Securities (Tables)

6 Months Ended

Dec. 31, 2022

Securities [Abstract]

Components of Securities

Securities at December 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	$	13,061	$	-	$	2,332	$	10,729
U.S. treasury securities		18,176		-		2,070		16,106
State and political subdivisions		193,612		546		261		193,897
Mortgage-backed securities-residential		31,025		-		4,329		26,696
Mortgage-backed securities-multi-family		91,243		-		19,612		71,631
Corporate debt securities		17,899		-		1,840		16,059
Total securities available-for-sale		365,016		546		30,444		335,118
Securities held-to-maturity:
U.S. treasury securities		33,664		-		2,566		31,098
State and political subdivisions		487,495		3,479		35,181		455,793
Mortgage-backed securities-residential		39,530		-		3,721		35,809
Mortgage-backed securities-multi-family		160,100		-		20,795		139,305
Corporate debt securities		21,641		2		1,478		20,165
Other securities		40		-		-		40
Total securities held-to-maturity		742,470		3,481		63,741		682,210
Total securities	$	1,107,486	$	4,027	$	94,185	$	1,017,328

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 December 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	$	-	$	-		-	$	10,729	$	2,332		5	$	10,729	$	2,332		5
U.S. treasury securities		535		53		1		15,571		2,017		6		16,106		2,070		7
State and political subdivisions		110,058		261		69		-		-		-		110,058		261		69
Mortgage-backed securities-residential		7,537		687		21		19,159		3,642		9		26,696		4,329		30
Mortgage-backed securities-multi-family		7,920		1,118		4		63,711		18,494		27		71,631		19,612		31
Corporate debt securities		14,903		1,497		13		1,157		343		2		16,060		1,840		15
Total securities available-for-sale		140,953		3,616		108		110,327		26,828		49		251,280		30,444		157
Securities held-to-maturity:
U.S. treasury securities		21,508		1,202		5		9,590		1,364		4		31,098		2,566		9
State and political subdivisions		255,862		12,094		3,457		105,314		23,087		604		361,176		35,181		4,061
Mortgage-backed securities-residential		24,620		1,808		30		11,189		1,913		3		35,809		3,721		33
Mortgage-backed securities-multi-family		75,500		6,316		40		63,806		14,479		22		139,306		20,795		62
Corporate debt securities		5,998		602		5		6,417		876		8		12,415		1,478		13
Total securities held-to-maturity		383,488		22,022		3,537		196,316		41,719		641		579,804		63,741		4,178
Total securities	$	524,441	$	25,638		3,645	$	306,643	$	68,547		690	$	831,084	$	94,185		4,335

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  December 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	$	193,528	$	193,814
After one year through five years		27,017		24,345
After five years through ten years		20,703		17,475
After ten years		1,500		1,157
Total		242,748		236,791
Mortgage-backed securities		122,268		98,327
Total available-for-sale securities		365,016		335,118
Held-to-maturity debt securities
Within one year		59,578		59,044
After one year through five years		167,831		163,465
After five years through ten years		141,455		133,712
After ten years		173,976		150,875
Total		542,840		507,096
Mortgage-backed securities		199,630		175,114
Total held-to-maturity securities		742,470		682,210
Total debt securities	$	1,107,486	$	1,017,328