Securities (Tables)

9 Months Ended

Mar. 31, 2020

Securities [Abstract]

Components of Securities

Securities at March 31, 2020 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	$	2,506	$	16	$	-	$	2,522
State and political subdivisions		167,823		257		65		168,015
Mortgage-backed securities-residential		9,814		313		-		10,127
Mortgage-backed securities-multi-family		23,293		706		1		23,998
Corporate debt securities		4,511		80		131		4,460
Total securities available-for-sale		207,947		1,372		197		209,122
Securities held-to-maturity:
U.S. government sponsored enterprises		2,000		12		-		2,012
State and political subdivisions		191,244		8,445		274		199,415
Mortgage-backed securities-residential		41,525		897		-		42,422
Mortgage-backed securities-multi-family		140,738		7,640		8		148,370
Corporate debt securities		1,993		8		36		1,965
Other securities		5,032		40		-		5,072
Total securities held-to-maturity		382,532		17,042		318		399,256
Total securities	$	590,479	$	18,414	$	515	$	608,378

Securities at June 30, 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	$	5,522	$	31	$	-	$	5,553
State and political subdivisions		95,782		788		-		96,570
Mortgage-backed securities-residential		2,634		31		20		2,645
Mortgage-backed securities-multi-family		16,151		259		-		16,410
Corporate debt securities		1,513		37		-		1,550
Total securities available-for-sale		121,602		1,146		20		122,728
Securities held-to-maturity:
U.S. government sponsored enterprises		9,249		1		14		9,236
State and political subdivisions		152,358		6,212		23		158,547
Mortgage-backed securities-residential		4,570		97		-		4,667
Mortgage-backed securities-multi-family		134,970		3,122		17		138,075
Corporate debt securities		1,478		18		25		1,471
Other securities		1,583		34		-		1,617
Total securities held-to-maturity		304,208		9,484		79		313,613
Total securities	$	425,810	$	10,630	$	99	$	436,341

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, 2020.

	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:
State and political subdivisions	$	23,401	$	65		7	$	-	$	-		-	$	23,401	$	65		7
Mortgage-backed securities-multi-family		1,232		1		2		-		-		-		1,232		1		2
Corporate debt securities		2,869		131		4		-		-		-		2,869		131		4
Total securities available-for-sale		27,502		197		13		-		-		-		27,502		197		13
Securities held-to-maturity:
State and political subdivisions		26,827		269		113		1,201		5		15		28,028		274		128
Mortgage-backed securities-multi-family		4,512		8		4		-		-		-		4,512		8		4
Corporate debt securities		504		3		1		452		33		1		956		36		2
Total securities held-to-maturity		31,843		280		118		1,653		38		16		33,496		318		134
Total securities	$	59,345	$	477		131	$	1,653	$	38		16	$	60,998	$	515		147

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, 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	$	856	$	20		1	$	-	$	-		-	$	856	$	20		1
Total securities available-for-sale		856		20		1		-		-		-		856		20		1
Securities held-to-maturity:
U.S. government sponsored enterprises		-		-		-		1,986		14		1		1,986		14		1
State and political subdivisions		3,541		17		22		2,111		6		13		5,652		23		35
Mortgage-backed securities-multi-family		1,250		6		1		3,799		11		3		5,049		17		4
Corporate debt securities		-		-		-		452		25		1		452		25		1
Total securities held-to-maturity		4,791		23		23		8,348		56		18		13,139		79		41
Total securities	$	5,647	$	43		24	$	8,348	$	56		18	$	13,995	$	99		42

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at March 31, 2020, 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	$	169,715	$	169,918
After one year through five years		1,581		1,629
After five years through ten years		1,544		1,562
After ten years		2,000		1,888
Total available-for-sale debt securities		174,840		174,997
Mortgage-backed securities		33,107		34,125
Total available-for-sale securities		207,947		209,122
Held-to-maturity debt securities
Within one year		33,677		34,000
After one year through five years		92,123		94,198
After five years through ten years		51,143		53,945
After ten years		23,326		26,321
Total held-to-maturity debt securities		200,269		208,464
Mortgage-backed securities		182,263		190,792
Total held-to-maturity securities		382,532		399,256
Total debt securities	$	590,479	$	608,378