Note

– Securities

Available –for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2019
Obligations of U.S. government-sponsored entities and agencies	$	18,315	$	124	$	(122	)	$	18,317
Obligations of state and political subdivisions		56,583		988		(183	)		57,388
U.S. Government-sponsored mortgage-backed securities–residential		58,950		296		(867	)		58,379
U.S. Government-sponsored mortgage-backed securities– commercial		1,781		—		(50	)		1,731
U.S. Government-sponsored collateralized mortgage obligations– residential		5,813		75		(51	)		5,837
Total available-for-sale securities	$	141,442	$	1,483	$	(1,273	)	$	141,652

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
March 31, 2019
Obligations of state and political subdivisions	$	3,824	$	37	$	—	$	3,861
Total held-to-maturity securities	$	3,824	$	37	$	—	$	3,861

Available–for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 201 8
Obligations of U.S. government-sponsored entities and agencies	$	16,488	$	6	$	(372	)	$	16,122
Obligations of state and political subdivisions		56,964		339		(713	)		56,590
U.S. Government-sponsored mortgage-backed securities – residential		65,062		6		(1,660	)		63,408
U.S. Government-sponsored mortgage-backed securities – commercial		1,432		—		(17	)		1,415
U.S. Government-sponsored collateralized mortgage obligations - residential		5,973		9		(216	)		5,766
Pooled trust preferred security		178		549		—			727
Total available-for-sale securities	$	146,097	$	909	$	(2,978	)	$	144,028

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
June 30, 201 8
Obligations of state and political subdivisions	$	4,024	$	24	$	—	$	4,048
Total held-to-maturity securities	$	4,024	$	24	$	—	$	4,048

Proceeds from the sale of available-for-sale securities were as follows:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2019		2018		2019		2018
Proceeds from sales	$	2,772	$	1,058	$	7,670	$	2,644
Gross realized gains		12		1		606		40
Gross realized losses		11		6		45		7

The income tax provision related to the net realized gains amounted to

$118

for the

nine

months ended

March 31, 2019.

The income tax benefit related to the net realized losses amounted to

for the

three

months ended

March 31, 2018

and the income tax provision related to the net realized gains amounted to

for the

nine

months ended

March 31, 2018.

The amortized cost and fair values of debt securities at

March 31, 2019,

by expected 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 call or prepayment penalties. Securities

not

due at a single maturity date, primarily mortgage-backed securities are shown separately.

Available-for-Sale	Amortized Cost		Estimated Fair Value
Due in one year or less	$	3,591	$	3,597
Due after one year through five years		18,177		18,290
Due after five years through ten years		25,489		25,708
Due after ten years		27,641		28,110
Total		74,898		75,705

U.S. Government-sponsored mortgage-backed and related securities		66,544		65,947
Total available-for-sale securities	$	141,442	$	141,652

Held-to-Maturity

Due after five years through ten years		489		501
Due after ten years		3,335		3,360
Total held-to-maturity securities	$	3,824	$	3,861

The following table summarizes the securities with unrealized losses at

March 31, 2019

and

June 30, 2018,

aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months					12 Months or more					Total
Available-for-sale	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
March 31, 2019
Obligations of US government-sponsored entities and agencies	$	—	$	—		$	11,897	$	(122	)	$	11,897	$	(122	)
Obligations of states and political subdivisions		—		—			12,850		(183	)		12,850		(183	)
Mortgage-backed securities – residential		859		(3	)		40,422		(864	)		41,281		(867	)
Mortgage-backed securities – commercial		—		—			1,731		(50	)		1,731		(50	)
Collateralized mortgage obligations – residential		—		—			2,542		(51	)		2,542		(51	)
Total temporarily impaired	$	859	$	(3	)	$	69,442	$	(1,270	)	$	70,301	$	(1,273	)

	Less than 12 Months					12 Months or more					Total
Available-for-sale	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
June 30, 201 8
Obligations of US government-sponsored entities and agencies	$	12,400	$	(224	)	$	2,747	$	(148	)	$	15,147	$	(372	)
Obligations of states and political subdivisions		26,775		(369	)		7,975		(344	)		34,750		(713	)
Mortgage-backed securities – residential		31,038		(581	)		29,716		(1,079	)		60,754		(1,660	)
Mortgage-backed securities – commercial		1,415		(17	)		—		—			1,415		(17	)
Collateralized mortgage obligation – residential		—		—			4,821		(216	)		4,821		(216	)
Total temporarily impaired	$	71,628	$	(1,191	)	$	45,259	$	(1,787	)	$	116,887	$	(2,978	)

Management evaluates securities for other-than-temporary impairment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The securities portfolio is evaluated for OTTI by segregating the portfolio into

two

general segments and applying the appropriate OTTI model. Investment securities are generally evaluated for OTTI under FASB ASC Topic

320,

Accounting for Certain Investments in Debt and Equity Securities

In determining OTTI under the ASC Topic

320

model, management considers many factors, including: (

) the length of time and the extent to which the fair value has been less than cost, (

) the financial condition and near-term prospects of the issuer, (

) whether the market decline was affected by macroeconomic conditions, and (

) whether the entity has the intent to sell the debt security or more likely than

not

will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a point in time.

The unrealized losses within the securities portfolio as of

March 31, 2019

have

not

been recognized into income because the decline in fair value is

not

attributed to credit quality and management does

not

intend to sell, and it is

not

likely that management will be required to sell, the securities prior to their anticipated recovery. The decline in fair value within the securities portfolio is largely due to changes in interest rates and the fair value is expected to recover as the securities approach maturity. The mortgage-backed securities and collateralized mortgage obligations were primarily issued by Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The Corporation does

not

own any private label mortgage-backed securities.