
Financial Performance - Net income for the quarter ended March 31, 2024, was $1,495 thousand, down 35.6% from $2,323 thousand in the same quarter of 2023[13]. - Basic earnings per share for the quarter ended March 31, 2024, was $0.22, down from $0.33 in the same quarter of 2023, a decrease of 33.3%[13]. - Net income for the nine months ended March 31, 2024, was $5,398 million, compared to $6,784 million for the same period in 2023, reflecting a decrease of approximately 20.5%[24]. - Total comprehensive income for the quarter ended March 31, 2024, was $1,494 million, down from $2,331 million in the same quarter of 2023[15]. - Total non-interest income for the nine months ended March 31, 2024, was $2,474 million, a decrease of 16% from $2,940 million in the same period of 2023[13]. Asset and Liability Management - Total assets decreased from $1,332,948 thousand as of June 30, 2023, to $1,290,047 thousand as of March 31, 2024, representing a decline of approximately 3.2%[10]. - Total deposits decreased from $950,571 thousand as of June 30, 2023, to $908,122 thousand as of March 31, 2024, a decrease of 4.5%[10]. - Cash and cash equivalents decreased from $65,849 thousand as of June 30, 2023, to $51,731 thousand as of March 31, 2024, a decline of 21.4%[10]. - The corporation's total stockholders' equity slightly decreased from $129,687,000 as of June 30, 2023, to $129,506,000 as of March 31, 2024, reflecting a decrease of about 0.14%[10]. - The total loans held for investment, net of fair value adjustments, was $1,065.8 million as of March 31, 2024, a decrease from $1,077.6 million as of June 30, 2023[56]. Income and Expense Analysis - Total interest income increased to $13,807 thousand for the quarter ended March 31, 2024, compared to $12,008 thousand for the same quarter in 2023, reflecting a growth of 14.9%[13]. - Total non-interest income decreased to $848 thousand for the quarter ended March 31, 2024, from $981 thousand in the same quarter of 2023, a decline of 13.5%[13]. - Total non-interest expense increased to $7,168 thousand for the quarter ended March 31, 2024, compared to $6,924 thousand for the same quarter in 2023, an increase of 3.5%[13]. - Total interest expense for the quarter ended March 31, 2024, was $5,248 million, an increase of 101% from $2,607 million in the same quarter of 2023[13]. - The provision for credit losses for the quarter was $108,000, compared to a recovery of $35,000 in the same quarter of the previous year[84]. Credit Losses and Allowance Management - The allowance for credit losses (ACL) on loans increased to $7,108,000 as of March 31, 2024, up from $6,001,000 in the previous year[84]. - The ACL on loans as a percentage of gross loans held for investment rose to 0.67% for the quarter ended March 31, 2024, compared to 0.56% for the same period in 2023[84]. - The Corporation recognized a one-time increase of $1.2 million to its Allowance for Credit Losses (ACL) upon implementing CECL on July 1, 2023[71]. - The provision for credit losses included a recovery of $136,000 for single-family loans, while multi-family loans experienced a charge of $41,000[88]. - The total allowance for credit losses (ACL) at the end of the period increased to $7,108,000 from $7,000,000 at the beginning of the period, reflecting a provision for credit losses of $108,000[88]. Investment Securities and Fair Value - Total investment securities as of March 31, 2024, were valued at $137.924 million, with an unrealized loss of $15.8 million, compared to an unrealized loss of $18.9 million as of June 30, 2023[46]. - The fair value of loans held for investment at fair value is $1,054,000 as of March 31, 2024, reflecting management's estimates of specific credit risk attributes[124]. - The total fair value measurement using significant other unobservable inputs for the quarter ended March 31, 2023, was $1,458,000[125]. - The fair value of investment securities available for sale increased from $2,155,000 on June 30, 2023, to $1,935,000 on March 31, 2024[123]. - The total gains or losses included in earnings for Level 3 assets for the quarter ended March 31, 2024, show a loss of $28,000[124]. Dividends and Stock Repurchase - The company paid cash dividends of $0.14 per share in the quarter ended March 31, 2024[17]. - The Corporation's stock repurchase plan authorized the purchase of up to 350,353 shares as of September 28, 2023, with 237,592 shares remaining available for purchase as of March 31, 2024[155]. - During the quarter ended March 31, 2024, the Corporation repurchased 50,051 shares at a weighted average cost of $13.99 per share[155]. - A quarterly cash dividend of $0.14 per share was declared on April 25, 2024, payable on June 6, 2024[156]. - The average cost per share for stock repurchases over the nine months ended March 31, 2024, was $13.06[155].