Investment Securities

6 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The amortized cost and estimated fair value of investment securities as of December 31, 2017 and June 30, 2017 were as follows:

As of December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Carrying Value
(In Thousands)
Held to maturity:
Certificates of deposit	$	600	$	—	$	—	$	600	$	600
U.S. government sponsored enterprise MBS (1)	87,026		147		437		86,736		87,026
Total investment securities - held to maturity	$	87,626	$	147	$	437	$	87,336	$	87,626
Available for sale:
U.S. government agency MBS	$	4,678	$	181	$	—	$	4,859	$	4,859
U.S. government sponsored enterprise MBS	2,977		150		—		3,127		3,127
Private issue CMO (2)	413		6		—		419		419
Total investment securities - available for sale	$	8,068	$	337	$	—	$	8,405	$	8,405
Total investment securities	$	95,694	$	484	$	437	$	95,741	$	96,031

⁽¹⁾  Mortgage-Backed Securities (“MBS”).

⁽²⁾  Collateralized Mortgage Obligations (“CMO”).

As of June 30, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Carrying Value
(In Thousands)
Held to maturity:
Certificates of deposit	$	600	$	—	$	—	$	600	$	600
U.S. government sponsored enterprise MBS	59,841		265		77		60,029		59,841
Total investment securities - held to maturity	$	60,441	$	265	$	77	$	60,629	$	60,441
Available for sale:
U.S. government agency MBS	$	5,197	$	186	$	—	$	5,383	$	5,383
U.S. government sponsored enterprise MBS	3,301		173		—		3,474		3,474
Private issue CMO	456		5		—		461		461
Total investment securities - available for sale	$	8,954	$	364	$	—	$	9,318	$	9,318
Total investment securities	$	69,395	$	629	$	77	$	69,947	$	69,759

In the second quarters of fiscal 2018 and 2017, the Corporation received MBS principal payments of $5.8 million and $3.2 million, respectively, and there were no sales of investment securities during these periods. The Corporation purchased U.S. government sponsored enterprise MBS totaling $28.4 million, to be held to maturity, during the second quarter of fiscal 2018 and no purchases were made during the second quarter of fiscal 2017. For the first six months of fiscal 2018 and 2017, the Corporation received MBS principal payments of $11.7 million and $7.3 million, respectively, and there were no sales of investment securities during these periods. In the first six months of fiscal 2018, the Corporation purchased U.S. government sponsored enterprise MBS totaling $38.5 million, to be held to maturity, and none were purchased in the first six months of fiscal 2017.

The Corporation held investments with an unrealized loss position of $437,000 at December 31, 2017 and $77,000 at June 30, 2017.

As of December 31, 2017	Unrealized Holding Losses				Unrealized Holding Losses				Unrealized Holding Losses
(In Thousands)	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses
Held to maturity:
U.S. government sponsored enterprise MBS	$	71,893	$	437	$	—	$	—	$	71,893	$	437
Total investment securities	$	71,893	$	437	$	—	$	—	$	71,893	$	437

As of June 30, 2017	Unrealized Holding Losses				Unrealized Holding Losses				Unrealized Holding Losses
(In Thousands)	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses
Held to maturity:
U.S. government sponsored enterprise MBS	$	28,722	$	77	$	—	$	—	$	28,722	$	77
Total investment securities	$	28,722	$	77	$	—	$	—	$	28,722	$	77

The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value.  As of December 31, 2017 and June 30, 2017, the unrealized holding losses were for a term of less than 12 months. The Corporation does not believe that there are any other-than-temporary impairments on the investment securities at December 31, 2017 and 2016; therefore, no impairment losses were recorded for the quarters and six months ended December 31, 2017 and 2016.

Contractual maturities of investment securities as of December 31, 2017 and June 30, 2017 were as follows:

	December 31, 2017				June 30, 2017
(In Thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Held to maturity:
Due in one year or less	$	600	$	600	$	600	$	600
Due after one through five years	11,036		11,002		4,698		4,708
Due after five through ten years	43,596		43,286		41,404		41,374
Due after ten years	32,394		32,448		13,739		13,947
Total investment securities - held to maturity	$	87,626	$	87,336	$	60,441	$	60,629
Available for sale:
Due in one year or less	$	—	$	—	$	—	$	—
Due after one through five years	—		—		—		—
Due after five through ten years	—		—		—		—
Due after ten years	8,068		8,405		8,954		9,318
Total investment securities - available for sale	$	8,068	$	8,405	$	8,954	$	9,318
Total investment securities	$	95,694	$	95,741	$	69,395	$	69,947