Securities (Tables)

3 Months Ended

Sep. 30, 2022

Securities [Abstract]

Components of Securities

Securities at September 30, 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	$	13,064	$	-	$	2,400	$	10,664
U.S. treasury securities		20,131		-		2,505		17,626
State and political subdivisions		189,759		40		895		188,904
Mortgage-backed securities-residential		31,994		-		4,826		27,168
Mortgage-backed securities-multi-family		93,359		-		20,123		73,236
Corporate debt securities		17,891		-		1,886		16,005
Total securities available-for-sale		366,198		40		32,635		333,603
Securities held-to-maturity:
U.S. treasury securities		33,644		-		2,701		30,943
State and political subdivisions		493,463		1,437		52,136		442,764
Mortgage-backed securities-residential		40,901		-		4,023		36,878
Mortgage-backed securities-multi-family		164,925		-		20,875		144,050
Corporate debt securities		19,895		2		1,137		18,760
Other securities		41		-		-		41
Total securities held-to-maturity		752,869		1,439		80,872		673,436
Total securities	$	1,119,067	$	1,479	$	113,507	$	1,007,039

Securities at June 30, 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	$	13,066	$	-	$	1,747	$	11,319
U.S. treasury securities		20,158		-		1,731		18,427
State and political subdivisions		247,978		374		276		248,076
Mortgage-backed securities-residential		33,186		-		3,289		29,897
Mortgage-backed securities-multi-family		99,353		-		15,644		83,709
Corporate debt securities		17,884		-		1,250		16,634
Total securities available-for-sale		431,625		374		23,937		408,062
Securities held-to-maturity:
U.S. treasury securities		33,623		-		1,643		31,980
State and political subdivisions		493,897		2,760		35,747		460,910
Mortgage-backed securities-residential		42,461		1		2,242		40,220
Mortgage-backed securities-multi-family		171,921		2		13,895		158,028
Corporate debt securities		19,900		16		651		19,265
Other securities		50		-		-		50
Total securities held-to-maturity		761,852		2,779		54,178		710,453
Total securities	$	1,193,477	$	3,153	$	78,115	$	1,118,515

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 September 30, 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	$	9,087	$	1,977		4	$	1,577	$	423		1	$	10,664	$	2,400		5
U.S. treasury securities		17,626		2,505		8		-		-		-		17,626		2,505		8
State and political subdivisions		166,656		895		130		-		-		-		166,656		895		130
Mortgage-backed securities-residential		25,817		4,555		29		1,351		271		1		27,168		4,826		30
Mortgage-backed securities-multi-family		60,166		15,341		25		13,070		4,782		7		73,236		20,123		32
Corporate debt securities		16,005		1,886		16		-		-		-		16,005		1,886		16
Total securities available-for-sale		295,357		27,159		212		15,998		5,476		9		311,355		32,635		221
Securities held-to-maturity:
U.S. treasury securities		30,943		2,701		9		-		-		-		30,943		2,701		9
State and political subdivisions		386,038		51,224		4,691		2,601		912		27		388,639		52,136		4,718
Mortgage-backed securities-residential		36,878		4,023		33		-		-		-		36,878		4,023		33
Mortgage-backed securities-multi-family		144,050		20,875		66		-		-		-		144,050		20,875		66
Corporate debt securities		11,260		1,137		12		-		-		-		11,260		1,137		12
Total securities held-to-maturity		609,169		79,960		4,811		2,601		912		27		611,770		80,872		4,838
Total securities	$	904,526	$	107,119		5,023	$	18,599	$	6,388		36	$	923,125	$	113,507		5,059

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, 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	$	11,319	$	1,747		5	$	-	$	-		-	$	11,319	$	1,747		5
U.S. treasury securities		18,427		1,731		8		-		-		-		18,427		1,731		8
State and political subdivisions		140,324		276		148		-		-		-		140,324		276		148
Mortgage-backed securities-residential		29,872		3,289		27		-		-		-		29,872		3,289		27
Mortgage-backed securities-multi-family		71,631		12,868		29		12,078		2,776		5		83,709		15,644		34
Corporate debt securities		16,634		1,250		16		-		-		-		16,634		1,250		16
Total securities available-for-sale		288,207		21,161		233		12,078		2,776		5		300,285		23,937		238
Securities held-to-maturity:
U.S. treasury securities		31,980		1,643		9		-		-		-		31,980		1,643		9
State and political subdivisions		353,837		35,564		2,362		735		183		5		354,572		35,747		2,367
Mortgage-backed securities-residential		39,865		2,242		27		-		-		-		39,865		2,242		27
Mortgage-backed securities-multi-family		155,726		13,895		68		-		-		-		155,726		13,895		68
Corporate debt securities		10,751		651		11		-		-		-		10,751		651		11
Total securities held-to-maturity		592,159		53,995		2,477		735		183		5		592,894		54,178		2,482
Total securities	$	880,366	$	75,156		2,710	$	12,813	$	2,959		10	$	893,179	$	78,115		2,720

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at  September 30, 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	$	189,675	$	188,822
After one year through five years		25,056		22,495
After five years through ten years		24,614		20,701
After ten years		1,500		1,181
Total		240,845		233,199
Mortgage-backed securities		125,353		100,404
Total available-for-sale securities		366,198		333,603
Held-to-maturity debt securities
Within one year		65,466		64,499
After one year through five years		168,220		160,831
After five years through ten years		137,726		126,601
After ten years		175,631		140,577
Total		547,043		492,508
Mortgage-backed securities		205,826		180,928
Total held-to-maturity securities		752,869		673,436
Total debt securities	$	1,119,067	$	1,007,039