Southern Missouri Bancorp (SMBC) 10-Q9 Feb 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Feb. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Period End date	Dec. 31, 2023
Registrant CIK	0000916907
Entity File Number	0-23406
Registrant Name	SOUTHERN MISSOURI BANCORP, INC.
Entity Incorporation, State or Country Code	MO
Tax Identification Number (TIN)	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
Trading Exchange	NASDAQ
Current reporting status	Yes
Interactive Data Current	Yes
Filer Category	Accelerated Filer
Small Business	false
Emerging Growth Company	false
Shell Company	false
Number of common stock shares outstanding		11,355,762
Fiscal Year End	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Assets
Cash and cash equivalents	$ 216,353	$ 53,979
Interest-bearing time deposits	737	1,242
Available for sale securities	417,406	417,554
Stock in FHLB of Des Moines	8,958	11,540
Stock in Federal Reserve Bank of St. Louis	9,065	9,061
Loans receivable, net of ACL of $50,084 and $47,820 at December 31, 2023 and June 30, 2023, respectively	3,681,806	3,571,078
Accrued interest receivable	24,491	18,871
Premises and equipment, net	94,519	92,397
Bank owned life insurance - cash surrender value	72,618	71,684
Goodwill	50,727	50,773
Other intangible assets, net	28,361	30,472
Prepaid expenses and other assets	38,461	31,560
Total assets	4,643,502	4,360,211
Liabilities and Stockholders' Equity
Deposits	3,994,898	3,725,540
Advances from FHLB	113,036	133,514
Accounts payable and other liabilities	31,518	27,271
Accrued interest payable	10,738	4,723
Subordinated debt	23,130	23,105
Total liabilities	4,173,320	3,914,153
Commitments and contingencies
Common stock, $.01 par value; 25,000,000 shares authorized; 11,925,087 and 11,919,087 shares issued at December 31, 2023 and June 30, 2023, respectively	119	119
Additional paid-in capital	218,675	218,260
Retained earnings	291,304	270,720
Treasury stock of 588,625 shares at December 31, 2023 and June 30, 2023, at cost	(21,116)	(21,116)
Accumulated other comprehensive loss	(18,800)	(21,925)
Total stockholders' equity	470,182	446,058
Total liabilities and stockholders' equity	$ 4,643,502	$ 4,360,211

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Loans And Leases Receivable Allowance	$ 50,084	$ 47,820
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	11,925,087	11,919,087
Treasury Stock	588,625	588,625

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Interest Income
Loans	$ 55,137,000	$ 36,993,000	$ 108,111,000	$ 70,173,000
Investment securities	1,776,000	778,000	3,489,000	1,443,000
Mortgage-backed securities	3,485,000	1,013,000	6,857,000	2,003,000
Other interest-earning assets	1,178,000	67,000	1,227,000	228,000
Total interest income	61,576,000	38,851,000	119,684,000	73,847,000
Interest Expense
Deposits	25,571,000	8,594,000	46,011,000	14,356,000
Advances from FHLB	1,079,000	1,657,000	2,918,000	2,095,000
Subordinated debt	440,000	349,000	874,000	638,000
Total interest expense	27,090,000	10,600,000	49,803,000	17,089,000
Net Interest Income	34,486,000	28,251,000	69,881,000	56,758,000
Provision for Credit Losses	900,000	1,138,000	1,800,000	6,194,000
Net Interest Income After Provision for Credit Losses	33,586,000	27,113,000	68,081,000	50,564,000
Noninterest Income
Deposit account charges and related fees	1,784,000	1,713,000	3,574,000	3,489,000
Bank card interchange income	1,329,000	1,079,000	2,673,000	2,097,000
Loan late charges	146,000	119,000	259,000	241,000
Loan servicing fees	285,000	257,000	515,000	569,000
Other loan fees	644,000	612,000	1,001,000	1,494,000
Net realized gains on sale of loans	304,000	127,000	517,000	419,000
Net realized losses on sale of AFS securities	(682,000)		(682,000)
Earnings on bank owned life insurance	472,000	319,000	931,000	637,000
Insurance brokerage commissions	310,000	293,000	573,000	550,000
Wealth management	668,000	430,000	1,463,000	778,000
Other income	380,000	507,000	668,000	696,000
Total noninterest income	5,640,000	5,456,000	11,492,000	10,970,000
Noninterest Expense
Compensation and benefits	12,961,000	9,793,000	25,610,000	19,545,000
Occupancy and equipment, net	3,478,000	2,442,000	6,992,000	4,890,000
Data processing expense	2,382,000	1,430,000	4,690,000	2,875,000
Telecommunications expense	465,000	347,000	996,000	677,000
Deposit insurance premiums	598,000	263,000	1,147,000	478,000
Legal and professional fees	387,000	852,000	803,000	1,263,000
Advertising	392,000	216,000	857,000	665,000
Postage and office supplies	283,000	235,000	586,000	448,000
Intangibles amortization	1,018,000	402,000	2,035,000	803,000
Foreclosed property expenses (gains)	44,000	35,000	36,000	(6,000)
Other operating expense	1,852,000	1,623,000	3,816,000	2,919,000
Total noninterest expense	23,860,000	17,638,000	47,568,000	34,557,000
Income Before Income Taxes	15,366,000	14,931,000	32,005,000	26,977,000
Income Taxes	3,173,000	3,267,000	6,660,000	5,710,000
Net Income	$ 12,193,000	$ 11,664,000	$ 25,345,000	$ 21,267,000
Basic earnings per share	$ 1.08	$ 1.26	$ 2.24	$ 2.30
Diluted earnings per share	1.07	1.26	2.23	2.30
Dividends paid	$ 0.21	$ 0.21	$ 0.42	$ 0.42

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income	$ 12,193	$ 11,664	$ 25,345	$ 21,267
Other comprehensive income (loss):
Unrealized gains (losses) on securities available-for-sale	7,470	1,023	3,324	(1,657)
Less: reclassification adjustment for realized losses included in net income	(682)		(682)
Tax (expense) benefit	(1,794)	(225)	(881)	364
Total other comprehensive income (loss)	6,358	798	3,125	(1,293)
Comprehensive Income	$ 18,551	$ 12,462	$ 28,470	$ 19,974

CONDENSED CONSOLIDATED STATEM_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 Loss	Total
BEGINNING BALANCE at Jun. 30, 2022	$ 98	$ 119,162	$ 240,115	$ (21,116)	$ (17,487)	$ 320,772
Net Income			21,267			21,267
Change in unrealized loss on available for sale securities					(1,293)	(1,293)
Dividends paid on common stock			(3,876)			(3,876)
Stock option expense		109				109
ENDING BALANCE at Dec. 31, 2022	98	119,271	257,506	(21,116)	(18,780)	336,979
BEGINNING BALANCE at Sep. 30, 2022	98	119,216	247,780	(21,116)	(19,578)	326,400
Net Income			11,664			11,664
Change in unrealized loss on available for sale securities					798	798
Dividends paid on common stock			(1,938)			(1,938)
Stock option expense		55				55
ENDING BALANCE at Dec. 31, 2022	98	119,271	257,506	(21,116)	(18,780)	336,979
BEGINNING BALANCE at Jun. 30, 2023	119	218,260	270,720	(21,116)	(21,925)	446,058
Net Income			25,345			25,345
Change in unrealized loss on available for sale securities					3,125	3,125
Dividends paid on common stock			(4,761)			(4,761)
Stock option expense		415				415
ENDING BALANCE at Dec. 31, 2023	119	218,675	291,304	(21,116)	(18,800)	470,182
BEGINNING BALANCE at Sep. 30, 2023	119	218,593	281,491	(21,116)	(25,158)	453,929
Net Income			12,193			12,193
Change in unrealized loss on available for sale securities					6,358	6,358
Dividends paid on common stock			(2,380)			(2,380)
Stock option expense		82				82
ENDING BALANCE at Dec. 31, 2023	$ 119	$ 218,675	$ 291,304	$ (21,116)	$ (18,800)	$ 470,182

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends paid on common stock	$ 0.21	$ 0.21	$ 0.42	$ 0.42

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities:
Net Income	$ 25,345,000	$ 21,267,000
Items not requiring (providing) cash:
Depreciation	2,925,000	2,247,000
Loss (gain) on disposal of fixed assets	2,000	(317,000)
Stock option and stock grant expense	415,000	109,000
Loss (gain) on sale/write-down of REO	28,000	(30,000)
Amortization of intangible assets	2,035,000	803,000
Accretion of purchase accounting adjustments	(3,074,000)	(868,000)
Increase in cash surrender value of bank owned life insurance (BOLI)	(931,000)	(637,000)
Provision for credit losses	1,800,000	6,194,000
Loss realized on sale of AFS securities	682,000
Net (accretion) amortization of premiums and discounts on securities	(237,000)	481,000
Originations of loans held for sale	(11,967,000)	(11,395,000)
Proceeds from sales of loans held for sale	11,653,000	11,362,000
Gain on sales of loans held for sale	(517,000)	(419,000)
Changes in:
Accrued interest receivable	(5,620,000)	(3,321,000)
Prepaid expenses and other assets	(1,099,000)	(776,000)
Accounts payable and other liabilities	3,700,000	2,507,000
Deferred income taxes		13,000
Accrued interest payable	6,015,000	1,339,000
Net cash provided by operating activities	31,155,000	28,559,000
Cash flows from investing activities:
Net increase in loans	(111,447,000)	(274,628,000)
Net change in interest-bearing deposits	496,000	496,000
Proceeds from maturities of available for sale securities	18,852,000	10,540,000
Proceeds from sales of available for sale securities	11,750,000
Net redemptions (purchases) of Federal Home Loan Bank stock	2,582,000	(1,121,000)
Net purchases of Federal Reserve Bank of St. Louis stock	(4,000)	(17,000)
Purchases of available-for-sale securities	(26,893,000)	(6,446,000)
Purchases of long-term investment	(70,000)	(75,000)
Purchases of premises and equipment	(2,811,000)	(1,582,000)
Investments in state & federal tax credits	(6,275,000)	(3,860,000)
Proceeds from sale of fixed assets		3,464,000
Proceeds from sale of foreclosed assets	961,000	400,000
Proceeds from BOLI claim		270,000
Net cash used in investing activities	(112,859,000)	(272,559,000)
Cash flows from financing activities:
Net (decrease) increase in demand deposits and savings accounts	(50,970,000)	50,894,000
Net increase in certificates of deposits	320,334,000	139,850,000
Proceeds from Federal Home Loan Bank advances	271,000,000	1,507,630,000
Repayments of Federal Home Loan Bank advances	(291,526,000)	(1,484,155,000)
Dividends paid on common stock	(4,760,000)	(3,876,000)
Net cash provided by financing activities	244,078,000	210,343,000
Increase (decrease) in cash and cash equivalents	162,374,000	(33,657,000)
Cash and cash equivalents at beginning of period	53,979,000	86,792,000
Cash and cash equivalents at end of period	216,353,000	53,135,000
Noncash investing and financing activities:
Conversion of loans to foreclosed real estate	1,742,000	10,000
Conversion of loans to repossessed assets	137,000	41,000
Right of use assets obtained in exchange for lease obligations: Operating Leases	2,238,000	82,000
Cash paid during the period for:
Interest (net of interest credited)	4,387,000	3,081,000
Income taxes	$ 1,032,000	$ 1,662,000

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Dec. 31, 2023
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 S-X. 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, 2023, has been derived from the audited consolidated balance sheet of the Company as of that date. Operating results for the three- and six- month periods ended December 31, 2023, 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, 2023 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.

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
Organization and Summary of Significant Accounting Policies	Dec. 31, 2023
Organization and Summary of Significant Accounting Policies
Organization and Summary of Significant Accounting Policies	Note 2: Organization and Summary of Significant Accounting Policies Organization. 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. 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. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, estimated fair values of purchased loans, and certain other assumptions and judgmental factors relating to investment securities. Cash and Cash Equivalents. Interest-bearing Time Deposits. Available for Sale Securities. 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 December 31, 2023, or June 30, 2023. 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. 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. 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. Depreciation is computed by use of straight-line and accelerated methods over the estimated useful lives of the assets. Estimated lives are generally seven three Bank Owned Life Insurance. Goodwill. Intangible Assets. five Income Taxes. 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. 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. 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. Earnings Per Share. Comprehensive Income. Transfers Between Fair Value Hierarchy Levels. Wealth Management Assets and Fees. New Accounting Pronouncements: In January 2021, the Financial Accounting Standards Board (“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 March 2023, the FASB issued 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 is effective for fiscal years beginning after December 15, 2023. The Company does not expect adoption of ASU 2023-02 to have a material impact on its consolidated financial statements. On July 1, 2023, the Company adopted ASU No. 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for TDRs in ASC 310-40, “Receivables – Troubled Debt Restructurings by Creditors” for entities that have adopted the CECL model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2022-02 also requires that public business entities disclose current-period gross charge offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments – Credit Losses – Measured at Amortized Cost.” The adoption of this update 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

Available for Sale Securities

Available for Sale Securities	6 Months Ended
Available for Sale Securities	Dec. 31, 2023
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: December 31, 2023 Gross Gross Allowance Estimated Amortized Unrealized Unrealized for Fair (dollars in thousands) Cost Gains Losses Credit Losses Value Debt and equity securities: Obligations of states and political subdivisions $ 41,965 $ 55 $ (2,021) $ — $ 39,999 Corporate obligations 35,781 66 (2,501) — 33,346 Asset backed securities 65,491 1,324 (401) — 66,414 Other securities 6,319 21 (69) — 6,271 Total debt and equity securities 149,556 1,466 (4,992) — 146,030 Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): Residential MBS issued by governmental sponsored enterprises (GSEs) 90,452 273 (6,758) — 83,967 Commercial MBS issued by GSEs 66,026 328 (6,075) — 60,279 CMOs issued by GSEs 135,428 40 (8,338) — 127,130 Total MBS and CMOs 291,906 641 (21,171) — 271,376 Total AFS securities $ 441,462 $ 2,107 $ (26,163) $ — $ 417,406 June 30, 2023 Gross Gross Allowance Estimated Amortized Unrealized Unrealized for Fair (dollars in thousands) Cost Gains Losses Credit Losses Value Debt and equity securities: Obligations of states and political subdivisions $ 45,285 $ 20 $ (2,737) $ — $ 42,568 Corporate obligations 35,700 19 (3,181) — 32,538 Asset backed securities 67,897 1,274 (545) 68,626 Other securities 3,587 39 (56) — 3,570 Total debt and equity securities 152,469 1,352 (6,519) — 147,302 Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): Residential MBS issued by governmental sponsored enterprises (GSEs) 97,612 122 (7,610) — 90,124 Commercial MBS issued by GSEs 60,333 11 (6,959) — 53,385 CMOs issued by GSEs 135,202 9 (8,468) — 126,743 Total MBS and CMOs 293,147 142 (23,037) — 270,252 Total AFS securities $ 445,616 $ 1,494 $ (29,556) $ — $ 417,554 The amortized cost and estimated fair value of investment and mortgage-backed securities, 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. December 31, 2023 Amortized Estimated (dollars in thousands) Cost Fair Value Within one year $ 1,230 $ 1,229 After one year but less than five years 25,637 24,465 After five years but less than ten years 60,602 58,494 After ten years 62,087 61,842 Total investment securities 149,556 146,030 MBS and CMOs 291,906 271,376 Total AFS securities $ 441,462 $ 417,406 The carrying value of investment and mortgage-backed securities pledged as collateral to secure public deposits amounted to $265.9 million and $253.9 million at December 31, 2023 and June 30, 2023, respectively. The securities pledged consist of marketable securities, including $133.2 million and $129.2 million of Mortgage-backed Securities, $100.4 million and $94.8 million of Collateralized Mortgage Obligations, $28.1 million and $26.5 million of State and Political Subdivisions Obligations, and $4.2 million and $3.4 million of Other Securities at December 31, 2023 and June 30, 2023, 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 December 31, 2023 and June 30, 2023: December 31, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Obligations of state and political subdivisions $ 3,422 $ 14 $ 29,272 $ 2,007 $ 32,694 $ 2,021 Corporate obligations 14,140 853 16,284 1,648 30,424 2,501 Asset backed securities 18,720 136 715 265 19,435 401 Other securities 5,338 25 309 44 5,647 69 MBS and CMOs 85,433 1,552 138,389 19,619 223,822 21,171 Total AFS securities $ 127,053 $ 2,580 $ 184,969 $ 23,583 $ 312,022 $ 26,163 June 30, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Obligations of state and political subdivisions $ 11,574 $ 184 $ 26,763 $ 2,553 $ 38,337 $ 2,737 Corporate obligations 14,709 1,074 13,821 2,107 28,530 3,181 Asset backed securities 22,628 263 698 282 23,326 545 Other securities 1,970 11 350 45 2,320 56 MBS and CMOs 87,354 1,525 145,673 21,512 233,027 23,037 Total AFS securities $ 138,235 $ 3,057 $ 187,305 $ 26,499 $ 325,540 $ 29,556 Obligations of state and political subdivisions Corporate and other Obligations. Asset-Backed securities. MBS and CMOs The Company does not believe that any individual unrealized loss as of December 31, 2023, 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.

Loans and Allowance for Credit

Loans and Allowance for Credit Losses	6 Months Ended
Loans and Allowance for Credit Losses	Dec. 31, 2023
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) December 31, 2023 June 30, 2023 Real Estate Loans: Residential $ 1,160,264 $ 1,133,417 Construction 508,710 550,052 Commercial 1,558,600 1,562,379 Consumer loans 139,163 133,515 Commercial loans 629,899 599,030 3,996,636 3,978,393 Loans in process (264,483) (359,196) Deferred loan fees, net (263) (299) Allowance for credit losses (50,084) (47,820) Total loans $ 3,681,806 $ 3,571,078 The Company’s lending activities consist of origination of 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 December 31, 2023, the Bank had purchased participations in 74 loans totaling $170.6 million, as compared to 86 loans totaling $155.6 million at June 30, 2023. Residential Mortgage Lending. 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. The Company also 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 our 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. Commercial Real Estate Lending. 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. Agricultural real estate terms offered differ slightly, with amortization schedules of up to 25 years with an 80% loan-to-value ratio, or 30 years with a 75% loan-to-value ratio. Construction Lending. six 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. The Company’s average term of construction loans is approximately 12 months. 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. At December 31, 2023, construction loans outstanding included 49 loans, totaling $40.5 million, for which a modification had been agreed to. At June 30, 2023, construction loans outstanding included 53 loans, totaling $33.4 million, for which a modification had been agreed to. In general, these modifications were solely for the purpose of extending the maturity date due to conditions described above, pursuant to the Company’s normal underwriting and monitoring procedures. As these modifications were not executed due to financial difficulty on the part of the borrower, they were not accounted for as modifications to borrowers experiencing financial difficulty. Consumer Lending Home equity lines of credit (HELOCs) are secured with a deed of trust and are issued up to 90% of the appraised or assessed 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 the 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. Automobile loans originated by the Company include both direct loans and a smaller amount of loans originated by auto dealers. The Company generally pays a negotiated fee back to the dealer for indirect loans. 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. Commercial Business Lending Allowance for Credit Losses. basis points (annualized) for the first six months of fiscal 2024 compared to two basis points in the same period of the prior fiscal year. Decreased provisioning for off-balance sheet credit exposures is attributable primarily to changes in the level of outstanding credit commitments. The Company has estimated its expected credit losses as of December 31, 2023, under ASC 326-20, and management believes the ACL as of that date is adequate based on that estimate. Specifically, management considered the following primary qualitative items in its estimate of the ACL: ● economic conditions and projections as provided by Moody’s Analytics, including baseline and downside scenarios, were utilized in the Company’s estimate at December 31, 2023. Economic factors considered in the projections included national and state levels of unemployment, and national and state rates of inflation-adjusted growth in the gross domestic product. Economic conditions are considered to be a moderate and moderately decreasing risk factor, relative to June 30, 2023; ● the pace of growth of the Company’s loan portfolio, exclusive of acquisitions or government guaranteed loans, relative to overall economic growth. This measure is considered to be a moderate and slightly decreasing risk factor, relative to June 30, 2023; ● levels and trends for loan delinquencies nationally and in the region. This is considered to be a low and slightly decreasing risk factor, relative to June 30, 2023; PCD Loans. 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 December 31, 2023 and 2022, and activity in the ACL for the three- and six- month periods ended December 31, 2023 and 2022: At period end and for the six months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 15,641 $ 2,664 $ 22,838 $ 909 $ 5,768 $ 47,820 Provision (benefit) charged to expense (413) 489 2,817 132 467 3,492 Losses charged off (132) (289) (496) (215) (184) (1,316) Recoveries — — 18 64 6 88 Balance, end of period $ 15,096 $ 2,864 $ 25,177 $ 890 $ 6,057 $ 50,084 At period end and for the three months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 14,846 $ 2,856 $ 25,022 $ 855 $ 5,543 $ 49,122 Provision charged to expense 250 186 651 143 692 1,922 Losses charged off — (178) (496) (126) (180) (980) Recoveries — — — 18 2 20 Balance, end of period $ 15,096 $ 2,864 $ 25,177 $ 890 $ 6,057 $ 50,084 At period end and for the six months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 8,908 $ 2,220 $ 16,838 $ 710 $ 4,516 $ 33,192 Provision charged to expense 3,592 534 213 118 158 4,615 Losses charged off (2) — (245) (76) (17) (340) Recoveries 1 — — 9 6 16 Balance, end of period $ 12,499 $ 2,754 $ 16,806 $ 761 $ 4,663 $ 37,483 At period end and for the three months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 11,937 $ 2,503 $ 17,886 $ 693 $ 4,399 $ 37,418 Provision (benefit) charged to expense 562 251 (835) 106 281 365 Losses charged off — — (245) (41) (17) (303) Recoveries — — — 3 — 3 Balance, end of period $ 12,499 $ 2,754 $ 16,806 $ 761 $ 4,663 $ 37,483 The following tables present the balance in the allowance for off-balance sheet credit exposure based on portfolio segment as of December 31, 2023 and 2022, and activity in the allowance for the three- and six- month periods ended December 31, 2023 and 2022: At period end and for the six months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 71 $ 4,809 $ 475 $ 73 $ 860 $ 6,288 Provision (benefit) charged to expense 6 (1,726) (6) (5) 39 (1,692) Balance, end of period $ 77 $ 3,083 $ 469 $ 68 $ 899 $ 4,596 At period end and for the three months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 78 $ 4,193 $ 465 $ 71 $ 811 $ 5,618 Provision (benefit) charged to expense (1) (1,110) 4 (3) 88 (1,022) Balance, end of period $ 77 $ 3,083 $ 469 $ 68 $ 899 $ 4,596 At period end and for the six months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 58 $ 2,178 $ 421 $ 61 $ 640 $ 3,358 Provision (benefit) charged to expense 12 1,451 59 (5) 62 1,579 Balance, end of period $ 70 $ 3,629 $ 480 $ 56 $ 702 $ 4,937 At period end and for the three months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 193 $ 2,897 $ 528 $ 61 $ 485 $ 4,164 Provision (benefit) charged to expense (123) 732 (48) (5) 217 773 Balance, end of period $ 70 $ 3,629 $ 480 $ 56 $ 702 $ 4,937 The current fiscal year-to-date gross charge-offs by loan class and year of origination is presented in the following table: Revolving (dollars in thousands) 2024 2023 2022 2021 2020 Prior loans Total Real Estate Loans: Residential $ — $ — $ — $ 97 $ — $ 35 $ — $ 132 Construction — 100 78 111 — — — 289 Commercial — 496 — — — — — 496 Consumer loans 6 98 85 20 — 6 — 215 Commercial loans — 4 180 — — — — 184 Total current-period gross charge-offs $ 6 $ 698 $ 343 $ 228 $ — $ 41 $ — $ 1,316 Credit Quality Indicators 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 Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass 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 loans in process and deferred loan fees) based on rating category and fiscal year of origination as of December 31, 2023. 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) 2024 2023 2022 2021 2020 Prior loans Total Residential Real Estate Pass $ 107,789 $ 308,760 $ 299,089 $ 234,225 $ 90,643 $ 104,976 $ 11,005 $ 1,156,487 Watch 715 249 416 562 104 217 — 2,263 Special Mention — — — — — — — — Substandard — 814 — 198 — 502 — 1,514 Doubtful — — — — — — — — Total Residential Real Estate $ 108,504 $ 309,823 $ 299,505 $ 234,985 $ 90,747 $ 105,695 $ 11,005 $ 1,160,264 Construction Real Estate Pass $ 42,047 $ 155,663 $ 32,518 $ 13,059 $ — $ — $ 940 $ 244,227 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Construction Real Estate $ 42,047 $ 155,663 $ 32,518 $ 13,059 $ — $ — $ 940 $ 244,227 Commercial Real Estate Pass $ 107,362 $ 403,559 $ 467,990 $ 264,588 $ 82,406 $ 119,031 $ 41,984 $ 1,486,920 Watch 4,865 22,004 3,117 158 4,126 78 20 34,368 Special Mention — 2,920 — — — — — 2,920 Substandard 4,341 2,153 25,899 — 1 1,070 928 34,392 Doubtful — — — — — — — — Total Commercial Real Estate $ 116,568 $ 430,636 $ 497,006 $ 264,746 $ 86,533 $ 120,179 $ 42,932 $ 1,558,600 Consumer Pass $ 18,143 $ 25,520 $ 10,244 $ 3,986 $ 1,184 $ 1,528 $ 78,450 $ 139,055 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — 5 25 — 21 7 50 108 Doubtful — — — — — — — — Total Consumer $ 18,143 $ 25,525 $ 10,269 $ 3,986 $ 1,205 $ 1,535 $ 78,500 $ 139,163 Commercial Pass $ 114,849 $ 101,038 $ 66,276 $ 61,085 $ 8,415 $ 14,115 $ 248,115 $ 613,893 Watch 250 4,426 113 286 72 19 7,527 12,693 Special Mention — — — — — — — — Substandard 482 503 1,006 71 201 787 263 3,313 Doubtful — — — — — — — — Total Commercial $ 115,581 $ 105,967 $ 67,395 $ 61,442 $ 8,688 $ 14,921 $ 255,905 $ 629,899 Total Loans Pass $ 390,190 $ 994,540 $ 876,117 $ 576,943 $ 182,648 $ 239,650 $ 380,494 $ 3,640,582 Watch 5,830 26,679 3,646 1,006 4,302 314 7,547 49,324 Special Mention — 2,920 — — — — — 2,920 Substandard 4,823 3,475 26,930 269 223 2,366 1,241 39,327 Doubtful — — — — — — — — Total $ 400,843 $ 1,027,614 $ 906,693 $ 578,218 $ 187,173 $ 242,330 $ 389,282 $ 3,732,153 At December 31, 2023, PCD loans comprised $37.0 million of credits rated “Pass”; $11.7 million rated “Watch”; none rated “Special Mention” $3.7 million of credits rated “Substandard”; and none rated “Doubtful”. The following table presents the credit risk profile of the Company’s loan portfolio (excluding loans in process and deferred loan fees) based on rating category and fiscal year of origination as of June 30, 2023. 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) 2023 2022 2021 2020 2019 Prior loans Total Residential Real Estate Pass $ 328,142 $ 312,853 $ 252,077 $ 103,735 $ 25,651 $ 96,035 $ 9,100 $ 1,127,593 Watch 1,214 1,136 616 108 198 27 5 3,304 Special Mention — — — — — — — — Substandard 837 316 510 — — 857 — 2,520 Doubtful — — — — — — — — Total Residential Real Estate $ 330,193 $ 314,305 $ 253,203 $ 103,843 $ 25,849 $ 96,919 $ 9,105 $ 1,133,417 Construction Real Estate Pass $ 124,479 $ 50,011 $ 10,946 $ 3,190 $ — $ — $ 941 $ 189,567 Watch 280 — — — — — — 280 Special Mention — — — — — — — — Substandard 330 679 — — — — — 1,009 Doubtful — — — — — — — — Total Construction Real Estate $ 125,089 $ 50,690 $ 10,946 $ 3,190 $ — $ — $ 941 $ 190,856 Commercial Real Estate Pass $ 462,643 $ 474,140 $ 279,921 $ 89,272 $ 74,653 $ 83,871 $ 37,443 $ 1,501,943 Watch 8,122 5,382 163 3,879 — 117 — 17,663 Special Mention 2,940 — — — — — — 2,940 Substandard 7,690 26,465 2,425 288 473 1,735 757 39,833 Doubtful — — — — — — — — Total Commercial Real Estate $ 481,395 $ 505,987 $ 282,509 $ 93,439 $ 75,126 $ 85,723 $ 38,200 $ 1,562,379 Consumer Pass $ 36,003 $ 14,530 $ 5,446 $ 1,692 $ 717 $ 1,379 $ 73,225 $ 132,992 Watch 71 — 62 — — — — 133 Special Mention — — — — — — — — Substandard 33 2 1 — — 41 313 390 Doubtful — — — — — — — — Total Consumer $ 36,107 $ 14,532 $ 5,509 $ 1,692 $ 717 $ 1,420 $ 73,538 $ 133,515 Commercial Pass $ 138,500 $ 83,011 $ 71,054 $ 10,723 $ 6,239 $ 10,657 $ 272,710 $ 592,894 Watch 698 211 91 3 — — 2,549 3,552 Special Mention — — — — — — — — Substandard 860 329 128 184 175 574 334 2,584 Doubtful — — — — — — — — Total Commercial $ 140,058 $ 83,551 $ 71,273 $ 10,910 $ 6,414 $ 11,231 $ 275,593 $ 599,030 Total Loans Pass $ 1,089,767 $ 934,545 $ 619,444 $ 208,612 $ 107,260 $ 191,942 $ 393,419 $ 3,544,989 Watch 10,385 6,729 932 3,990 198 144 2,554 24,932 Special Mention 2,940 — — — — — — 2,940 Substandard 9,750 27,791 3,064 472 648 3,207 1,404 46,336 Doubtful — — — — — — — — Total $ 1,112,842 $ 969,065 $ 623,440 $ 213,074 $ 108,106 $ 195,293 $ 397,377 $ 3,619,197 At June 30, 2023, PCD loans comprised $37.4 million of credits rated “Pass”; $12.7 million of credits rated “Watch”, none rated “Special Mention”, $6.3 million of credits rated “Substandard” and none rated “Doubtful”. Past-due Loans December 31, 2023 Greater Than Greater Than 90 30-59 Days 60-89 Days 90 Days Total Total Loans Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Accruing (dollars in thousands) Real Estate Loans: Residential $ 1,970 $ 348 $ 617 $ 2,935 $ 1,157,329 $ 1,160,264 $ — Construction 240 — — 240 243,987 244,227 — Commercial 2,208 275 36 2,519 1,556,081 1,558,600 — Consumer loans 857 171 173 1,201 137,962 139,163 — Commercial loans 599 364 449 1,412 628,487 629,899 — Total loans $ 5,874 $ 1,158 $ 1,275 $ 8,307 $ 3,723,846 $ 3,732,153 $ — June 30, 2023 Greater Than Greater Than 90 30-59 Days 60-89 Days 90 Days Total Total Loans Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Accruing (dollars in thousands) Real Estate Loans: Residential $ 1,984 $ 401 $ 483 $ 2,868 $ 1,130,549 $ 1,133,417 $ 109 Construction 443 311 698 1,452 189,404 190,856 — Commercial 616 1,854 1,580 4,050 1,558,329 1,562,379 — Consumer loans 456 124 212 792 132,723 133,515 — Commercial loans 713 77 789 1,579 597,451 599,030 — Total loans $ 4,212 $ 2,767 $ 3,762 $ 10,741 $ 3,608,456 $ 3,619,197 $ 109 At December 31, 2023, and June 30, 2023 there was no PCD loan that was greater than 90 days past due. 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. December 31, 2023 Amortized cost basis of loans determined to be Related allowance (dollars in thousands) collateral dependent for credit losses Real estate loans 1- to 4-family residential real estate $ 814 $ 133 Commercial real estate 25,142 7,250 Commercial 868 370 Total loans $ 26,824 $ 7,753 The increase in commercial real estate collateral dependent loans is due primarily to two metropolitan area hotel relationships being individually analyzed as of December 31, 2023; the Company was previously evaluating its non-owner occupied commercial real estate pool for qualitative adjustments related to similar loans. June 30, 2023 Amortized cost basis of loans determined to be Related allowance (dollars in thousands) collateral dependent for credit losses Real estate loans 1- to 4-family residential $ 837 $ 156 Construction real estate 642 79 Commercial real estate 4,897 666 Total loans $ 6,376 $ 901 Nonaccrual Loans (dollars in thousands) December 31, 2023 June 30, 2023 Residential real estate $ 809 $ 934 Construction real estate — 698 Commercial real estate 3,274 4,564 Consumer loans 205 256 Commercial loans 1,634 1,091 Total loans $ 5,922 $ 7,543 At December 31, 2023, there were no nonaccrual loans individually evaluated for which no ACL was recorded. Interest income recognized on nonaccrual loans in the three- and six- month periods ended December 31, 2023 and 2022, was immaterial. Modifications to Borrowers Experiencing Financial Difficulty. During the three- and six- month periods ended December 31, 2023, certain loan modifications were made to loans for borrowers experiencing financial difficulty. They are shown, segregated by class, in the tables below: For the three-month periods ended December 31, 2023 Number of Recorded (dollars in thousands) modifications Investment Residential real estate — $ — Construction real estate — — Commercial real estate — — Consumer loans — — Commercial loans 2 867 Total 2 $ 867 For the six-month periods ended December 31, 2023 Number of Recorded (dollars in thousands) modifications Investment Residential real estate — $ — Construction real estate — — Commercial real estate — — Consumer loans — — Commercial loans 2 867 Total 2 $ 867 Performing loans classified as modifications to borrowers experiencing financial difficulty outstanding at December 31, 2023 are shown in the following table segregated by portfolio segment and type of modification. The percentage of amortized cost of loans that were modified compared to total outstanding loans is also presented below. December 31, 2023 Term Interest Total Class of Principal Payment Extension Rate Financing Forgiveness Delays Modifications Reduction Receivable (dollars in thousands) Residential real estate $ — $ — $ 814 $ — 0.02 % Construction real estate — — — — — % Commercial real estate — — 23,010 — 0.62 % Consumer loans — — — — — % Commercial loans — 239 174 — 0.01 % Total $ — $ 239 $ 23,998 $ — 0.65 % Troubled Debt Restructurings . Prior to the adoption of ASU 2022-02, the Company’s loans that were subject to classification as TDRs were generally the result of guidance under ASU No. 2011-02, which indicated that the Company may not consider the borrower’s effective borrowing rate on the old debt immediately before the restructuring in determining whether a concession has been granted. Certain TDRs were classified as nonperforming at the time of restructuring and typically were returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. During the three- and six- month periods ended December 31, 2022, there were no loans modified as TDRs. Performing loans classified as TDRs and outstanding at June 30, 2023, segregated by class, are shown in the table below. Nonperforming TDRs at June 30, 2023, are included in the nonaccrual loans table above. June 30, 2023 Number of Recorded (dollars in thousands) modifications Investment Residential real estate 10 $ 3,438 Construction real estate — — Commercial real estate 6 24,017 Consumer loans — — Commercial loans 6 2,310 Total 22 $ 29,765 Residential Real Estate Foreclosures

Premises and Equipment

Premises and Equipment	6 Months Ended
Premises and Equipment	Dec. 31, 2023
Premises and Equipment
Premises and Equipment	Note 5: Premises and Equipment Following is a summary of premises and equipment: (dollars in thousands) December 31, 2023 June 30, 2023 Land $ 15,311 $ 15,415 Buildings and improvements 80,440 79,661 Construction in progress 460 450 Furniture, fixtures, equipment and software 26,642 26,404 Automobiles 112 122 Operating leases ROU asset 8,363 6,125 131,328 128,177 Less accumulated depreciation 36,809 35,780 $ 94,519 $ 92,397 Leases. 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. December 31, 2023 June 30, 2023 Consolidated Balance Sheet Operating leases ROU asset $ 8,363 $ 6,125 Operating leases liability $ 8,363 $ 6,125 For the three-month periods ended For the six-month periods ended December 31, December 31, (dollars in thousands) 2023 2022 2023 2022 Consolidated Statement of Income Operating lease costs classified as occupancy and equipment expense $ 307 $ 143 $ 586 $ 279 (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 $ 243 $ 103 $ 414 $ 206 ROU assets obtained in exchange for operating lease obligations: $ — $ — $ 2,445 $ — At December 31, 2023, future expected lease payments for leases with terms exceeding one year were as follows: (dollars in thousands) 2024 $ 488 2025 921 2026 870 2027 865 2028 852 Thereafter 10,477 Future lease payments expected $ 14,473 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- and six- month periods ended December 31, 2023, income recognized from these lessor agreements was , respectively. For the three- and six- month periods ended December 31, 2022, income recognized from these lessor agreements was

Deposits

Deposits	6 Months Ended
Deposits	Dec. 31, 2023
Deposits
Deposits	Note 6: Deposits Deposits are summarized as follows: (dollars in thousands) December 31, 2023 June 30, 2023 Non-interest bearing accounts $ 534,194 $ 597,600 NOW accounts 1,304,371 1,328,423 Money market deposit accounts 399,138 452,728 Savings accounts 372,824 282,753 Certificates 1,384,371 1,064,036 Total Deposit Accounts $ 3,994,898 $ 3,725,540 Brokered certificates totaled $180.0 million at December 31, 2023, compared to $146.5 million at June 30, 2023.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Dec. 31, 2023
Earnings Per Share
Earnings Per Share	Note 7: Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended Six months ended December 31, December 31, (dollars in thousands except per share data) 2023 2022 2023 2022 Net income $ 12,193 $ 11,664 $ 25,345 $ 21,267 Less: distributed earnings allocated to participating securities (10) (9) (21) (17) Less: undistributed earnings allocated to participating securities (43) (43) (90) (78) Net income available to common shareholders $ 12,140 $ 11,612 $ 25,234 $ 21,172 Denominator for basic earnings per share - Weighted-average shares outstanding 11,286,786 9,187,881 11,286,399 9,187,790 Effect of dilutive securities stock options or awards 14,695 22,369 11,803 22,512 Denominator for diluted earnings per share 11,301,481 9,210,250 11,298,202 9,210,302 Basic earnings per share available to common stockholders $ 1.08 $ 1.26 $ 2.24 $ 2.30 Diluted earnings per share available to common stockholders $ 1.07 $ 1.26 $ 2.23 $ 2.30 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 restricted

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes.	Note 8: 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 and state 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 For the six-month periods ended (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Income taxes Current $ 3,173 $ 3,261 $ 6,660 $ 5,697 Deferred — 6 — 13 Total income tax provision $ 3,173 $ 3,267 $ 6,660 $ 5,710 The components of net deferred tax assets (included in other assets on the condensed consolidated balance sheet) are summarized as follows: (dollars in thousands) December 31, 2023 June 30, 2023 Deferred tax assets: Provision for losses on loans $ 12,185 $ 12,101 Accrued compensation and benefits 844 974 NOL carry forwards acquired 216 709 Low income tax credit carry forward 794 1,192 Unrealized loss on other real estate 944 818 Unrealized loss on available for sale securities 5,292 6,174 Total deferred tax assets 20,275 21,968 Deferred tax liabilities: Purchase accounting adjustments 2,572 2,348 Depreciation 3,916 4,276 FHLB stock dividends 120 120 Prepaid expenses 775 728 Other 914 1,636 Total deferred tax liabilities 8,297 9,108 Net deferred tax asset $ 11,978 $ 12,860 As of December 31, 2023, the Company had approximately $982,000 in federal net operating loss carryforwards, which were acquired in the July 2009 Southern Bank of Commerce merger, the February 2014 Citizens State Bankshares of Bald Knob, Inc. merger, the April 2020 Central Federal Savings and Loan merger, the February 2022 Fortune Bank merger, and the January 2023 Citizens Bank & Trust Company (“Citizens Bank”) 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 For the six-month periods ended (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Tax at statutory rate $ 3,227 $ 3,136 $ 6,721 $ 5,665 Increase (reduction) in taxes resulting from: Nontaxable municipal income (117) (76) (225) (157) State tax, net of Federal benefit 131 165 295 179 Cash surrender value of Bank-owned life insurance (99) (67) (195) (134) Tax credit benefits (4) (2) (7) (4) Other, net 35 111 71 161 Actual provision $ 3,173 $ 3,267 $ 6,660 $ 5,710 For the three- and six- month periods ended December 31, 2023 and 2022, 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.

401(k) Retirement Plan

401(k) Retirement Plan	6 Months Ended
401(k) Retirement Plan	Dec. 31, 2023
401(k) Retirement Plan
401(k) Retirement Plan	Note 9: 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 , and expects to continue to make additional, discretionary profit-sharing contributions. During the three- and six- month period ended December 31, 2023, retirement plan expenses recognized for the Plan totaled approximately million for the same periods of the prior fiscal year. Employee deferrals and safe harbor contributions are fully vested. Profit-sharing or other contributions vest over a period of

Subordinated Debt

Subordinated Debt	6 Months Ended
Subordinated Debt	Dec. 31, 2023
Subordinated Debt.
Subordinated Debt	Note 10: 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 December 31, 2023, the Debentures carried an interest rate of 8.39%. The balance of the Debentures outstanding was $7.2 million at December 31, 2023 and June 30, 2023. 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 December 31, 2023, the current rate was 8.10%. The carrying value of the debt securities was approximately $2.8 million and $2.7 million at December 31, 2023 and June 30, 2023, respectively. 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 December 31, 2023, the current rate was 7.45%. The carrying value of the debt securities was approximately $5.5 million at December 31, 2023 and June 30, 2023. 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 $466,000 and $464,000 at December 31, 2023 and June 30, 2023, 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 and $7.7 million at December 31, 2023 and June 30, 2023, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Dec. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 11: Fair Value Measurements ASC Topic 820, Fair Value Measurements Level 1 Level 2 Level 3 Recurring Measurements. Fair Value Measurements at December 31, 2023 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) Obligations of state and political subdivisions $ 39,999 $ — $ 39,999 $ — Corporate obligations 33,346 — 33,346 — Asset backed securities 66,414 — 66,414 — Other securities 6,271 — 6,271 — MBS and CMOs 271,376 — 271,376 — Fair Value Measurements at June 30, 2023, 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) Obligations of state and political subdivisions $ 42,568 $ — $ 42,568 $ — Corporate obligations 32,538 — 32,538 — Asset backed securities 68,626 — 68,626 — Other securities 3,570 — 3,570 — MBS and CMOs 270,252 — 270,252 — 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. Available-for-sale Securities. Nonrecurring Measurements. Fair Value Measurements at December 31, 2023, 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 $ 782 $ — $ — $ 782 Fair Value Measurements at June 30, 2023, 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 $ 1,472 $ — $ — $ 1,472 The following table presents losses recognized on assets measured on a non-recurring basis for the six -month periods ended December 31, 2023 and 2022: For the six months ended (dollars in thousands) December 31, 2023 December 31, 2022 Foreclosed and repossessed assets held for sale $ (664) $ 35 Total gains (losses) on assets measured on a non-recurring basis $ (664) $ 35 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. Unobservable (Level 3) Inputs. Range Fair value at Valuation Unobservable of Weighted-average (dollars in thousands) December 31, 2023 technique inputs inputs applied inputs applied Nonrecurring Measurements Foreclosed and repossessed assets $ 782 Third party appraisal Marketability discount 15.5 - 15.5 % 15.5 % Range Fair value at Valuation Unobservable of Weighted-average (dollars in thousands) June 30, 2023 technique inputs inputs applied inputs applied Nonrecurring Measurements Foreclosed and repossessed assets $ 1,472 Third party appraisal Marketability discount 14.9 - 14.9 % 14.9 % Fair Value of Financial Instruments. 30, 2023. December 31, 2023 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 $ 216,353 $ 216,353 $ — $ — Interest-bearing time deposits 737 — 737 — Stock in FHLB 8,958 — 8,958 — Stock in Federal Reserve Bank of St. Louis 9,065 — 9,065 — Loans receivable, net 3,681,806 — — 3,562,353 Accrued interest receivable 24,491 — 24,491 — Financial liabilities Deposits 3,994,898 2,610,460 — 1,380,309 Advances from FHLB 113,036 — 112,729 — Accrued interest payable 10,738 — 10,738 — Subordinated debt 23,130 — — 20,949 Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Letters of credit — — — — Lines of credit — — — — June 30, 2023 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 $ 53,979 $ 53,979 $ — $ — Interest-bearing time deposits 1,242 — 1,242 — Stock in FHLB 11,540 — 11,540 — Stock in Federal Reserve Bank of St. Louis 9,061 — 9,061 — Loans receivable, net 3,571,078 — — 3,393,791 Accrued interest receivable 18,871 — 18,871 — Financial liabilities Deposits 3,725,540 2,661,479 — 1,053,650 Advances from FHLB 133,514 — 131,821 — Accrued interest payable 4,723 — 4,723 — Subordinated debt 23,105 — — 20,318 Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Letters of credit — — — — Lines of credit — — — —

Business Combinations

Business Combinations	6 Months Ended
Business Combinations	Dec. 31, 2023
Business Combinations
Business Combinations	Note 12: Business Combinations On January 20, 2023, the Company completed its acquisition of Citizens and its wholly owned subsidiary, 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. 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 will be 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 will be 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 will be 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). The acquired business contributed revenues of $10.9 million and earnings of $2.5 million for the period from July 1, 2023 through December 31, 2023. The following unaudited pro forma summaries present consolidated information of the Company as if the business combination had occurred on the first day of each period: Pro Forma For the three months ended December 31, (dollars in thousands) 2023 2022 Revenue $ 40,126 $ 48,218 Earnings $ 12,193 $ 13,834 Pro Forma For the six months ended December 31, (dollars in thousands) 2023 2022 Revenue $ 81,373 $ 95,590 Earnings $ 25,345 $ 28,123

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2023
Organization and Summary of Significant Accounting Policies
Organization	Organization. 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.
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.
Use of Estimates	Use of Estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, estimated fair values of purchased loans, and certain other assumptions and judgmental factors relating to investment securities.
Cash and Cash Equivalents	Cash and Cash Equivalents.
Interest-bearing Time Deposits	Interest-bearing Time Deposits.
Available for Sale Securities	Available for Sale Securities. 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 December 31, 2023, or June 30, 2023. 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.
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. 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. Depreciation is computed by use of straight-line and accelerated methods over the estimated useful lives of the assets. Estimated lives are generally seven three
Bank Owned Life Insurance	Bank Owned Life Insurance.
Goodwill	Goodwill.
Intangible Assets	Intangible Assets. five
Income Taxes	Income Taxes. 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.
Incentive Plans	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. 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.
Earnings Per Share	Earnings Per Share.
Comprehensive Income	Comprehensive Income.
Transfers Between Fair Value Hierarchy Levels	Transfers Between Fair Value Hierarchy Levels.
Wealth Management Assets and Fees	Wealth Management Assets and Fees.
New Accounting Pronouncements	New Accounting Pronouncements: In January 2021, the Financial Accounting Standards Board (“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 March 2023, the FASB issued 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 is effective for fiscal years beginning after December 15, 2023. The Company does not expect adoption of ASU 2023-02 to have a material impact on its consolidated financial statements. On July 1, 2023, the Company adopted ASU No. 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for TDRs in ASC 310-40, “Receivables – Troubled Debt Restructurings by Creditors” for entities that have adopted the CECL model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2022-02 also requires that public business entities disclose current-period gross charge offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments – Credit Losses – Measured at Amortized Cost.” The adoption of this update 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

Available for Sale Securities (

Available for Sale Securities (Tables)	6 Months Ended
Available for Sale Securities (Tables)	Dec. 31, 2023
Available for Sale Securities
Schedule of available for sale securities	December 31, 2023 Gross Gross Allowance Estimated Amortized Unrealized Unrealized for Fair (dollars in thousands) Cost Gains Losses Credit Losses Value Debt and equity securities: Obligations of states and political subdivisions $ 41,965 $ 55 $ (2,021) $ — $ 39,999 Corporate obligations 35,781 66 (2,501) — 33,346 Asset backed securities 65,491 1,324 (401) — 66,414 Other securities 6,319 21 (69) — 6,271 Total debt and equity securities 149,556 1,466 (4,992) — 146,030 Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): Residential MBS issued by governmental sponsored enterprises (GSEs) 90,452 273 (6,758) — 83,967 Commercial MBS issued by GSEs 66,026 328 (6,075) — 60,279 CMOs issued by GSEs 135,428 40 (8,338) — 127,130 Total MBS and CMOs 291,906 641 (21,171) — 271,376 Total AFS securities $ 441,462 $ 2,107 $ (26,163) $ — $ 417,406 June 30, 2023 Gross Gross Allowance Estimated Amortized Unrealized Unrealized for Fair (dollars in thousands) Cost Gains Losses Credit Losses Value Debt and equity securities: Obligations of states and political subdivisions $ 45,285 $ 20 $ (2,737) $ — $ 42,568 Corporate obligations 35,700 19 (3,181) — 32,538 Asset backed securities 67,897 1,274 (545) 68,626 Other securities 3,587 39 (56) — 3,570 Total debt and equity securities 152,469 1,352 (6,519) — 147,302 Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): Residential MBS issued by governmental sponsored enterprises (GSEs) 97,612 122 (7,610) — 90,124 Commercial MBS issued by GSEs 60,333 11 (6,959) — 53,385 CMOs issued by GSEs 135,202 9 (8,468) — 126,743 Total MBS and CMOs 293,147 142 (23,037) — 270,252 Total AFS securities $ 445,616 $ 1,494 $ (29,556) $ — $ 417,554
Schedule of amortized cost and fair value of available-for-sale securities, by contractual maturity	December 31, 2023 Amortized Estimated (dollars in thousands) Cost Fair Value Within one year $ 1,230 $ 1,229 After one year but less than five years 25,637 24,465 After five years but less than ten years 60,602 58,494 After ten years 62,087 61,842 Total investment securities 149,556 146,030 MBS and CMOs 291,906 271,376 Total AFS securities $ 441,462 $ 417,406
Schedule of available-for-sale securities, continuous unrealized loss position and fair Value	December 31, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Obligations of state and political subdivisions $ 3,422 $ 14 $ 29,272 $ 2,007 $ 32,694 $ 2,021 Corporate obligations 14,140 853 16,284 1,648 30,424 2,501 Asset backed securities 18,720 136 715 265 19,435 401 Other securities 5,338 25 309 44 5,647 69 MBS and CMOs 85,433 1,552 138,389 19,619 223,822 21,171 Total AFS securities $ 127,053 $ 2,580 $ 184,969 $ 23,583 $ 312,022 $ 26,163 June 30, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized (dollars in thousands) Fair Value Losses Fair Value Losses Fair Value Losses Obligations of state and political subdivisions $ 11,574 $ 184 $ 26,763 $ 2,553 $ 38,337 $ 2,737 Corporate obligations 14,709 1,074 13,821 2,107 28,530 3,181 Asset backed securities 22,628 263 698 282 23,326 545 Other securities 1,970 11 350 45 2,320 56 MBS and CMOs 87,354 1,525 145,673 21,512 233,027 23,037 Total AFS securities $ 138,235 $ 3,057 $ 187,305 $ 26,499 $ 325,540 $ 29,556

Loans and Allowance for Credi_2

Loans and Allowance for Credit Losses (Tables)	6 Months Ended
Loans and Allowance for Credit Losses (Tables)	Dec. 31, 2023
Loans and Allowance for Credit Losses
Schedule of classes of loans	(dollars in thousands) December 31, 2023 June 30, 2023 Real Estate Loans: Residential $ 1,160,264 $ 1,133,417 Construction 508,710 550,052 Commercial 1,558,600 1,562,379 Consumer loans 139,163 133,515 Commercial loans 629,899 599,030 3,996,636 3,978,393 Loans in process (264,483) (359,196) Deferred loan fees, net (263) (299) Allowance for credit losses (50,084) (47,820) Total loans $ 3,681,806 $ 3,571,078
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 six months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 15,641 $ 2,664 $ 22,838 $ 909 $ 5,768 $ 47,820 Provision (benefit) charged to expense (413) 489 2,817 132 467 3,492 Losses charged off (132) (289) (496) (215) (184) (1,316) Recoveries — — 18 64 6 88 Balance, end of period $ 15,096 $ 2,864 $ 25,177 $ 890 $ 6,057 $ 50,084 At period end and for the three months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 14,846 $ 2,856 $ 25,022 $ 855 $ 5,543 $ 49,122 Provision charged to expense 250 186 651 143 692 1,922 Losses charged off — (178) (496) (126) (180) (980) Recoveries — — — 18 2 20 Balance, end of period $ 15,096 $ 2,864 $ 25,177 $ 890 $ 6,057 $ 50,084 At period end and for the six months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 8,908 $ 2,220 $ 16,838 $ 710 $ 4,516 $ 33,192 Provision charged to expense 3,592 534 213 118 158 4,615 Losses charged off (2) — (245) (76) (17) (340) Recoveries 1 — — 9 6 16 Balance, end of period $ 12,499 $ 2,754 $ 16,806 $ 761 $ 4,663 $ 37,483 At period end and for the three months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for credit losses: Balance, beginning of period $ 11,937 $ 2,503 $ 17,886 $ 693 $ 4,399 $ 37,418 Provision (benefit) charged to expense 562 251 (835) 106 281 365 Losses charged off — — (245) (41) (17) (303) Recoveries — — — 3 — 3 Balance, end of period $ 12,499 $ 2,754 $ 16,806 $ 761 $ 4,663 $ 37,483
Schedule of allowance for off-balance credit exposure	At period end and for the six months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 71 $ 4,809 $ 475 $ 73 $ 860 $ 6,288 Provision (benefit) charged to expense 6 (1,726) (6) (5) 39 (1,692) Balance, end of period $ 77 $ 3,083 $ 469 $ 68 $ 899 $ 4,596 At period end and for the three months ended December 31, 2023 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 78 $ 4,193 $ 465 $ 71 $ 811 $ 5,618 Provision (benefit) charged to expense (1) (1,110) 4 (3) 88 (1,022) Balance, end of period $ 77 $ 3,083 $ 469 $ 68 $ 899 $ 4,596 At period end and for the six months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 58 $ 2,178 $ 421 $ 61 $ 640 $ 3,358 Provision (benefit) charged to expense 12 1,451 59 (5) 62 1,579 Balance, end of period $ 70 $ 3,629 $ 480 $ 56 $ 702 $ 4,937 At period end and for the three months ended December 31, 2022 Residential Construction Commercial (dollars in thousands) Real Estate Real Estate Real Estate Consumer Commercial Total Allowance for off-balance sheet credit exposure: Balance, beginning of period $ 193 $ 2,897 $ 528 $ 61 $ 485 $ 4,164 Provision (benefit) charged to expense (123) 732 (48) (5) 217 773 Balance, end of period $ 70 $ 3,629 $ 480 $ 56 $ 702 $ 4,937
Schedule of Gross charge-offs by loan class and year of origination	Revolving (dollars in thousands) 2024 2023 2022 2021 2020 Prior loans Total Real Estate Loans: Residential $ — $ — $ — $ 97 $ — $ 35 $ — $ 132 Construction — 100 78 111 — — — 289 Commercial — 496 — — — — — 496 Consumer loans 6 98 85 20 — 6 — 215 Commercial loans — 4 180 — — — — 184 Total current-period gross charge-offs $ 6 $ 698 $ 343 $ 228 $ — $ 41 $ — $ 1,316
Schedule of credit risk profile of the Company's loan portfolio based on rating category and payment activity	Revolving (dollars in thousands) 2024 2023 2022 2021 2020 Prior loans Total Residential Real Estate Pass $ 107,789 $ 308,760 $ 299,089 $ 234,225 $ 90,643 $ 104,976 $ 11,005 $ 1,156,487 Watch 715 249 416 562 104 217 — 2,263 Special Mention — — — — — — — — Substandard — 814 — 198 — 502 — 1,514 Doubtful — — — — — — — — Total Residential Real Estate $ 108,504 $ 309,823 $ 299,505 $ 234,985 $ 90,747 $ 105,695 $ 11,005 $ 1,160,264 Construction Real Estate Pass $ 42,047 $ 155,663 $ 32,518 $ 13,059 $ — $ — $ 940 $ 244,227 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Construction Real Estate $ 42,047 $ 155,663 $ 32,518 $ 13,059 $ — $ — $ 940 $ 244,227 Commercial Real Estate Pass $ 107,362 $ 403,559 $ 467,990 $ 264,588 $ 82,406 $ 119,031 $ 41,984 $ 1,486,920 Watch 4,865 22,004 3,117 158 4,126 78 20 34,368 Special Mention — 2,920 — — — — — 2,920 Substandard 4,341 2,153 25,899 — 1 1,070 928 34,392 Doubtful — — — — — — — — Total Commercial Real Estate $ 116,568 $ 430,636 $ 497,006 $ 264,746 $ 86,533 $ 120,179 $ 42,932 $ 1,558,600 Consumer Pass $ 18,143 $ 25,520 $ 10,244 $ 3,986 $ 1,184 $ 1,528 $ 78,450 $ 139,055 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — 5 25 — 21 7 50 108 Doubtful — — — — — — — — Total Consumer $ 18,143 $ 25,525 $ 10,269 $ 3,986 $ 1,205 $ 1,535 $ 78,500 $ 139,163 Commercial Pass $ 114,849 $ 101,038 $ 66,276 $ 61,085 $ 8,415 $ 14,115 $ 248,115 $ 613,893 Watch 250 4,426 113 286 72 19 7,527 12,693 Special Mention — — — — — — — — Substandard 482 503 1,006 71 201 787 263 3,313 Doubtful — — — — — — — — Total Commercial $ 115,581 $ 105,967 $ 67,395 $ 61,442 $ 8,688 $ 14,921 $ 255,905 $ 629,899 Total Loans Pass $ 390,190 $ 994,540 $ 876,117 $ 576,943 $ 182,648 $ 239,650 $ 380,494 $ 3,640,582 Watch 5,830 26,679 3,646 1,006 4,302 314 7,547 49,324 Special Mention — 2,920 — — — — — 2,920 Substandard 4,823 3,475 26,930 269 223 2,366 1,241 39,327 Doubtful — — — — — — — — Total $ 400,843 $ 1,027,614 $ 906,693 $ 578,218 $ 187,173 $ 242,330 $ 389,282 $ 3,732,153 Revolving (dollars in thousands) 2023 2022 2021 2020 2019 Prior loans Total Residential Real Estate Pass $ 328,142 $ 312,853 $ 252,077 $ 103,735 $ 25,651 $ 96,035 $ 9,100 $ 1,127,593 Watch 1,214 1,136 616 108 198 27 5 3,304 Special Mention — — — — — — — — Substandard 837 316 510 — — 857 — 2,520 Doubtful — — — — — — — — Total Residential Real Estate $ 330,193 $ 314,305 $ 253,203 $ 103,843 $ 25,849 $ 96,919 $ 9,105 $ 1,133,417 Construction Real Estate Pass $ 124,479 $ 50,011 $ 10,946 $ 3,190 $ — $ — $ 941 $ 189,567 Watch 280 — — — — — — 280 Special Mention — — — — — — — — Substandard 330 679 — — — — — 1,009 Doubtful — — — — — — — — Total Construction Real Estate $ 125,089 $ 50,690 $ 10,946 $ 3,190 $ — $ — $ 941 $ 190,856 Commercial Real Estate Pass $ 462,643 $ 474,140 $ 279,921 $ 89,272 $ 74,653 $ 83,871 $ 37,443 $ 1,501,943 Watch 8,122 5,382 163 3,879 — 117 — 17,663 Special Mention 2,940 — — — — — — 2,940 Substandard 7,690 26,465 2,425 288 473 1,735 757 39,833 Doubtful — — — — — — — — Total Commercial Real Estate $ 481,395 $ 505,987 $ 282,509 $ 93,439 $ 75,126 $ 85,723 $ 38,200 $ 1,562,379 Consumer Pass $ 36,003 $ 14,530 $ 5,446 $ 1,692 $ 717 $ 1,379 $ 73,225 $ 132,992 Watch 71 — 62 — — — — 133 Special Mention — — — — — — — — Substandard 33 2 1 — — 41 313 390 Doubtful — — — — — — — — Total Consumer $ 36,107 $ 14,532 $ 5,509 $ 1,692 $ 717 $ 1,420 $ 73,538 $ 133,515 Commercial Pass $ 138,500 $ 83,011 $ 71,054 $ 10,723 $ 6,239 $ 10,657 $ 272,710 $ 592,894 Watch 698 211 91 3 — — 2,549 3,552 Special Mention — — — — — — — — Substandard 860 329 128 184 175 574 334 2,584 Doubtful — — — — — — — — Total Commercial $ 140,058 $ 83,551 $ 71,273 $ 10,910 $ 6,414 $ 11,231 $ 275,593 $ 599,030 Total Loans Pass $ 1,089,767 $ 934,545 $ 619,444 $ 208,612 $ 107,260 $ 191,942 $ 393,419 $ 3,544,989 Watch 10,385 6,729 932 3,990 198 144 2,554 24,932 Special Mention 2,940 — — — — — — 2,940 Substandard 9,750 27,791 3,064 472 648 3,207 1,404 46,336 Doubtful — — — — — — — — Total $ 1,112,842 $ 969,065 $ 623,440 $ 213,074 $ 108,106 $ 195,293 $ 397,377 $ 3,619,197
Schedule of company's loan portfolio aging analysis	December 31, 2023 Greater Than Greater Than 90 30-59 Days 60-89 Days 90 Days Total Total Loans Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Accruing (dollars in thousands) Real Estate Loans: Residential $ 1,970 $ 348 $ 617 $ 2,935 $ 1,157,329 $ 1,160,264 $ — Construction 240 — — 240 243,987 244,227 — Commercial 2,208 275 36 2,519 1,556,081 1,558,600 — Consumer loans 857 171 173 1,201 137,962 139,163 — Commercial loans 599 364 449 1,412 628,487 629,899 — Total loans $ 5,874 $ 1,158 $ 1,275 $ 8,307 $ 3,723,846 $ 3,732,153 $ — June 30, 2023 Greater Than Greater Than 90 30-59 Days 60-89 Days 90 Days Total Total Loans Days Past Due Past Due Past Due Past Due Past Due Current Receivable and Accruing (dollars in thousands) Real Estate Loans: Residential $ 1,984 $ 401 $ 483 $ 2,868 $ 1,130,549 $ 1,133,417 $ 109 Construction 443 311 698 1,452 189,404 190,856 — Commercial 616 1,854 1,580 4,050 1,558,329 1,562,379 — Consumer loans 456 124 212 792 132,723 133,515 — Commercial loans 713 77 789 1,579 597,451 599,030 — Total loans $ 4,212 $ 2,767 $ 3,762 $ 10,741 $ 3,608,456 $ 3,619,197 $ 109
Schedule of company's collateral dependent loans and related ACL	December 31, 2023 Amortized cost basis of loans determined to be Related allowance (dollars in thousands) collateral dependent for credit losses Real estate loans 1- to 4-family residential real estate $ 814 $ 133 Commercial real estate 25,142 7,250 Commercial 868 370 Total loans $ 26,824 $ 7,753 The increase in commercial real estate collateral dependent loans is due primarily to two metropolitan area hotel relationships being individually analyzed as of December 31, 2023; the Company was previously evaluating its non-owner occupied commercial real estate pool for qualitative adjustments related to similar loans. June 30, 2023 Amortized cost basis of loans determined to be Related allowance (dollars in thousands) collateral dependent for credit losses Real estate loans 1- to 4-family residential $ 837 $ 156 Construction real estate 642 79 Commercial real estate 4,897 666 Total loans $ 6,376 $ 901
Schedule of company's nonaccrual loans	(dollars in thousands) December 31, 2023 June 30, 2023 Residential real estate $ 809 $ 934 Construction real estate — 698 Commercial real estate 3,274 4,564 Consumer loans 205 256 Commercial loans 1,634 1,091 Total loans $ 5,922 $ 7,543
Schedule of performing loans classified as TDRs and outstanding, segregated by class	For the three-month periods ended December 31, 2023 Number of Recorded (dollars in thousands) modifications Investment Residential real estate — $ — Construction real estate — — Commercial real estate — — Consumer loans — — Commercial loans 2 867 Total 2 $ 867 For the six-month periods ended December 31, 2023 Number of Recorded (dollars in thousands) modifications Investment Residential real estate — $ — Construction real estate — — Commercial real estate — — Consumer loans — — Commercial loans 2 867 Total 2 $ 867 June 30, 2023 Number of Recorded (dollars in thousands) modifications Investment Residential real estate 10 $ 3,438 Construction real estate — — Commercial real estate 6 24,017 Consumer loans — — Commercial loans 6 2,310 Total 22 $ 29,765
Schedule of performing loans classified as modifications to borrowers experiencing financial difficulty	December 31, 2023 Term Interest Total Class of Principal Payment Extension Rate Financing Forgiveness Delays Modifications Reduction Receivable (dollars in thousands) Residential real estate $ — $ — $ 814 $ — 0.02 % Construction real estate — — — — — % Commercial real estate — — 23,010 — 0.62 % Consumer loans — — — — — % Commercial loans — 239 174 — 0.01 % Total $ — $ 239 $ 23,998 $ — 0.65 %

Premises and Equipment (Tables)

Premises and Equipment (Tables)	6 Months Ended
Premises and Equipment (Tables)	Dec. 31, 2023
Premises and Equipment
Schedule of summary of premises and equipment	(dollars in thousands) December 31, 2023 June 30, 2023 Land $ 15,311 $ 15,415 Buildings and improvements 80,440 79,661 Construction in progress 460 450 Furniture, fixtures, equipment and software 26,642 26,404 Automobiles 112 122 Operating leases ROU asset 8,363 6,125 131,328 128,177 Less accumulated depreciation 36,809 35,780 $ 94,519 $ 92,397
Schedule of calculated amount of right of use assets and lease liabilities	December 31, 2023 June 30, 2023 Consolidated Balance Sheet Operating leases ROU asset $ 8,363 $ 6,125 Operating leases liability $ 8,363 $ 6,125 For the three-month periods ended For the six-month periods ended December 31, December 31, (dollars in thousands) 2023 2022 2023 2022 Consolidated Statement of Income Operating lease costs classified as occupancy and equipment expense $ 307 $ 143 $ 586 $ 279 (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 $ 243 $ 103 $ 414 $ 206 ROU assets obtained in exchange for operating lease obligations: $ — $ — $ 2,445 $ —
Schedule of Future Minimum Rental Payments for Operating Leases	(dollars in thousands) 2024 $ 488 2025 921 2026 870 2027 865 2028 852 Thereafter 10,477 Future lease payments expected $ 14,473

Deposits (Tables)

Deposits (Tables)	6 Months Ended
Deposits (Tables)	Dec. 31, 2023
Deposits
Schedule of deposits	(dollars in thousands) December 31, 2023 June 30, 2023 Non-interest bearing accounts $ 534,194 $ 597,600 NOW accounts 1,304,371 1,328,423 Money market deposit accounts 399,138 452,728 Savings accounts 372,824 282,753 Certificates 1,384,371 1,064,036 Total Deposit Accounts $ 3,994,898 $ 3,725,540

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2023
Earnings Per Share
Schedule of earnings per share, basic and diluted	Three months ended Six months ended December 31, December 31, (dollars in thousands except per share data) 2023 2022 2023 2022 Net income $ 12,193 $ 11,664 $ 25,345 $ 21,267 Less: distributed earnings allocated to participating securities (10) (9) (21) (17) Less: undistributed earnings allocated to participating securities (43) (43) (90) (78) Net income available to common shareholders $ 12,140 $ 11,612 $ 25,234 $ 21,172 Denominator for basic earnings per share - Weighted-average shares outstanding 11,286,786 9,187,881 11,286,399 9,187,790 Effect of dilutive securities stock options or awards 14,695 22,369 11,803 22,512 Denominator for diluted earnings per share 11,301,481 9,210,250 11,298,202 9,210,302 Basic earnings per share available to common stockholders $ 1.08 $ 1.26 $ 2.24 $ 2.30 Diluted earnings per share available to common stockholders $ 1.07 $ 1.26 $ 2.23 $ 2.30

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes
Schedule of income tax provision	For the three-month periods ended For the six-month periods ended (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Income taxes Current $ 3,173 $ 3,261 $ 6,660 $ 5,697 Deferred — 6 — 13 Total income tax provision $ 3,173 $ 3,267 $ 6,660 $ 5,710
Schedule of components of net deferred tax assets	(dollars in thousands) December 31, 2023 June 30, 2023 Deferred tax assets: Provision for losses on loans $ 12,185 $ 12,101 Accrued compensation and benefits 844 974 NOL carry forwards acquired 216 709 Low income tax credit carry forward 794 1,192 Unrealized loss on other real estate 944 818 Unrealized loss on available for sale securities 5,292 6,174 Total deferred tax assets 20,275 21,968 Deferred tax liabilities: Purchase accounting adjustments 2,572 2,348 Depreciation 3,916 4,276 FHLB stock dividends 120 120 Prepaid expenses 775 728 Other 914 1,636 Total deferred tax liabilities 8,297 9,108 Net deferred tax asset $ 11,978 $ 12,860
Schedule of reconciliation of income tax expense at the statutory rate	For the three-month periods ended For the six-month periods ended (dollars in thousands) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Tax at statutory rate $ 3,227 $ 3,136 $ 6,721 $ 5,665 Increase (reduction) in taxes resulting from: Nontaxable municipal income (117) (76) (225) (157) State tax, net of Federal benefit 131 165 295 179 Cash surrender value of Bank-owned life insurance (99) (67) (195) (134) Tax credit benefits (4) (2) (7) (4) Other, net 35 111 71 161 Actual provision $ 3,173 $ 3,267 $ 6,660 $ 5,710

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2023
Fair Value Measurements
Schedule of fair value assets measured on recurring basis	Fair Value Measurements at December 31, 2023 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) Obligations of state and political subdivisions $ 39,999 $ — $ 39,999 $ — Corporate obligations 33,346 — 33,346 — Asset backed securities 66,414 — 66,414 — Other securities 6,271 — 6,271 — MBS and CMOs 271,376 — 271,376 — Fair Value Measurements at June 30, 2023, 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) Obligations of state and political subdivisions $ 42,568 $ — $ 42,568 $ — Corporate obligations 32,538 — 32,538 — Asset backed securities 68,626 — 68,626 — Other securities 3,570 — 3,570 — MBS and CMOs 270,252 — 270,252 —
Schedule of fair value of nonrecurring measurements	Fair Value Measurements at December 31, 2023, 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 $ 782 $ — $ — $ 782 Fair Value Measurements at June 30, 2023, 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 $ 1,472 $ — $ — $ 1,472
Schedule of losses recognized on assets measured on a nonrecurring basis	For the six months ended (dollars in thousands) December 31, 2023 December 31, 2022 Foreclosed and repossessed assets held for sale $ (664) $ 35 Total gains (losses) on assets measured on a non-recurring basis $ (664) $ 35
Schedule of level 3 fair value measurements	Range Fair value at Valuation Unobservable of Weighted-average (dollars in thousands) December 31, 2023 technique inputs inputs applied inputs applied Nonrecurring Measurements Foreclosed and repossessed assets $ 782 Third party appraisal Marketability discount 15.5 - 15.5 % 15.5 % Range Fair value at Valuation Unobservable of Weighted-average (dollars in thousands) June 30, 2023 technique inputs inputs applied inputs applied Nonrecurring Measurements Foreclosed and repossessed assets $ 1,472 Third party appraisal Marketability discount 14.9 - 14.9 % 14.9 %
Schedule of financial instruments	December 31, 2023 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 $ 216,353 $ 216,353 $ — $ — Interest-bearing time deposits 737 — 737 — Stock in FHLB 8,958 — 8,958 — Stock in Federal Reserve Bank of St. Louis 9,065 — 9,065 — Loans receivable, net 3,681,806 — — 3,562,353 Accrued interest receivable 24,491 — 24,491 — Financial liabilities Deposits 3,994,898 2,610,460 — 1,380,309 Advances from FHLB 113,036 — 112,729 — Accrued interest payable 10,738 — 10,738 — Subordinated debt 23,130 — — 20,949 Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Letters of credit — — — — Lines of credit — — — — June 30, 2023 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 $ 53,979 $ 53,979 $ — $ — Interest-bearing time deposits 1,242 — 1,242 — Stock in FHLB 11,540 — 11,540 — Stock in Federal Reserve Bank of St. Louis 9,061 — 9,061 — Loans receivable, net 3,571,078 — — 3,393,791 Accrued interest receivable 18,871 — 18,871 — Financial liabilities Deposits 3,725,540 2,661,479 — 1,053,650 Advances from FHLB 133,514 — 131,821 — Accrued interest payable 4,723 — 4,723 — Subordinated debt 23,105 — — 20,318 Unrecognized financial instruments (net of contract amount) Commitments to originate loans — — — — Letters of credit — — — — Lines of credit — — — —

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
Business Combinations (Tables)	Dec. 31, 2023
Schedule of unaudited pro forma	Pro Forma For the three months ended December 31, (dollars in thousands) 2023 2022 Revenue $ 40,126 $ 48,218 Earnings $ 12,193 $ 13,834 Pro Forma For the six months ended December 31, (dollars in thousands) 2023 2022 Revenue $ 81,373 $ 95,590 Earnings $ 25,345 $ 28,123
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

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies - Organization (Details) $ in Billions	Dec. 31, 2023 USD ($)
Organization and Summary of Significant Accounting Policies
Assets of the REIT	$ 1.3

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
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	$ 152.7	$ 3.8
Deposits are held in various commercial banks
Cash and Cash Equivalents [Line Items]
Cash	$ 1.3	$ 1.3

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - Loans (Details)	6 Months Ended
	Dec. 31, 2023 item
Organization and Summary of Significant Accounting Policies
Number of loan portfolio pools	24

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Premises and Equipment (Details)	Dec. 31, 2023
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

Organization and Summary of S_7

Organization and Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment loss on goodwill	$ 0	$ 0
Core deposit intangible assets, amortization method	using the straight line method
Impairment of intangible assets	$ 0	0
Core Deposits
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	39.1	39.1
Intangibles assets, accumulated amortization	15.9	14
Remainder of fiscal 2024	2
2025	3.5
2026	3
2027	2.7
2028	2.7
Thereafter	11.5
Other identifiable intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6.4	6.4
Intangibles assets, accumulated amortization	4.1	3.9
Mortgage and SBA servicing rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 2.9	$ 2.9
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

Organization and Summary of S_8

Organization and Summary of Significant Accounting Policies - Wealth Management Assets and Fees (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Organization and Summary of Significant Accounting Policies
Fiduciary assets	$ 107.2	$ 102
Investment management assets	$ 475.1	$ 464.2

Available for Sale Securities -

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	Dec. 31, 2023	Jun. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	$ 441,462	$ 445,616
Gross Unrealized Gains	2,107	1,494
Gross Unrealized Losses	(26,163)	(29,556)
Allowance for Credit Losses	0	0
Estimated Fair Value	417,406	417,554
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	41,965	45,285
Gross Unrealized Gains	55	20
Gross Unrealized Losses	(2,021)	(2,737)
Allowance for Credit Losses	0	0
Estimated Fair Value	39,999	42,568
Corporate Obligations
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	35,781	35,700
Gross Unrealized Gains	66	19
Gross Unrealized Losses	(2,501)	(3,181)
Allowance for Credit Losses	0	0
Estimated Fair Value	33,346	32,538
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	65,491	67,897
Gross Unrealized Gains	1,324	1,274
Gross Unrealized Losses	(401)	(545)
Allowance for Credit Losses	0
Estimated Fair Value	66,414	68,626
Other securities
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	6,319	3,587
Gross Unrealized Gains	21	39
Gross Unrealized Losses	(69)	(56)
Allowance for Credit Losses	0	0
Estimated Fair Value	6,271	3,570
Debt and Equity Securities
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	149,556	152,469
Gross Unrealized Gains	1,466	1,352
Gross Unrealized Losses	(4,992)	(6,519)
Allowance for Credit Losses	0	0
Estimated Fair Value	146,030	147,302
Residential MBS issued by governmental sponsored enterprises (GSEs)
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	90,452	97,612
Gross Unrealized Gains	273	122
Gross Unrealized Losses	(6,758)	(7,610)
Allowance for Credit Losses	0	0
Estimated Fair Value	83,967	90,124
Commercial MBS issued by GSEs
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	66,026	60,333
Gross Unrealized Gains	328	11
Gross Unrealized Losses	(6,075)	(6,959)
Allowance for Credit Losses	0	0
Estimated Fair Value	60,279	53,385
CMOs issued by GSEs
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	135,428	135,202
Gross Unrealized Gains	40	9
Gross Unrealized Losses	(8,338)	(8,468)
Allowance for Credit Losses	0	0
Estimated Fair Value	127,130	126,743
Total MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Total AFS securities, Amortized Cost	291,906	293,147
Gross Unrealized Gains	641	142
Gross Unrealized Losses	(21,171)	(23,037)
Allowance for Credit Losses	0	0
Estimated Fair Value	$ 271,376	$ 270,252

Available for Sale Securities_2

Available for Sale Securities - Amortized Cost and Fair Value of Available-for-sale Securities, by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Amortized Cost
Within one year	$ 1,230
After one year but less than five years	25,637
After five years but less than ten years	60,602
After ten years	62,087
Total investment securities	149,556
Total AFS securities, Amortized Cost	441,462	$ 445,616
Estimated Fair Value
Within one year	1,229
After one year but less than five years	24,465
After five years but less than ten years	58,494
After ten years	61,842
Total investment securities	146,030
Total AFS securities	417,406	417,554
Total MBS and CMOs
Amortized Cost
Investment securities, without single maturity	291,906
Total AFS securities, Amortized Cost	291,906	293,147
Estimated Fair Value
Investment securities, without single maturity	271,376
Total AFS securities	$ 271,376	$ 270,252

Available for Sale Securities_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	Dec. 31, 2023	Jun. 30, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral	$ 265.9	$ 253.9
Asset backed securities
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral	133.2	129.2
Collateralized Mortgage Obligations
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral	100.4	94.8
US States and Political Subdivisions Debt Securities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Securities pledged as collateral	28.1	26.5
Other Debt Obligations [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Carrying value of investment and MBS pledged as collateral to secure public deposits and securities sold under agreements to repurchase	$ 4.2	$ 3.4

Available for Sale Securities_4

Available for Sale Securities - Gross Unrealized Losses and Fair Value, Continuous Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 127,053	$ 138,235
Less than 12 Months, Unrealized Losses	2,580	3,057
12 Months or more, Fair Value	184,969	187,305
12 Months or more, Unrealized Losses	23,583	26,499
Fair Value, Total	312,022	325,540
Unrealized Losses , Total	26,163	29,556
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	3,422	11,574
Less than 12 Months, Unrealized Losses	14	184
12 Months or more, Fair Value	29,272	26,763
12 Months or more, Unrealized Losses	2,007	2,553
Fair Value, Total	32,694	38,337
Unrealized Losses , Total	$ 2,021	2,737
Number of individual securities in an unrealized loss position for less than 12 months \| security	8
Number of individual securities in an unrealized loss position for more than 12 months \| security	58
Corporate Obligations
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 14,140	14,709
Less than 12 Months, Unrealized Losses	853	1,074
12 Months or more, Fair Value	16,284	13,821
12 Months or more, Unrealized Losses	1,648	2,107
Fair Value, Total	30,424	28,530
Unrealized Losses , Total	$ 2,501	3,181
Number of individual securities in an unrealized loss position for less than 12 months \| security	8
Number of individual securities in an unrealized loss position for more than 12 months \| security	14
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 18,720	22,628
Less than 12 Months, Unrealized Losses	136	263
12 Months or more, Fair Value	715	698
12 Months or more, Unrealized Losses	265	282
Fair Value, Total	19,435	23,326
Unrealized Losses , Total	$ 401	545
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	4
Other Debt Obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	$ 5,338	1,970
Less than 12 Months, Unrealized Losses	25	11
12 Months or more, Fair Value	309	350
12 Months or more, Unrealized Losses	44	45
Fair Value, Total	5,647	2,320
Unrealized Losses , Total	69	56
Total MBS and CMOs
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months, Fair Value	85,433	87,354
Less than 12 Months, Unrealized Losses	1,552	1,525
12 Months or more, Fair Value	138,389	145,673
12 Months or more, Unrealized Losses	19,619	21,512
Fair Value, Total	223,822	233,027
Unrealized Losses , Total	$ 21,171	$ 23,037
Number of individual securities in an unrealized loss position for less than 12 months \| security	24
Number of individual securities in an unrealized loss position for more than 12 months \| security	109

Available for Sale Securities_5

Available for Sale Securities - Other Securities Policy: Pooled Trust Preferred Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Available for Sale Securities
Credit losses recognized on investments	$ 0	$ 0	$ 0	$ 0

Loans and Allowance for Credi_3

Loans and Allowance for Credit Losses - Classes of loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before fees gross	$ 3,996,636	$ 3,978,393
Loans in Process	(264,483)	(359,196)
Deferred loan fees, net	(263)	(299)
Allowance for credit losses	(50,084)	(47,820)		$ (37,483)	$ (37,418)	$ (33,192)
Total loans	$ 3,681,806	$ 3,571,078
Number of purchased participation loans \| loan	74	86
Purchased participation loans	$ 170,600	$ 155,600
Residential Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before fees gross	1,160,264	1,133,417
Allowance for credit losses	(15,096)	(15,641)	$ (14,846)	(12,499)	(11,937)	(8,908)
Construction Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before fees gross	508,710	550,052
Allowance for credit losses	(2,864)	(2,664)	$ (2,856)	(2,754)	(2,503)	(2,220)
Commercial Real Estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before fees gross	1,558,600	1,562,379
Allowance for credit losses	(25,177)	(22,838)		(16,806)	(17,886)	(16,838)
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before fees gross	139,163	133,515
Allowance for credit losses	(890)	(909)		(761)	(693)	(710)
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans before fees gross	629,899	599,030
Allowance for credit losses	$ (6,057)	$ (5,768)		$ (4,663)	$ (4,399)	$ (4,516)

Loans and Allowance for Credi_4

Loans and Allowance for Credit Losses - Classes of loans information (Details)			3 Months Ended		6 Months Ended
	Jan. 20, 2023 USD ($)	Feb. 25, 2022 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) loan
Provision for credit losses			$ 900,000	$ 1,138,000	$ 1,800,000	$ 6,194,000
Allowance for credit losses, loans				365,000	3,492,000	4,615,000
Provision (recovery) for off balance sheet credit exposure			(1,022,000)	773,000	$ (1,692,000)	1,579,000
Net charge offs on average loans outstanding (as percentage)					0.07%
Citizens Bancshares Company
Allowance for credit losses for purchased credit deteriorated (PCD)	$ 1,121,000
Fortune
Allowance for credit losses for purchased credit deteriorated (PCD)		$ 120,000
Commercial
Amortization period of loans					25 years
Term of fixed interest applicability on loans					10 years
Term of variable interest applicability on loans					7 years
Agricultural real estate terms if 80% loan-to-value ratio					25 years
Agricultural real estate terms if 75% loan-to-value ratio					30 years
Residential Real Estate
Allowance for credit losses, loans			250,000	562,000	$ (413,000)	3,592,000
Provision (recovery) for off balance sheet credit exposure			(1,000)	(123,000)	$ 6,000	12,000
Residential Real Estate \| Minimum
Maturities of single-family residential construction loans					6 months
Residential Real Estate \| Maximum
Maturities of single-family residential construction loans					12 months
Residential Real Estate \| Residential Real Estate.
Fixed-rate and adjustable-rate mortgage (ARM) loans amortization period (in years)					30 years
Residential Real Estate \| Residential Real Estate. \| Single Family
Maximum percentage of appraised value or purchase price that loans cannot exceed					90%
Residential Real Estate \| Residential Real Estate. \| Multifamily
Maximum percentage of appraised value or purchase price that loans cannot exceed					85%
Amortization period of loans					25 years
Amortization period of multi-family residential loans if balloon maturities					10 years
Commercial Real Estate
Allowance for credit losses, loans				(835,000)	$ 2,817,000	213,000
Provision (recovery) for off balance sheet credit exposure			4,000	(48,000)	$ (6,000)	59,000
Commercial Real Estate \| Maximum
Amortization period of loans					25 years
Construction Real Estate
Allowance for credit losses, loans			186,000	251,000	$ 489,000	534,000
Provision (recovery) for off balance sheet credit exposure			(1,110,000)	732,000	$ (1,726,000)	1,451,000
Construction Real Estate \| Minimum
Maturities of multifamily or commercial construction loans					12 months
Construction Real Estate \| Average
Average term of construction loans					12 months
Construction Real Estate \| Maximum
Amortization period of loans					30 years
Maturities of multifamily or commercial construction loans					36 months
Consumer loans
Amortization period of loans					66 months
Allowance for credit losses, loans				106,000	$ 132,000	118,000
Provision (recovery) for off balance sheet credit exposure			(3,000)	(5,000)	$ (5,000)	(5,000)
Consumer loans \| Home Equity Loan
Maximum percentage of appraised value or purchase price that loans cannot exceed					90%
Amortization period of loans					10 years
Consumer loans \| Automobile loans
Maximum percentage of appraised value or purchase price that loans cannot exceed					100%
Amortization period of loans					66 months
Commercial loans
Amortization period of loans					5 years
Amortization period of multi-family residential loans if balloon maturities					1 year
Allowance for credit losses, loans				281,000	$ 467,000	158,000
Provision (recovery) for off balance sheet credit exposure			$ 88,000	$ 217,000	$ 39,000	$ 62,000
Modifications for the purpose of extending the maturity date \| Construction Real Estate
Incremental period that the loan maturity can be extended to					3 months
Number of construction loans outstanding, for which a modification had been agreed to \| loan			49		49		53
Construction loans outstanding, for which a modification had been agreed to			$ 40,500,000		$ 40,500,000		$ 33,400,000

Loans and Allowance for Credi_5

Loans and Allowance for Credit Losses - PCD Loans Acquired (Details) - USD ($) $ in Thousands	Jan. 20, 2023	Feb. 25, 2022
Citizens Bancshares Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
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
Fortune
Accounts, Notes, Loans and Financing Receivable [Line Items]
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

Loans and Allowance for Credi_6

Loans and Allowance for Credit Losses - Balance and activity in the Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses:
Balance, beginning of period		$ 37,418	$ 47,820	$ 33,192
Provision (benefit) charged to expense		365	3,492	4,615
Losses charged off		(303)	(1,316)	(340)
Recoveries		3	88	16
Balance, end of period	$ 50,084	37,483	50,084	37,483
Residential Real Estate
Allowance for credit losses:
Balance, beginning of period	14,846	11,937	15,641	8,908
Provision (benefit) charged to expense	250	562	(413)	3,592
Losses charged off			(132)	(2)
Recoveries				1
Balance, end of period	15,096	12,499	15,096	12,499
Construction Real Estate
Allowance for credit losses:
Balance, beginning of period	2,856	2,503	2,664	2,220
Provision (benefit) charged to expense	186	251	489	534
Losses charged off	(178)		(289)
Balance, end of period	2,864	2,754	2,864	2,754
Commercial Real Estate
Allowance for credit losses:
Balance, beginning of period		17,886	22,838	16,838
Provision (benefit) charged to expense		(835)	2,817	213
Losses charged off		(245)	(496)	(245)
Recoveries			18
Balance, end of period	25,177	16,806	25,177	16,806
Consumer loans
Allowance for credit losses:
Balance, beginning of period		693	909	710
Provision (benefit) charged to expense		106	132	118
Losses charged off		(41)	(215)	(76)
Recoveries		3	64	9
Balance, end of period	890	761	890	761
Commercial loans
Allowance for credit losses:
Balance, beginning of period		4,399	5,768	4,516
Provision (benefit) charged to expense		281	467	158
Losses charged off		(17)	(184)	(17)
Recoveries			6	6
Balance, end of period	$ 6,057	$ 4,663	$ 6,057	$ 4,663

Loans and Allowance for Credi_7

Loans and Allowance for Credit Losses - Allowance for off-balance credit exposure (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Allowance for off-balance sheet credit exposure:
Balance, beginning of period	$ 5,618	$ 4,164	$ 6,288	$ 3,358
Provision (benefit) charged to expense	(1,022)	773	(1,692)	1,579
Balance, end of period	4,596	4,937	4,596	4,937
Residential Real Estate
Allowance for off-balance sheet credit exposure:
Balance, beginning of period	78	193	71	58
Provision (benefit) charged to expense	(1)	(123)	6	12
Balance, end of period	77	70	77	70
Construction Real Estate
Allowance for off-balance sheet credit exposure:
Balance, beginning of period	4,193	2,897	4,809	2,178
Provision (benefit) charged to expense	(1,110)	732	(1,726)	1,451
Balance, end of period	3,083	3,629	3,083	3,629
Commercial Real Estate
Allowance for off-balance sheet credit exposure:
Balance, beginning of period	465	528	475	421
Provision (benefit) charged to expense	4	(48)	(6)	59
Balance, end of period	469	480	469	480
Consumer loans
Allowance for off-balance sheet credit exposure:
Balance, beginning of period	71	61	73	61
Provision (benefit) charged to expense	(3)	(5)	(5)	(5)
Balance, end of period	68	56	68	56
Commercial loans
Allowance for off-balance sheet credit exposure:
Balance, beginning of period	811	485	860	640
Provision (benefit) charged to expense	88	217	39	62
Balance, end of period	$ 899	$ 702	$ 899	$ 702

Loans and Allowance for Credi_8

Loans and Allowance for Credit Losses - Gross Charge-offs by Loan Class and Year of Origination (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2024			$ 6
2023			698
2022			343
2021			228
Prior			41
Financing Receivable, Allowance for Credit Loss, Writeoff, Total		$ 303	1,316	$ 340
Residential Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2021			97
Prior			35
Financing Receivable, Allowance for Credit Loss, Writeoff, Total			132	2
Construction Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2023			100
2022			78
2021			111
Financing Receivable, Allowance for Credit Loss, Writeoff, Total	$ 178		289
Commercial Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2023			496
Financing Receivable, Allowance for Credit Loss, Writeoff, Total		245	496	245
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024			6
2023			98
2022			85
2021			20
Prior			6
Financing Receivable, Allowance for Credit Loss, Writeoff, Total		41	215	76
Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
2023			4
2022			180
Financing Receivable, Allowance for Credit Loss, Writeoff, Total		$ 17	$ 184	$ 17

Loans and Allowance for Credi_9

Loans and Allowance for Credit Losses - Credit risk profile based on rating category and year of origination (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
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
2024 / 2023	400,843	$ 1,112,842
Prior	578,218	213,074
Total	3,732,153	3,619,197
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	390,190	1,089,767
Prior	576,943	208,612
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	5,830	10,385
Prior	1,006	3,990
Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		2,940
Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	4,823	9,750
Prior	269	472
Residential Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	108,504	330,193
Prior	234,985	103,843
Total	1,160,264	1,133,417
Residential Real Estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	107,789	328,142
Prior	234,225	103,735
Residential Real Estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	715	1,214
Prior	562	108
Residential Real Estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		837
Prior	198
Construction Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	42,047	125,089
Prior	13,059	3,190
Total	244,227	190,856
Construction Real Estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	42,047	124,479
Prior	13,059	3,190
Construction Real Estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		280
Construction Real Estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		330
Commercial Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	116,568	481,395
Prior	264,746	93,439
Total	1,558,600	1,562,379
Commercial Real Estate \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	107,362	462,643
Prior	264,588	89,272
Commercial Real Estate \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	4,865	8,122
Prior	158	3,879
Commercial Real Estate \| Special Mention
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		2,940
Commercial Real Estate \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	4,341	7,690
Prior		288
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	18,143	36,107
Prior	3,986	1,692
Total	139,163	133,515
Consumer loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	18,143	36,003
Prior	3,986	1,692
Consumer loans \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		71
Consumer loans \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023		33
Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	115,581	140,058
Prior	61,442	10,910
Total	629,899	599,030
Commercial loans \| Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	114,849	138,500
Prior	61,085	10,723
Commercial loans \| Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	250	698
Prior	286	3
Commercial loans \| Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2024 / 2023	482	860
Prior	$ 71	$ 184

Loans and Allowance for Cred_10

Loans and Allowance for Credit Losses - Credit risk profile based on rating and payment activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
PCD loans receivable, net of ACL	$ 37,000,000	$ 37,400,000
Watch
Financing Receivable, Credit Quality Indicator [Line Items]
PCD loans receivable, net of ACL	11,700,000	12,700,000
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	3,700,000	6,300,000
Doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
PCD loans receivable, net of ACL	$ 0	$ 0

Loans and Allowance for Cred_11

Loans and Allowance for Credit Losses - Loan portfolio aging analysis (Details) $ in Thousands	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($) loan
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 3,732,153	$ 3,619,197
Greater than 90 Days Past Due and Accruing		$ 109
Number of PCD loans greater than 90 days past due \| loan	0	0
Current Loans, not past due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 3,723,846	$ 3,608,456
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	8,307	10,741
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	5,874	4,212
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,158	2,767
Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,275	3,762
Residential Real Estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,160,264	1,133,417
Greater than 90 Days Past Due and Accruing		109
Residential Real Estate \| Current Loans, not past due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,157,329	1,130,549
Residential Real Estate \| Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,935	2,868
Residential Real Estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,970	1,984
Residential Real Estate \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	348	401
Residential Real Estate \| Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	617	483
Construction Real Estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	244,227	190,856
Construction Real Estate \| Current Loans, not past due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	243,987	189,404
Construction Real Estate \| Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	240	1,452
Construction Real Estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	240	443
Construction Real Estate \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		311
Construction Real Estate \| Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable		698
Commercial Real Estate
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,558,600	1,562,379
Commercial Real Estate \| Current Loans, not past due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,556,081	1,558,329
Commercial Real Estate \| Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,519	4,050
Commercial Real Estate \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	2,208	616
Commercial Real Estate \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	275	1,854
Commercial Real Estate \| Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	36	1,580
Consumer loans
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	139,163	133,515
Consumer loans \| Current Loans, not past due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	137,962	132,723
Consumer loans \| Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,201	792
Consumer loans \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	857	456
Consumer loans \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	171	124
Consumer loans \| Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	173	212
Commercial loans
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	629,899	599,030
Commercial loans \| Current Loans, not past due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	628,487	597,451
Commercial loans \| Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	1,412	1,579
Commercial loans \| 30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	599	713
Commercial loans \| 60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	364	77
Commercial loans \| Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Total Loans Receivable	$ 449	$ 789

Loans and Allowance for Cred_12

Loans and Allowance for Credit Losses - Collateral dependent loans and related ACL (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
Total Loans Receivable	$ 3,732,153		$ 3,619,197
Related allowance for credit losses	50,084		47,820	$ 37,483	$ 37,418	$ 33,192
Collateral-dependent Loans
Total Loans Receivable	26,824		6,376
Related allowance for credit losses	7,753		901
Residential Real Estate
Total Loans Receivable	1,160,264		1,133,417
Related allowance for credit losses	15,096	$ 14,846	15,641	12,499	11,937	8,908
Residential Real Estate \| Collateral-dependent Loans \| 1- to 4-family residential loans
Total Loans Receivable	814		837
Related allowance for credit losses	133		156
Construction Real Estate
Total Loans Receivable	244,227		190,856
Related allowance for credit losses	2,864	$ 2,856	2,664	2,754	2,503	2,220
Construction Real Estate \| Collateral-dependent Loans
Total Loans Receivable			642
Related allowance for credit losses			79
Commercial Real Estate
Total Loans Receivable	1,558,600		1,562,379
Related allowance for credit losses	25,177		22,838	16,806	17,886	16,838
Commercial Real Estate \| Collateral-dependent Loans
Total Loans Receivable	25,142		4,897
Related allowance for credit losses	7,250		666
Commercial loans
Total Loans Receivable	629,899		599,030
Related allowance for credit losses	6,057		$ 5,768	$ 4,663	$ 4,399	$ 4,516
Commercial loans \| Collateral-dependent Loans
Total Loans Receivable	868
Related allowance for credit losses	$ 370

Loans and Allowance for Cred_13

Loans and Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans	$ 5,922,000	$ 7,543,000
Nonaccrual loans individually evaluated for which no ACL was recorded	0
Residential Real Estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans	809,000	934,000
Construction Real Estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans		698,000
Commercial Real Estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans	3,274,000	4,564,000
Consumer loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans	205,000	256,000
Commercial loans
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual loans	$ 1,634,000	$ 1,091,000

Loans and Allowance for Cred_14

Loans and Allowance for Credit Losses - Performing TDRs Segregated by Class (Details) - Performing Loans $ in Thousands	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) loan
Number of modifications	2	22
Recorded Investment, TDRs	$ 867	$ 29,765
Residential Real Estate
Number of modifications \| loan		10
Recorded Investment, TDRs		$ 3,438
Commercial Real Estate
Number of modifications \| loan		6
Recorded Investment, TDRs		$ 24,017
Commercial loans
Number of modifications	2	6
Recorded Investment, TDRs	$ 867	$ 2,310

Loans and Allowance for Cred_15

Loans and Allowance for Credit Losses - Performing Loans Classified as Modifications to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Class of Financing Receivable	0.65%
Residential Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Class of Financing Receivable	0.02%
Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Class of Financing Receivable	0.62%
Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Total Class of Financing Receivable	0.01%
Payment Delays
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment, modifications	$ 239
Payment Delays \| Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment, modifications	239
Term Extension Modifications
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment, modifications	23,998
Term Extension Modifications \| Residential Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment, modifications	814
Term Extension Modifications \| Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment, modifications	23,010
Term Extension Modifications \| Commercial loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Recorded Investment, modifications	$ 174

Loans and Allowance for Cred_16

Loans and Allowance for Credit Losses - TDRs Segregated by Class (Details) - loan	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Loans and Allowance for Credit Losses
Number of modifications	0	0

Loans and Allowance for Cred_17

Loans and Allowance for Credit Losses - Real Estate Foreclosures (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]
Repossessed assets	$ 0	$ 0
Residential Real Estate. \| Home Equity Loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Foreclosure proceedings in process	$ 419,000	$ 1,500,000

Premises and Equipment - Summar

Premises and Equipment - Summary of premises and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Premises and Equipment
Land	$ 15,311	$ 15,415
Buildings and improvements	80,440	79,661
Construction in progress	460	450
Furniture, fixtures, equipment and software	26,642	26,404
Automobiles	112	122
Operating leases ROU asset	8,363	6,125
Property, Plant and Equipment, Gross	131,328	128,177
Less accumulated depreciation	36,809	35,780
Premises and equipment, net	$ 94,519	$ 92,397

Premises and Equipment - Additi

Premises and Equipment - Additional Information (Details)	3 Months Ended		6 Months Ended
Premises and Equipment - Additional Information (Details)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Number of leased properties \| property	13		13
Income recognized from lessor agreements \| $	$ 76,000	$ 61,000	$ 133,000	$ 132,000
Minimum
Lessee Expected Lease Terms			P18M
Maximum
Lessee Expected Lease Terms			P20Y

Premises and Equipment - Calcul

Premises and Equipment - Calculated amount of right of use assets and lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Right of use assets obtained in exchange for lease obligations: Operating Leases			$ 2,238	$ 82
Consolidated Balance Sheet
Operating leases ROU asset	$ 8,363		8,363		$ 6,125
Operating leases liability	8,363		8,363		$ 6,125
Consolidated Statement Of Income
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs)	307	$ 143	586	279
Supplemental Disclosures Of Cash Flow Information \| Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 243	$ 103	414	$ 206
Right of use assets obtained in exchange for lease obligations: Operating Leases			$ 2,445

Premises and Equipment - Future

Premises and Equipment - Future expected lease payments for leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Premises and Equipment
2024	$ 488
2025	921
2026	870
2027	865
2028	852
Thereafter	10,477
Future lease payments expected	$ 14,473

Deposits (Details)

Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Deposits
Non-interest bearing accounts	$ 534,194	$ 597,600
NOW accounts	1,304,371	1,328,423
Money market deposit accounts	399,138	452,728
Savings accounts	372,824	282,753
Certificates	1,384,371	1,064,036
Total Deposit Accounts	$ 3,994,898	$ 3,725,540

Deposits - Additional Informati

Deposits - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Deposits
Brokered certificates	$ 180	$ 146.5

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share
Net Income	$ 12,193	$ 11,664	$ 25,345	$ 21,267
Less: distributed earnings allocated to participating securities	(10)	(9)	(21)	(17)
Less: undistributed earnings allocated to participating securities	(43)	(43)	(90)	(78)
Net income available to common shareholders	$ 12,140	$ 11,612	$ 25,234	$ 21,172
Weighted-average shares outstanding	11,286,786	9,187,881	11,286,399	9,187,790
Effect of dilutive securities stock options or awards	14,695	22,369	11,803	22,512
Denominator for diluted earnings per share	11,301,481	9,210,250	11,298,202	9,210,302
Basic earnings per share available to common stockholders	$ 1.08	$ 1.26	$ 2.24	$ 2.30
Diluted earnings per share available to common stockholders	$ 1.07	$ 1.26	$ 2.23	$ 2.30

Earnings Per Share - Additional

Earnings Per Share - Additional information (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share	57,250	22,000	55,000	22,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of diluted earnings per share	55,000	22,000	55,000	22,000

Income Taxes - Income tax provi

Income Taxes - Income tax provision (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Current	$ 3,173	$ 3,261	$ 6,660	$ 5,697
Deferred		6		13
Total income tax provision	$ 3,173	$ 3,267	$ 6,660	$ 5,710

Income Taxes - Schedule of net

Income Taxes - Schedule of net deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Deferred tax assets:
Provision for losses on loans	$ 12,185	$ 12,101
Accrued compensation and benefits	844	974
NOL carry forwards acquired	216	709
Low income tax credit carry forward	794	1,192
Unrealized loss on other real estate	944	818
Unrealized loss on available for sale securities	5,292	6,174
Total deferred tax assets	20,275	21,968
Deferred tax liabilities:
Purchase accounting adjustments	2,572	2,348
Depreciation	3,916	4,276
FHLB stock dividends	120	120
Prepaid expenses	775	728
Other	914	1,636
Total deferred tax liabilities	8,297	9,108
Net deferred tax asset	$ 11,978	$ 12,860

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax expense at statutory rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at statutory rate	$ 3,227	$ 3,136	$ 6,721	$ 5,665
Nontaxable municipal income	(117)	(76)	(225)	(157)
State tax, net of Federal benefit	131	165	295	179
Cash surrender value of Bank-owned life insurance	(99)	(67)	(195)	(134)
Tax credit benefits	(4)	(2)	(7)	(4)
Other, net	35	111	71	161
Total income tax provision	$ 3,173	$ 3,267	$ 6,660	$ 5,710

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Interest or penalties on income taxes			$ 0
Federal net operating loss carryforwards			$ 982,000
Effective tax rate (as a percent)	21%	21%	21%	21%

401(k) Retirement Plan (Details

401(k) Retirement Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
401(k) Retirement Plan (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Retirement plan expenses	$ 678,000	$ 523,000	$ 1,400,000	$ 1,100,000
Vesting period			5 years
Maximum
Defined Contribution Plan Disclosure [Line Items]
Matching contributions of eligible compensation			4%

Subordinated Debt (Details)

Subordinated Debt (Details) - USD ($)	1 Months Ended				6 Months Ended	12 Months Ended
Subordinated Debt (Details) - USD ($)	Feb. 28, 2022	May 31, 2021	Aug. 31, 2014	Oct. 31, 2013	Dec. 31, 2023	Jun. 30, 2023
Subordinated debt					$ 23,130,000	$ 23,105,000
Investment, carrying value					475,100,000	464,200,000
Prepaid Expenses and Other Current Assets
Investment, face amount					505,000
Investment, carrying value					$ 466,000	464,000
Trust Preferred Securities
Number of years after securities became redeemable					5 years
Interest rate (as a percent)					8.39%
Subordinated debt					$ 7,200,000	7,200,000
Ozarks Legacy Community Financial, Inc.
Interest rate (as a percent)					8.10%
Assumed subordinated debt securities				$ 3,100,000
Ozarks Legacy Community Financial, Inc. \| Reported Value Measurement
Assumed subordinated debt securities					$ 2,800,000	2,700,000
Peoples Service Company, Inc.
Interest rate (as a percent)					7.45%
Assumed subordinated debt securities			$ 6,500,000
Peoples Service Company, Inc. \| Reported Value Measurement
Assumed subordinated debt securities					$ 5,500,000	5,500,000
Fortune \| Subordinated notes Issued in May 2021
Interest rate (as a percent)		4.50%
Assumed subordinated debt securities	$ 7,500,000				$ 7,600,000	$ 7,700,000
Fortune \| Subordinated notes Issued in May 2021 \| Secured overnight financing rate
Variable rate (as a percent)		3.77%

Fair Value Measurements - Fair

Fair Value Measurements - Fair value of Assets Measured on a Recurring Basis and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
US States and Political Subdivisions Debt Securities [Member] \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 39,999	$ 42,568
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 1 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 2 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	39,999	42,568
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 3 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Corporate Segment [Member] \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	33,346	32,538
Corporate Segment [Member] \| Fair Value, Inputs, Level 1 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Corporate Segment [Member] \| Fair Value, Inputs, Level 2 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	33,346	32,538
Corporate Segment [Member] \| Fair Value, Inputs, Level 3 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Asset backed securities \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	66,414	68,626
Asset backed securities \| Fair Value, Inputs, Level 1 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0
Asset backed securities \| Fair Value, Inputs, Level 2 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	66,414	68,626
Asset backed securities \| Fair Value, Inputs, Level 3 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities		0
Other Debt Obligations [Member] \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	6,271	3,570
Other Debt Obligations [Member] \| Fair Value, Inputs, Level 1 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Other Debt Obligations [Member] \| Fair Value, Inputs, Level 2 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	6,271	3,570
Other Debt Obligations [Member] \| Fair Value, Inputs, Level 3 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Total MBS and CMOs \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	271,376	270,252
Total MBS and CMOs \| Fair Value, Inputs, Level 1 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Total MBS and CMOs \| Fair Value, Inputs, Level 2 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	271,376	270,252
Total MBS and CMOs \| Fair Value, Inputs, Level 3 \| Recurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	0	0
Foreclosed and repossessed assets held for sale \| Nonrecurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed and repossessed assets held for sale	782	1,472
Foreclosed and repossessed assets held for sale \| Fair Value, Inputs, Level 3 \| Nonrecurring Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreclosed and repossessed assets held for sale	$ 782	$ 1,472

Fair Value Measurements - Losse

Fair Value Measurements - Losses Recognized on Assets Measured on a Nonrecurring Basis (Details) - Nonrecurring Measurements - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains ( losses) on assets measured on a non-recurring basis	$ (664)	$ 35
Foreclosed and repossessed assets held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains ( losses) on assets measured on a non-recurring basis	$ (664)	$ 35

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable (Level 3) inputs (Details) - Nonrecurring Measurements - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements Nonrecurring Unobservable Inputs	$ 782	$ 1,472
Fair Value Measurements Nonrecurring Weighted Average Discount Applied	15.5	14.9
Investment, Type [Extensible Enumeration]	smbc:ForeclosedAndRepossessedAssetsMember	smbc:ForeclosedAndRepossessedAssetsMember
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
Third party appraisal \| Marketability discount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements Nonrecurring Unobservable Inputs	Marketability discount	Marketability discount
Third party appraisal \| Marketability discount \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements Nonrecurring Range of discounts Applied	15.50%	14.90%
Third party appraisal \| Marketability discount \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements Nonrecurring Range of discounts Applied	15.50%	14.90%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of financial instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Financial assets
Cash and cash equivalents	$ 216,353	$ 53,979
Interest-bearing time deposits	737	1,242
Stock in FHLB	8,958	11,540
Stock in Federal Reserve Bank of St. Louis	9,065	9,061
Loans receivable, net	3,681,806	3,571,078
Accrued interest receivable	24,491	18,871
Financial liabilities
Deposits	3,994,898	3,725,540
Advances from FHLB	113,036	133,514
Accrued interest payable	10,738	4,723
Subordinated debt	23,130	23,105
Unrecognized financial instruments (net of contract amount)
Commitments to originate loans	0
Letters of credit	0
Lines of credit	0
Fair Value, Inputs, Level 1
Financial assets
Cash and cash equivalents	216,353	53,979
Financial liabilities
Deposits	2,610,460	2,661,479
Fair Value, Inputs, Level 2
Financial assets
Interest-bearing time deposits	737	1,242
Stock in FHLB	8,958	11,540
Stock in Federal Reserve Bank of St. Louis	9,065	9,061
Accrued interest receivable	24,491	18,871
Financial liabilities
Advances from FHLB	112,729	131,821
Accrued interest payable	10,738	4,723
Fair Value, Inputs, Level 3
Financial assets
Loans receivable, net	3,562,353	3,393,791
Financial liabilities
Deposits	1,380,309	1,053,650
Subordinated debt	$ 20,949	$ 20,318

Business Combinations - Additio

Business Combinations - Additional Information (Details)			3 Months Ended		6 Months Ended
Business Combinations - Additional Information (Details)	Jan. 20, 2023 USD ($) loan	Feb. 25, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
Goodwill			$ 50,727,000		$ 50,727,000		$ 50,773,000
Citizens
Transaction value	$ 133,169,000
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
Number of PCD loans identified \| loan	48
PCD loans	$ 27,481,000
Citizens \| Noninterest expense
Third-party acquisition-related costs incurred			$ 39,000	$ 605,000	$ 95,000	$ 730,000
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

Business Combinations - Purchas

Business Combinations - Purchase price for the citizens bancshares acquisition (Details) - USD ($) $ in Thousands	Jan. 20, 2023	Dec. 31, 2023	Jun. 30, 2023
Recognized amounts of identifiable assets acquired and liabilities assumed
Goodwill		$ 50,727	$ 50,773
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 liabilities	109,731
Goodwill	$ 23,438

Business Combinations - Pro For

Business Combinations - Pro Forma (Details) - Citizens - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Acquired business contributed revenues				$ 10,900
Acquired business contributed earnings				2,500
Revenue	$ 40,126	$ 48,218	$ 81,373	95,590
Earnings	$ 12,193	$ 13,834	$ 25,345	$ 28,123

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 12,193	$ 11,664	$ 25,345	$ 21,267

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
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