Securities (Tables)

9 Months Ended

Mar. 31, 2023

Securities [Abstract]

Components of Securities

Securities at March 31, 2023 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	$	13,058	$	-	$	2,054	$	11,004
U.S. treasury securities		18,377		-		1,712		16,665
State and political subdivisions		171,980		635		22		172,593
Mortgage-backed securities-residential		30,335		-		3,801		26,534
Mortgage-backed securities-multi-family		91,113		-		17,500		73,613
Corporate debt securities		17,906		-		1,451		16,455
Total securities available-for-sale		342,769		635		26,540		316,864
Securities held-to-maturity:
U.S. treasury securities		33,684		-		2,071		31,613
State and political subdivisions		484,093		4,081		29,051		459,123
Mortgage-backed securities-residential		38,417		-		3,089		35,328
Mortgage-backed securities-multi-family		159,113		-		18,286		140,827
Corporate debt securities		21,637		-		2,674		18,963
Other securities		39		-		-		39
Total securities held-to-maturity		736,983		4,081		55,171		685,893
Total securities	$	1,079,752	$	4,716	$	81,711	$	1,002,757

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 March 31, 2023.

	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	$	-	$	-		-	$	11,004	$	2,054		5	$	11,004	$	2,054		5
U.S. treasury securities		229		1		1		16,436		1,711		7		16,665		1,712		8
State and political subdivisions		24,618		20		8		82		2		1		24,700		22		9
Mortgage-backed securities-residential		521		25		10		26,013		3,776		19		26,534		3,801		29
Mortgage-backed securities-multi-family		2,731		142		1		70,882		17,358		30		73,613		17,500		31
Corporate debt securities		487		14		1		15,968		1,437		15		16,455		1,451		16
Total securities available-for-sale		28,586		202		21		140,385		26,338		77		168,971		26,540		98
Securities held-to-maturity:
U.S. treasury securities		-		-		-		31,613		2,071		8		31,613		2,071		8
State and political subdivisions		216,800		9,556		3,113		132,787		19,495		809		349,587		29,051		3,922
Mortgage-backed securities-residential		2,094		90		11		33,223		2,999		18		35,317		3,089		29
Mortgage-backed securities-multi-family		18,176		712		9		122,651		17,574		49		140,827		18,286		58
Corporate debt securities		11,230		1,618		9		7,733		1,056		9		18,963		2,674		18
Total securities held-to-maturity		248,300		11,976		3,142		328,007		43,195		893		576,307		55,171		4,035
Total securities	$	276,886	$	12,178		3,163	$	468,392	$	69,533		970	$	745,278	$	81,711		4,133

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 March 31, 2023, 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	$	171,917	$	172,531
After one year through five years		29,280		27,014
After five years through ten years		18,624		15,995
After ten years		1,500		1,177
Total		221,321		216,717
Mortgage-backed securities		121,448		100,147
Total available-for-sale securities		342,769		316,864
Held-to-maturity debt securities
Within one year		56,489		56,054
After one year through five years		169,883		165,722
After five years through ten years		142,164		134,575
After ten years		170,917		153,387
Total		539,453		509,738
Mortgage-backed securities		197,530		176,155
Total held-to-maturity securities		736,983		685,893
Total debt securities	$	1,079,752	$	1,002,757