Securities (Tables)

6 Months Ended

Dec. 31, 2018

Securities [Abstract]

Components of Securities

Securities at December 31, 2018 consisted of the following:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
U.S. government sponsored enterprises	$	5,534	$	15	$	18	$	5,531
State and political subdivisions		80,163		275		-		80,438
Mortgage-backed securities-residential		2,926		11		78		2,859
Mortgage-backed securities-multi-family		16,650		111		106		16,655
Corporate debt securities		1,766		-		57		1,709
Total securities available-for-sale		107,039		412		259		107,192
Securities held-to-maturity:
U.S. government sponsored enterprises		9,248		-		166		9,082
State and political subdivisions		142,854		3,194		422		145,626
Mortgage-backed securities-residential		5,256		43		1		5,298
Mortgage-backed securities-multi-family		116,810		173		1,394		115,589
Corporate debt securities		1,471		-		28		1,443
Other securities		1,300		11		5		1,306
Total securities held-to-maturity		276,939		3,421		2,016		278,344
Total securities	$	383,978	$	3,833	$	2,275	$	385,536

Securities at June 30, 2018 consisted of the following:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
U.S. government sponsored enterprises	$	5,543	$	18	$	30	$	5,531
State and political subdivisions		92,052		204		1		92,255
Mortgage-backed securities-residential		3,332		13		98		3,247
Mortgage-backed securities-multi-family		18,249		64		244		18,069
Corporate debt securities		1,771		-		67		1,704
Total securities available-for-sale		120,947		299		440		120,806
Securities held-to-maturity:
U.S. government sponsored enterprises		9,245		-		278		8,967
State and political subdivisions		136,335		3,091		532		138,894
Mortgage-backed securities-residential		6,472		72		7		6,537
Mortgage-backed securities-multi-family		118,780		123		2,845		116,058
Corporate debt securities		1,466		11		9		1,468
Other securities		2,252		16		15		2,253
Total securities held-to-maturity		274,550		3,313		3,686		274,177
Total securities	$	395,497	$	3,612	$	4,126	$	394,983

Securities in Continuous Unrealized Loss Position

The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018.

	Less Than 12 Months						More Than 12 Months						Total
(In thousands, except number of securities)	Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities
Securities available-for-sale:
U.S. government sponsored enterprises	$	-	$	-		-	$	982	$	18		1	$	982	$	18		1
State and political subdivisions		-		-		-		-		-		-		-		-		-
Mortgage-backed securities-residential		1,023		65		2		1,171		13		2		2,194		78		4
Mortgage-backed securities-multi-family		1,733		8		1		6,338		98		3		8,071		106		4
Corporate debt securities		-		-		-		1,709		57		6		1,709		57		6
Total securities available-for-sale		2,756		73		3		10,200		186		12		12,956		259		15
Securities held-to-maturity:
U.S. government sponsored enterprises		-		-		-		9,082		166		2		9,082		166		2
State and political subdivisions		23,876		268		139		14,115		154		105		37,991		422		244
Mortgage-backed securities-residential		1,193		1		3		-		-		-		1,193		1		3
Mortgage-backed securities-multi-family		55,470		765		25		26,105		629		18		81,575		1,394		43
Corporate debt securities		1,444		28		2		-		-		-		1,444		28		2
Other securities		-		-		-		897		5		1		897		5		1
Total securities held-to-maturity		81,983		1,062		169		50,199		954		126		132,182		2,016		295
Total securities	$	84,739	$	1,135		172	$	60,399	$	1,140		138	$	145,138	$	2,275		310

The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2018.

	Less Than 12 Months						More Than 12 Months						Total
(In thousands, except number of securities)	Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities
Securities available-for-sale:
U.S. government sponsored enterprises	$	969	$	30		1	$	-	$	-		-	$	969	$	30		1
State and political subdivisions		2,094		1		4		-		-		-		2,094		1		4
Mortgage-backed securities-residential		2,420		98		3		-		-		-		2,420		98		3
Mortgage-backed securities-multi-family		9,177		244		7		-		-		-		9,177		244		7
Corporate debt securities		1,450		65		6		254		2		1		1,704		67		7
Total securities available-for-sale		16,110		438		21		254		2		1		16,364		440		22
Securities held-to-maturity:
U.S. government sponsored enterprises		7,018		227		1		1,949		51		1		8,967		278		2
State and political subdivisions		34,743		434		167		4,352		98		34		39,095		532		201
Mortgage-backed securities-residential		1,403		7		3		-		-		-		1,403		7		3
Mortgage-backed securities-multi-family		94,927		2,586		45		6,398		259		3		101,325		2,845		48
Corporate debt securities		457		9		1		-		-		-		457		9		1
Other securities		892		14		1		75		1		1		967		15		2
Total securities held-to-maturity		139,440		3,277		218		12,774		409		39		152,214		3,686		257
Total securities	$	155,550	$	3,715		239	$	13,028	$	411		40	$	168,578	$	4,126		279

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at December 31, 2018, by contractual maturity are shown below.  Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

(In thousands)

Available-for-sale debt securities	Amortized Cost		Fair Value
Within one year	$	80,415	$	80,689
After one year through five years		4,534		4,549
After five years through ten years		2,514		2,440
After ten years		-		-
Total available-for-sale debt securities		87,463		87,678
Mortgage-backed securities		19,576		19,514
Total available-for-sale securities		107,039		107,192
Held-to-maturity debt securities
Within one year		27,070		27,217
After one year through five years		64,118		64,954
After five years through ten years		45,826		46,465
After ten years		17,859		18,821
Total held-to-maturity debt securities		154,873		157,457
Mortgage-backed securities		122,066		120,887
Total held-to-maturity securities		276,939		278,344
Total debt securities	$	383,978	$	385,536