Note

–

Securities

Available – for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
March 31, 2021
Obligations of U.S. government-sponsored entities and agencies	$	11,456	$	222	$	(74	)	$	11,604
Obligations of state and political subdivisions		68,177		3,018		(153	)		71,042
U.S. Government-sponsored mortgage-backed securities–residential		72,894		1,280		(918	)		73,256
U.S. Government-sponsored mortgage-backed securities– commercial		2,869		—		—			2,869
U.S. Government-sponsored collateralized mortgage obligations– residential		9,705		161		(70	)		9,796
Other		500		—		(8	)		492
Total available-for-sale securities	$	165,601	$	4,681	$	(1,223	)	$	169,059

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
March 31, 2021
Obligations of state and political subdivisions	$	8,036	$	447	$	—	$	8,483

Available – for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2020
U.S. Treasury	$	1,248	$	8	$	—		$	1,256
Obligations of U.S. government-sponsored entities and agencies		10,133		399		—			10,532
Obligations of state and political subdivisions		60,343		3,149		—			63,492
U.S. government-sponsored mortgage-backed securities – residential		48,645		1,515		(4	)		50,156
U.S. government-sponsored mortgage-backed securities – commercial		8,444		55		(2	)		8,497
U.S. government-sponsored collateralized mortgage obligations – residential		9,712		285		(12	)		9,985
Total available-for-sale securities	$	138,525	$	5,411	$	(18	)	$	143,918

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
June 30, 2020
Obligations of state and political subdivisions	$	3,541	$	327	$	—	$	3,868

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

	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Proceeds from sales and calls	$	2,812	$	5,731		5,545		11,841
Gross realized gains		13		121		44		231
Gross realized losses		7		—		30		—

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

and

for the

three

- and

nine

-month periods ended

March 31, 2021,

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

$26

and

$49

for the

three

- and

nine

-month periods ended

March 31, 2020,

respectively.

The amortized cost and fair values of debt securities at

March 31, 2021,

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	$	4,525	$	4,602
Due after one year through five years		13,129		13,596
Due after five years through ten years		17,662		18,060
Due after ten years		44,817		46,880
Total		80,133		83,138

U.S. Government-sponsored mortgage-backed and related securities		85,468		85,921
Total available-for-sale securities	$	165,601	$	169,059

Held-to-Maturity
Due after one year through five years	$	334	$	350
Due after five years through ten years		5,367		5,686
Due after ten years		2,335		2,447
Total held-to-maturity securities	$	8,036	$	8,483

The following table summarizes the securities with unrealized losses at

March 31, 2021

and

June 30, 2020,

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, 2021
Obligations of U.S. government-sponsored entities and agencies	$	3,006	$	(74	)	$	—	$	—	$	3,006	$	(74	)
Obligations of states and political subdivisions		7,745		(153	)		—		—		7,745		(153	)
U.S. Government-sponsored mortgage-backed securities – residential		31,512		(918	)		—		—		31,512		(918	)
U.S. Government-sponsored collateralized mortgage obligations - residential		4,859		(70	)		—		—		4,859		(70	)
Other		492		(8	)						492		(8	)
Total temporarily impaired	$	47,614	$	(1,223	)	$	—	$	—	$	47,614	$	(1,223	)

	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, 2020
U.S. Government-sponsored mortgage-backed securities – residential		—		—			625		(4	)		625		(4	)
U.S. Government-sponsored mortgage-backed securities – commercial		1,806		(2	)		—		—			1,806		(2	)
U.S. Government-sponsored collateralized mortgage obligations - residential		1,700		(12	)		—		—			1,700		(12	)
Total temporarily impaired	$	3,506	$	(14	)	$	625	$	(4	)	$	4,131	$	(18	)

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.

March 31, 2021,

there were a total of

available-for-sale securities in the portfolio with unrealized losses mainly due to an increase in market rates when compared to the time of purchase. The unrealized losses within the securities portfolio as of

March 31, 2021

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 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.

The following table presents the net unrealized gains and losses on equity securities recognized in earnings for the

three

and

nine

months ended

March 31, 2021

and

2020.

There were

realized gains or losses on the sale of equity securities during the periods presented.

	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Unrealized gains recognized on equity securities held at the end of the period	$	12	$	—	$	12	$	—