Debt Securities

9 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt securities available for sale consist of the following at the dates indicated:


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. government agencies	$	18,988	$	34	$	(446)	$	18,576
MBS, residential	34,641		86		(664)		34,063
Municipal bonds	5,558		109		—		5,667
Corporate bonds	48,943		22		(956)		48,009

Total	$	108,130	$	251	$	(2,066)	$	106,315


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. government agencies	$	18,975	$	135	$	(37)	$	19,073
MBS, residential	42,119		1,339		(54)		43,404
Municipal bonds	9,098		453		—		9,551
Corporate bonds	84,301		257		(127)		84,431

Total	$	154,493	$	2,184	$	(218)	$	156,459

Debt securities available for sale by contractual maturity at March 31, 2022 and June 30, 2021 are shown below. MBS are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.



	March 31, 2022
	Amortized Cost		Estimated Fair Value
Due within one year	$	33,546	$	33,497
Due after one year through five years	33,384		32,322
Due after five years through ten years	6,559		6,433
Due after ten years	—		—
MBS, residential	34,641		34,063
Total	$	108,130	$	106,315



	June 30, 2021
	Amortized Cost		Estimated Fair Value
Due within one year	$	34,615	$	34,684
Due after one year through five years	73,249		73,633
Due after five years through ten years	4,510		4,738
Due after ten years	—		—
MBS, residential	42,119		43,404
Total	$	154,493	$	156,459

The Company had no sales of debt securities available for sale during the three and nine months ended March 31, 2022 and 2021. There were no gross realized gains or losses for the three and nine months ended March 31, 2022 and 2021.

Debt securities available for sale with amortized costs totaling $53,266 and $52,603 and market values of $52,350 and $53,897 at March 31, 2022 and June 30, 2021, respectively, were pledged as collateral to secure various public deposits and other borrowings.

The gross unrealized losses and the fair value for debt securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2022 and June 30, 2021 were as follows:


	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government agencies	$	14,554	$	(446)	$	—	$	—	$	14,554	$	(446)
MBS, residential	21,093		(546)		2,290		(118)		23,383		(664)

Corporate bonds	23,888		(265)		14,309		(691)		38,197		(956)
Total	$	59,535	$	(1,257)	$	16,599	$	(809)	$	76,134	$	(2,066)


	June 30, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government agencies	$	14,963	$	(37)	$	—	$	—	$	14,963	$	(37)
MBS, residential	5,212		(28)		1,205		(26)		6,417		(54)

Corporate bonds	19,873		(127)		—		—		19,873		(127)
Total	$	40,048	$	(192)	$	1,205	$	(26)	$	41,253	$	(218)

The total number of securities with unrealized losses at March 31, 2022 and June 30, 2021 were 124 and 28, respectively.

Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. All debt securities available for sale in an unrealized loss position as of March 31, 2022 continue to perform as scheduled and management does not believe that there is a credit loss or that a provision for credit losses is necessary. Also, as part of management's evaluation of its intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, management considers its investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. Management does not currently intend to sell the securities within the portfolio and it is not more-likely-than-not that securities will be required to be sold. See "Note 1 – Summary of Significant Account Policies" in our 2021 Form 10-K for further discussion.

Management continues to monitor all of its securities with a high degree of scrutiny. There can be no assurance that management will not conclude in future periods that conditions existing at that time indicate some or all of its securities may be sold or would require a charge to earnings as a provision for credit losses in such periods.

Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on investment securities and does not record an allowance for credit losses on accrued interest receivable. As of March 31, 2022, the accrued interest receivable for debt securities available for sale was $353.