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SECURITIES
 6 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
3.
SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:

 

 

December 31, 2021

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

225

 

 

$

9

 

 

$

-

 

 

$

234

 

Collateralized mortgage obligations

 

 

20

 

 

 

-

 

 

 

-

 

 

 

20

 

Total securities available for sale

 

$

245

 

 

$

9

 

 

$

-

 

 

$

254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

37,889

 

 

$

872

 

 

$

(134

)

 

$

38,627

 

Collateralized mortgage obligations

 

 

11

 

 

 

-

 

 

 

-

 

 

 

11

 

Municipal bonds

 

 

46,583

 

 

 

305

 

 

 

(443

)

 

 

46,445

 

Corporate bonds

 

 

38,448

 

 

 

548

 

 

 

(343

)

 

 

38,653

 

Total securities held to maturity

 

$

122,931

 

 

$

1,725

 

 

$

(920

)

 

$

123,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

(In thousands)

 

Amortized
 Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

1,983

 

 

$

12

 

 

$

-

 

 

$

1,995

 

Mortgage-backed securities

 

 

260

 

 

 

12

 

 

 

-

 

 

 

272

 

Collateralized mortgage obligations

 

 

27

 

 

 

-

 

 

 

-

 

 

 

27

 

Total securities available for sale

 

$

2,270

 

 

$

24

 

 

$

-

 

 

$

2,294

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

1,001

 

 

$

12

 

 

$

-

 

 

$

1,013

 

Mortgage-backed securities

 

 

27,680

 

 

 

1,229

 

 

 

(12

)

 

 

28,897

 

Collateralized mortgage obligations

 

 

17

 

 

 

1

 

 

 

-

 

 

 

18

 

Municipal bonds

 

 

38,360

 

 

 

458

 

 

 

(216

)

 

 

38,602

 

Corporate bonds

 

 

38,056

 

 

 

936

 

 

 

(131

)

 

 

38,861

 

Total securities held to maturity

 

$

105,114

 

 

$

2,636

 

 

$

(359

)

 

$

107,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities with an amortized cost of $7,965,000 and a fair value of $8,014,000 at December 31, 2021 were pledged to secure a credit line with the Federal Reserve Bank. See Note 7.

The amortized cost and fair value of debt securities, by contractual maturity, is 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.

 

 

December 31, 2021

 

 

 

Available for Sale

 

 

Held to Maturity

 

(In thousands)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Within 1 year

 

$

-

 

 

$

-

 

 

$

7,994

 

 

$

8,059

 

Over 1 year through 5 years

 

 

-

 

 

 

-

 

 

 

21,993

 

 

 

22,528

 

Over 5 years through 10 years

 

 

-

 

 

 

-

 

 

 

24,197

 

 

 

24,014

 

Over 10 years

 

 

-

 

 

 

-

 

 

 

30,847

 

 

 

30,497

 

 

 

 

-

 

 

 

-

 

 

 

85,031

 

 

 

85,098

 

Mortgage-backed securities

 

 

225

 

 

 

234

 

 

 

37,889

 

 

 

38,627

 

Collateralized mortgage obligations

 

 

20

 

 

 

20

 

 

 

11

 

 

 

11

 

 

 

$

245

 

 

$

254

 

 

$

122,931

 

 

$

123,736

 

Information pertaining to securities with gross unrealized losses at December 31, 2021 and June 30, 2021 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(In thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

127

 

 

$

17,217

 

 

$

7

 

 

$

697

 

Municipal bonds

 

 

388

 

 

 

15,005

 

 

 

55

 

 

 

1,733

 

Corporate bonds

 

 

302

 

 

 

15,908

 

 

 

41

 

 

 

959

 

Total temporarily impaired securities held to maturity

 

$

817

 

 

$

48,130

 

 

$

103

 

 

$

3,389

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(In thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

12

 

 

$

2,598

 

 

$

-

 

 

$

-

 

Municipal bonds

 

 

216

 

 

 

7,839

 

 

 

-

 

 

 

-

 

Corporate bonds

 

 

131

 

 

 

9,249

 

 

 

-

 

 

 

-

 

Total temporarily impaired securities held to maturity

 

$

359

 

 

$

19,686

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2021, 51 debt securities have unrealized losses with aggregate depreciation of 1.79% from the Bank’s amortized cost basis. These unrealized losses are the result of changes in the interest rate environment and there have been no downgrades in the investment quality of these securities. The contractual terms of these securities do not permit the entities to settle the security at a price less than par value. Because the Bank does not intend to sell these securities and it is not more likely than not that the Bank will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, it does not consider these securities to be other-than-temporarily impaired at December 31, 2021.

Proceeds from the sale of securities available for sale was $0 and $2,031,000 for the three and six months ended December 31, 2021, respectively. There were no sales for the three and six months ended December 31, 2020.