INVESTMENT SECURITIES (Tables)

9 Months Ended

Mar. 31, 2020

INVESTMENT SECURITIES

Summary of amortized cost and estimated fair value of securities

The amortized cost and estimated fair value of securities are as follows (dollars in thousands):

	March 31, 2020
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Securities available for sale:
U.S. Government and agency obligations	$	61,915	$	431	$	—	$	62,346
Mortgage-backed securities - residential		85		—		—		85
Asset-backed securities		67		42		(4)		105
Collateralized mortgage obligations - residential		450		261		(56)		655
Municipal obligations		5,762		10		—		5,772
Total debt securities		68,279		744		(60)		68,963
Preferred stocks		6,007		21		(1,360)		4,668
Total available for sale securities	$	74,286	$	765	$	(1,420)	$	73,631
Securities held to maturity:
Municipal obligations	$	4,139	$	43	$	—	$	4,182

	June 30, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Securities available for sale:
U.S. Government and agency obligations	$	70,706	$	164	$	(3)	$	70,867
Mortgage-backed securities - residential		109		3		—		112
Asset-backed securities		75		55		(2)		128
Collateralized mortgage obligations - residential		525		401		(37)		889
Municipal obligations		14,666		33		—		14,699
Total debt securities		86,081		656		(42)		86,695
Preferred stocks		6,007		52		(1,019)		5,040
Total available for sale securities	$	92,088	$	708	$	(1,061)	$	91,735
Securities held to maturity:
Municipal obligations	$	3,873	$	14	$	—	$	3,887

Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position

The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):

	March 31, 2020
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
Mortgage-backed securities - residential (1)	$	14	$	—	$	1	$	—	$	15	$	—
Asset-backed securities		5		(1)		4		(3)		9		(4)
Collateralized mortgage obligations - residential		30		(2)		141		(54)		171		(56)
Preferred stocks		—		—		4,645		(1,360)		4,645		(1,360)
	$	49	$	(3)	$	4,791	$	(1,417)	$	4,840	$	(1,420)

	June 30, 2019
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	4,969	$	(1)	$	7,988	$	(2)	$	12,957	$	(3)
Mortgage-backed securities - residential (1)		1		—		2		—		3		—
Asset-backed securities		—		—		5		(2)		5		(2)
Collateralized mortgage obligations - residential		15		(9)		160		(28)		175		(37)
Preferred stocks		—		—		4,986		(1,019)		4,986		(1,019)
	$	4,985	$	(10)	$	13,141	$	(1,051)	$	18,126	$	(1,061)

(1) Unrealized losses on these securities are less than $500.

Summary of rollforward of the credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings (dollars in thousands):

Balance, July 1, 2019	$	1,477
Reductions for amounts realized for securities transactions		(117)
Balance, March 31, 2020	$	1,360

Summary of fair value of debt securities and carrying amount, if different, by contractual maturity

The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately.

	March 31, 2020
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	67,677	$	68,118
Due after one to five years		—		—
Mortgage-backed securities - residential		85		85
Asset-backed securities		67		105
Collateralized mortgage obligations - residential		450		655
Preferred stocks		6,007		4,668
	$	74,286	$	73,631
Securities held to maturity:
Due in one year or less	$	3,803	$	3,846
Due after one to five years		226		226
Due after five to ten years		110		110
	$	4,139	$	4,182