Securities (Tables)

6 Months Ended

Dec. 31, 2021

Securities [Abstract]

Components of Securities

Securities at December 31, 2021 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	$	13,073	$	5	$	308	$	12,770
U.S. treasury securities		19,621		21		109		19,533
State and political subdivisions		219,758		91		6		219,843
Mortgage-backed securities-residential		33,432		189		214		33,407
Mortgage-backed securities-multi-family		115,769		420		3,203		112,986
Corporate debt securities		3,007		83		5		3,085
Total securities available-for-sale		404,660		809		3,845		401,624
Securities held-to-maturity:
U.S. treasury securities		10,943		-		117		10,826
State and political subdivisions		446,852		16,330		644		462,538
Mortgage-backed securities-residential		22,945		442		97		23,290
Mortgage-backed securities-multi-family		169,615		3,276		1,323		171,568
Corporate debt securities		15,884		157		63		15,978
Other securities		55		-		-		55
Total securities held-to-maturity		666,294		20,205		2,244		684,255
Total securities	$	1,070,954	$	21,014	$	6,089	$	1,085,879

Securities at June 30, 2021 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	$	13,079	$	36	$	212	$	12,903
U.S. treasury securities		19,672		165		1		19,836
State and political subdivisions		200,436		220		-		200,656
Mortgage-backed securities-residential		34,861		287		167		34,981
Mortgage-backed securities-multi-family		119,359		1,042		994		119,407
Corporate debt securities		3,008		129		30		3,107
Total securities available-for-sale		390,415		1,879		1,404		390,890
Securities held-to-maturity:
U.S. treasury securities		10,938		28		2		10,964
State and political subdivisions		341,364		17,184		303		358,245
Mortgage-backed securities-residential		28,450		584		90		28,944
Mortgage-backed securities-multi-family		100,330		4,635		12		104,953
Corporate debt securities		9,892		111		65		9,938
Other securities		5,940		58		-		5,998
Total securities held-to-maturity		496,914		22,600		472		519,042
Total securities	$	887,329	$	24,479	$	1,876	$	909,932

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, 2021.

	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	$	6,088	$	105		3	$	4,797	$	203		1	$	10,885	$	308		4
U.S. treasury securities		17,592		109		6		-		-		-		17,592		109		6
State and political subdivisions		43,224		6		34		-		-		-		43,224		6		34
Mortgage-backed securities-residential		22,885		214		8		-		-		-		22,885		214		8
Mortgage-backed securities-multi-family		82,027		2,505		32		12,613		698		5		94,640		3,203		37
Corporate debt securities		495		5		1		-		-		-		495		5		1
Total securities available-for-sale		172,311		2,944		84		17,410		901		6		189,721		3,845		90
Securities held-to-maturity:
U.S. treasury securities		10,826		117		4		-		-		-		10,826		117		4
State and political subdivisions		81,640		640		344		188		4		1		81,828		644		345
Mortgage-backed securities-residential		11,622		97		2		-		-		-		11,622		97		2
Mortgage-backed securities-multi-family		80,311		1,323		24		-		-		-		80,311		1,323		24
Corporate debt securities		2,735		51		3		488		12		1		3,223		63		4
Total securities held-to-maturity		187,134		2,228		377		676		16		2		187,810		2,244		379
Total securities	$	359,445	$	5,172		461	$	18,086	$	917		8	$	377,531	$	6,089		469

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, 2021.

	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	$	6,787	$	212		2	$	-	$	-		-	$	6,787	$	212		2
U.S. treasury securities		1,970		1		1		-		-		-		1,970		1		1
Mortgage-backed securities-residential		19,071		167		4		-		-		-		19,071		167		4
Mortgage-backed securities-multi-family		59,176		933		21		2,469		61		1		61,645		994		22
Corporate debt securities		970		30		1		-		-		-		970		30		1
Total securities available-for-sale		87,974		1,343		29		2,469		61		1		90,443		1,404		30
Securities held-to-maturity:
U.S. treasury securities		1,991		2		1		-		-		-		1,991		2		1
State and political subdivisions		42,751		303		76		-		-		-		42,751		303		76
Mortgage-backed securities-residential		12,839		90		2		-		-		-		12,839		90		2
Mortgage-backed securities-multi-family		3,890		12		3		-		-		-		3,890		12		3
Corporate debt securities		2,506		36		2		471		29		1		2,977		65		3
Total securities held-to-maturity		63,977		443		84		471		29		1		64,448		472		85
Total securities	$	151,951	$	1,786		113	$	2,940	$	90		2	$	154,891	$	1,876		115

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at December 31, 2021, 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	$	219,655	$	219,736
After one year through five years		8,787		8,776
After five years through ten years		25,517		25,219
After ten years		1,500		1,500
Total available-for-sale debt securities		255,459		255,231
Mortgage-backed securities		149,201		146,393
Total available-for-sale securities		404,660		401,624
Held-to-maturity debt securities
Within one year		62,888		63,591
After one year through five years		127,936		132,369
After five years through ten years		111,457		116,387
After ten years		171,453		177,050
Total held-to-maturity debt securities		473,734		489,397
Mortgage-backed securities		192,560		194,858
Total held-to-maturity securities		666,294		684,255
Total debt securities	$	1,070,954	$	1,085,879