Securities Available for Sale

6 Months Ended

Dec. 31, 2018

Schedule of Available-for-sale Securities [Line Items]

7. SECURITIES AVAILABLE FOR SALE

The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities available for sale at December 31, 2018 and June 30, 2018 and stratification by contractual maturity of debt securities available for sale at December 31, 2018 are presented below:

	December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
Investment securities available for sale:
Debt securities:
U.S. agency securities	$	3,993	$	-	$	51	$	3,942
Obligations of state and political subdivisions		26,780		5		580		26,205
Asset-backed securities		179,310		1,716		198		180,828
Collateralized loan obligations		186,377		3		1,941		184,439
Corporate bonds		147,927		147		3,382		144,692
Trust preferred securities		3,967		-		241		3,726
Total debt securities		548,354		1,871		6,393		543,832

Mortgage-backed securities:
Collateralized mortgage obligations		23,959		-		940		23,019
Residential pass-through securities		94,418		48		2,548		91,918
Commercial pass-through securities		7,863		-		30		7,833
Total mortgage-backed securities		126,240		48		3,518		122,770

Total securities available for sale	$	674,594	$	1,919	$	9,911	$	666,602

	December 31, 2018
	Amortized Cost		Fair Value
	(In Thousands)
Debt securities available for sale:
Due in one year or less	$	-	$	-
Due after one year through five years		153,819		150,554
Due after five years through ten years		46,216		45,375
Due after ten years		348,319		347,903
Total	$	548,354	$	543,832

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
Securities available for sale:
Debt securities:
U.S. agency securities	$	4,474	$	-	$	63	$	4,411
Obligations of state and political subdivisions		26,793		4		709		26,088
Asset-backed securities		179,959		2,795		134		182,620
Collateralized loan obligations		226,881		99		914		226,066
Corporate bonds		147,925		463		794		147,594
Trust preferred securities		3,967		-		184		3,783
Total debt securities		589,999		3,361		2,798		590,562

Mortgage-backed securities:
Collateralized mortgage obligations		25,651		-		1,359		24,292
Residential pass-through securities		105,810		43		3,494		102,359
Commercial pass-through securities		7,946		-		74		7,872
Total mortgage-backed securities		139,407		43		4,927		134,523

Total securities available for sale	$	729,406	$	3,404	$	7,725	$	725,085

There were no sales of securities available for sale during the three and six months ended December 31, 2018 and December 31, 2017.

Securities available for sale pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

	December 31,		June 30,
	2018		2018
	(In Thousands)
Available for sale securities pledged:
Pledged for borrowings at the FHLB of New York	$	39,057	$	42,591
Pledged to secure public funds on deposit		5,539		6,226
Pledged for potential borrowings at the Federal Reserve Bank of New York		43,080		43,049
Pledged for collateral for depositor sweep accounts		11,747		12,784
Total available for sale securities pledged	$	99,423	$	104,650