Securities (Tables)

9 Months Ended

Mar. 31, 2019

Securities [Abstract]

Components of Securities

Securities at March 31, 2019 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	$	5,528	$	19	$	-	$	5,547
State and political subdivisions		77,075		291		-		77,366
Mortgage-backed securities-residential		2,795		14		46		2,763
Mortgage-backed securities-multi-family		16,448		153		26		16,575
Corporate debt securities		1,764		-		7		1,757
Total securities available-for-sale		103,610		477		79		104,008
Securities held-to-maturity:
U.S. government sponsored enterprises		9,248		-		50		9,198
State and political subdivisions		144,208		4,526		119		148,615
Mortgage-backed securities-residential		4,861		62		-		4,923
Mortgage-backed securities-multi-family		130,033		1,048		314		130,767
Corporate debt securities		1,475		6		15		1,466
Other securities		1,631		24		2		1,653
Total securities held-to-maturity		291,456		5,666		500		296,622
Total securities	$	395,066	$	6,143	$	579	$	400,630

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 March 31, 2019.

	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:
Mortgage-backed securities-residential	$	871	$	41		1	$	1,114	$	5		2	$	1,985	$	46		3
Mortgage-backed securities-multi-family		-		-		-		2,927		26		2		2,927		26		2
Corporate debt securities		-		-		-		1,758		7		6		1,758		7		6
Total securities available-for-sale		871		41		1		5,799		38		10		6,670		79		11
Securities held-to-maturity:
U.S. government sponsored enterprises		-		-		-		6,197		50		3		6,197		50		3
State and political subdivisions		11,292		71		89		7,197		48		68		18,489		119		157
Mortgage-backed securities-multi-family		27,717		213		10		18,961		101		14		46,678		314		24
Corporate debt securities		-		-		-		460		15		1		460		15		1
Other securities		-		-		-		478		2		1		478		2		1
Total securities held-to-maturity		39,009		284		99		33,293		216		87		72,302		500		186
Total securities	$	39,880	$	325		100	$	39,092	$	254		97	$	78,972	$	579		197

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 March 31, 2019, 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	$	79,329	$	79,626
After one year through five years		2,525		2,537
After five years through ten years		2,513		2,507
After ten years		-		-
Total available-for-sale debt securities		84,367		84,670
Mortgage-backed securities		19,243		19,338
Total available-for-sale securities		103,610		104,008
Held-to-maturity debt securities
Within one year		26,727		26,944
After one year through five years		65,009		66,318
After five years through ten years		47,635		49,253
After ten years		17,191		18,417
Total held-to-maturity debt securities		156,562		160,932
Mortgage-backed securities		134,894		135,690
Total held-to-maturity securities		291,456		296,622
Total debt securities	$	395,066	$	400,630