Securities (Tables)

9 Months Ended

Mar. 31, 2022

Securities [Abstract]

Components of Securities

Securities at March 31, 2022 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	$	13,070	$	-	$	1,133	$	11,937
U.S. treasury securities		20,186		-		1,205		18,981
State and political subdivisions		231,733		442		158		232,017
Mortgage-backed securities-residential		34,606		10		2,132		32,484
Mortgage-backed securities-multi-family		110,287		33		11,731		98,589
Corporate debt securities		17,876		8		450		17,434
Total securities available-for-sale		427,758		493		16,809		411,442
Securities held-to-maturity:
U.S. treasury securities		28,621		-		994		27,627
State and political subdivisions		472,018		28,246		17,380		482,884
Mortgage-backed securities-residential		24,171		48		1,131		23,088
Mortgage-backed securities-multi-family		186,971		386		8,567		178,790
Corporate debt securities		17,904		23		417		17,510
Other securities		54		-		-		54
Total securities held-to-maturity		729,739		28,703		28,489		729,953
Total securities	$	1,157,497	$	29,196	$	45,298	$	1,141,395

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 March 31, 2022.

	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	$	11,937	$	1,133		4	$	-	$	-		-	$	11,937	$	1,133		4
U.S. treasury securities		18,982		1,205		8		-		-		-		18,982		1,205		8
State and political subdivisions		75,135		158		70		-		-		-		75,135		158		70
Mortgage-backed securities-residential		31,687		2,132		17		-		-		-		31,687		2,132		17
Mortgage-backed securities-multi-family		76,914		9,958		29		10,558		1,773		4		87,472		11,731		33
Corporate debt securities		15,921		450		13		-		-		-		15,921		450		13
Total securities available-for-sale		230,576		15,036		141		10,558		1,773		4		241,134		16,809		145
Securities held-to-maturity:
U.S. treasury securities		27,627		994		8		-		-		-		27,627		994		8
State and political subdivisions		151,743		17,245		900		784		135		5		152,527		17,380		905
Mortgage-backed securities-residential		20,122		1,131		13		-		-		-		20,122		1,131		13
Mortgage-backed securities-multi-family		128,056		8,567		47		-		-		-		128,056		8,567		47
Corporate debt securities		8,389		417		14		-		-		-		8,389		417		14
Total securities held-to-maturity		335,937		28,354		982		784		135		5		336,721		28,489		987
Total securities	$	566,513	$	43,390		1,123	$	11,342	$	1,908		9	$	577,855	$	45,298		1,132

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 March 31, 2022, 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	$	231,649	$	231,933
After one year through five years		17,721		17,038
After five years through ten years		31,995		29,982
After ten years		1,500		1,416
Total available-for-sale debt securities		282,865		280,369
Mortgage-backed securities		144,893		131,073
Total available-for-sale securities		427,758		411,442
Held-to-maturity debt securities
Within one year		68,557		69,573
After one year through five years		150,823		156,939
After five years through ten years		121,481		128,808
After ten years		177,736		172,755
Total held-to-maturity debt securities		518,597		528,075
Mortgage-backed securities		211,142		201,878
Total held-to-maturity securities		729,739		729,953
Total debt securities	$	1,157,497	$	1,141,395