [Extensible Enumeration] Foreclosed and repossessed assets Foreclosed and repossessed assets
Fair Value, Nonrecurring | Third party appraisal | Measurement Input, Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Unobservable Inputs Marketability discount  
Fair Value, Nonrecurring | Third party appraisal | Measurement Input, Discount Rate | Minimum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Range of discounts Applied 13.80% 14.50%
Fair Value, Nonrecurring | Third party appraisal | Measurement Input, Discount Rate | Maximum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Range of discounts Applied (54.80%) 52.30%
Fair Value, Nonrecurring | Foreclosed and repossessed assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Unobservable Inputs $ 736 $ 759
Fair Value Measurements Nonrecurring Weighted Average Discount Applied 20.4  
Fair Value, Nonrecurring | Foreclosed and repossessed assets | Third party appraisal    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Valuation Technique Third party appraisal Third party appraisal
Fair Value Measurements Nonrecurring Unobservable Inputs Marketability discount  
Fair Value, Nonrecurring | Foreclosed and repossessed assets | Third party appraisal | Measurement Input, Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Unobservable Inputs   Marketability discount
Fair Value, Nonrecurring | Foreclosed and repossessed assets | Third party appraisal | Measurement Input, Discount Rate | Minimum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Range of discounts Applied   17.90%
Fair Value, Nonrecurring | Foreclosed and repossessed assets | Third party appraisal | Measurement Input, Discount Rate | Maximum [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Range of discounts Applied   44.90%
Fair Value, Nonrecurring | Collateral dependent Loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Unobservable Inputs $ 11,770 $ 12,994
Fair Value Measurements Nonrecurring Weighted Average Discount Applied 33.6 43.7
Fair Value, Nonrecurring | Collateral dependent Loans | Third party appraisal    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Valuation Technique Collateral value Collateral value
Fair Value, Nonrecurring | Collateral dependent Loans | Third party appraisal | Measurement Input, Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value Measurements Nonrecurring Unobservable Inputs   Marketability discount
v3.24.3
Fair Value Measurements - Schedule of financial instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Financial assets    
Cash and cash equivalents $ 75,347 $ 60,904
Interest-bearing time deposits 244 491
Stock in FHLB 8,972 8,713
Stock in Federal Reserve Bank of St. Louis 9,092 9,089
Loans receivable, net 3,912,081 3,797,287
Accrued interest receivable 28,949 23,826
Mortgage Servicing Assets, Fair Value Disclosure 2,419 2,448
Derivative financial instruments 1,320 20
Financial liabilities    
Deposits 4,040,142 3,943,059
Securities sold under agreements to repurchase 15,000 9,398
Advances from FHLB 107,069 102,050
Accrued interest payable 11,668 12,868
Subordinated debt 23,169 23,156
Derivative financial instruments 1,294 15
Unrecognized financial instruments (net of contract amount)    
Letters of credit 0  
Lines of credit 0  
Fair Value, Inputs, Level 1    
Financial assets    
Cash and cash equivalents 75,347 60,904
Financial liabilities    
Deposits 2,520,687 2,607,653
Fair Value, Inputs, Level 2    
Financial assets    
Interest-bearing time deposits 244 491
Stock in FHLB 8,972 8,713
Stock in Federal Reserve Bank of St. Louis 9,092 9,089
Accrued interest receivable 28,949 23,826
Derivative financial instruments 1,320 20
Financial liabilities    
Securities sold under agreements to repurchase 15,000 9,398
Advances from FHLB 107,124 100,468
Accrued interest payable 11,668 12,868
Derivative financial instruments 1,294 15
Fair Value, Inputs, Level 3    
Financial assets    
Loans receivable, net 3,848,447 3,639,657
Mortgage Servicing Assets, Fair Value Disclosure 2,419 2,448
Financial liabilities    
Deposits 1,523,471 1,338,215
Subordinated debt $ 20,881 $ 20,576
v3.24.3
Derivative Financial Instruments - Additional Information (Details)
 3 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
DerivativeInstrument
Jun. 30, 2024
USD ($)
1-4 Family interest rate swaps    
Derivative [Line Items]    
Notional Amount $ 50,000,000 $ 40,000,000
Number of derivative instruments executed | DerivativeInstrument 1  
Interest Income $ 178,000 0
1-4 Family interest rate swaps (1)    
Derivative [Line Items]    
Notional Amount $ 10,000,000.0  
1-4 Family interest rate swaps (2)    
Derivative [Line Items]    
Notional Amount   $ 20,000,000.0
v3.24.3
Derivative Financial Instruments - Notional amounts and estimated fair values of interest rate swaps (Details) - 1-4 Family interest rate swaps - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Derivative [Line Items]    
Notional Amount $ 50,000 $ 40,000
Other Assets 1,320 20
Other Liabilities $ 1,294 $ 15
v3.24.3
Derivative Financial Instruments - Carrying amount of the hedged assets, located in loans receivable, net (Details) - 1-4 Family interest rate swaps - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Derivative [Line Items]    
Carrying Amount of Hedged Assets $ 532,785 $ 553,307
Cumulative Amount of Fair Value Hedging Adj Included in Carrying Amount of Hedged assets $ 26 $ 5
v3.24.3
Business Combinations - Additional Information (Details)
 3 Months Ended 12 Months Ended
Jan. 20, 2023
USD ($)
loan
Feb. 25, 2022
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Goodwill         $ 50,727,000 $ 50,727,000
Noninterest expense            
Third-party acquisition-related costs incurred       $ 0    
Citizens            
Identifiable intangible assets $ 24,645,000          
Goodwill 23,438,000          
Goodwill tax deductible 0          
Loan portfolio 461,500,000          
Fair value discount 14,100,000          
Fair value 419,500,000          
Gross $ 520,000,000.0          
Number of PCD loans identified | loan 48          
PCD loans $ 27,481,000          
Citizens | Noninterest expense            
Acquisition related costs     $ 125,000      
Citizens | Core Deposits            
Identifiable intangible assets $ 22,100,000          
Acquired intangible assets useful life (in years) 10 years          
Citizens | Acquired trust and wealth management            
Identifiable intangible assets $ 2,600,000          
Acquired intangible assets useful life (in years) 10 years          
Fortune            
PCD loans   $ 15,055,000        
v3.24.3
Business Combinations - Purchase price for the citizens bancshares acquisition (Details) - USD ($)
$ in Thousands
Jan. 20, 2023
Sep. 30, 2024
Jun. 30, 2024
Recognized amounts of identifiable assets acquired and liabilities assumed      
Goodwill   $ 50,727 $ 50,727
Citizens      
Fair Value of Consideration Transferred      
Cash $ 34,889    
Common stock, at fair value 98,280    
Total consideration 133,169    
Recognized amounts of identifiable assets acquired and liabilities assumed      
Cash and cash equivalents 243,225    
Investment securities 226,497    
Loans 447,388    
Premises and equipment 23,430    
BOLI 21,733    
Identifiable intangible assets 24,645    
Miscellaneous other assets 9,366    
Deposits (851,140)    
Securities sold under agreements to repurchase (27,629)    
Miscellaneous other liabilities (7,784)    
Total identifiable net assets 109,731    
Goodwill $ 23,438