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SECURITIES
 12 Months Ended
Jun. 30, 2022
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:

 

 

 

June 30, 2022

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

186

 

 

$

-

 

 

$

-

 

 

$

186

 

Collateralized mortgage obligations

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Total securities available for sale

 

$

199

 

 

$

-

 

 

$

-

 

 

$

199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

47,741

 

 

$

26

 

 

$

(1,895

)

 

$

45,872

 

Collateralized mortgage obligations

 

 

7

 

 

 

-

 

 

 

-

 

 

 

7

 

Municipal bonds

 

 

45,776

 

 

 

23

 

 

 

(5,172

)

 

 

40,627

 

Corporate bonds

 

 

51,715

 

 

 

20

 

 

 

(4,648

)

 

 

47,087

 

Total securities held to maturity

 

$

145,239

 

 

$

69

 

 

$

(11,715

)

 

$

133,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $14,681,000 and a fair value of $12,777,000 at June 30, 2022 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, at June 30, 2022, 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.

 

 

 

June 30, 2022

 

 

 

Available for Sale

 

 

Held to Maturity

 

(Dollars in thousands)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Within 1 year

 

$

-

 

 

$

-

 

 

$

4,006

 

 

$

4,008

 

Over 1 year through 5 years

 

 

-

 

 

 

-

 

 

 

25,269

 

 

 

24,763

 

Over 5 years through 10 years

 

 

-

 

 

 

-

 

 

 

42,934

 

 

 

38,600

 

Over 10 years

 

 

-

 

 

 

-

 

 

 

25,282

 

 

 

20,343

 

 

 

 

-

 

 

 

-

 

 

 

97,491

 

 

 

87,714

 

Mortgage-backed securities

 

 

186

 

 

 

186

 

 

 

47,741

 

 

 

45,872

 

Collateralized mortgage obligations

 

 

13

 

 

 

13

 

 

 

7

 

 

 

7

 

 

 

$

199

 

 

$

199

 

 

$

145,239

 

 

$

133,593

 

 

Information pertaining to securities with gross unrealized losses at June 30, 2022 and 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

 

(Dollars in thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

1,712

 

 

$

39,843

 

 

$

183

 

 

$

1,855

 

Municipal bonds

 

 

3,520

 

 

 

25,976

 

 

 

1,652

 

 

 

6,394

 

Corporate bonds

 

 

3,679

 

 

 

37,015

 

 

 

969

 

 

 

5,682

 

Total temporarily impaired securities held to maturity

 

$

8,911

 

 

$

102,834

 

 

$

2,804

 

 

$

13,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(Dollars 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 June 30, 2022, 228 debt securities have unrealized losses with aggregate depreciation of 9.11% from the Company'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 Company does not intend to sell these securities and it is not more likely than not that the Company 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 June 30, 2022.

Proceeds from the sale of securities available for sale was $2,031,000 for the year ended June 30, 2022. There were no sales during the year ended June 30, 2021.