XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
SECURITIES
 3 Months Ended
Sep. 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:

 

 

September 30, 2022

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

173

 

 

$

-

 

 

$

(1

)

 

$

172

 

Collateralized mortgage obligations

 

 

11

 

 

 

-

 

 

 

-

 

 

 

11

 

Total securities available for sale

 

$

184

 

 

$

-

 

 

$

(1

)

 

$

183

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

994

 

 

$

-

 

 

$

(29

)

 

$

965

 

Mortgage-backed securities

 

 

51,097

 

 

 

1

 

 

 

(4,219

)

 

 

46,879

 

Collateralized mortgage obligations

 

 

5

 

 

 

-

 

 

 

-

 

 

 

5

 

Municipal bonds

 

 

46,489

 

 

 

1

 

 

 

(7,359

)

 

 

39,131

 

Corporate bonds

 

 

53,556

 

 

 

-

 

 

 

(6,761

)

 

 

46,795

 

Total securities held to maturity

 

$

152,141

 

 

$

2

 

 

$

(18,368

)

 

$

133,775

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities with an amortized cost of $14,674,000 and a fair value of $12,113,000 at September 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, 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.

 

 

September 30, 2022

 

 

 

Available for Sale

 

 

Held to Maturity

 

(In thousands)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Within 1 year

 

$

-

 

 

$

-

 

 

$

5,514

 

 

$

5,478

 

Over 1 year through 5 years

 

 

-

 

 

 

-

 

 

 

28,424

 

 

 

26,942

 

Over 5 years through 10 years

 

 

-

 

 

 

-

 

 

 

40,991

 

 

 

34,960

 

Over 10 years

 

 

-

 

 

 

-

 

 

 

26,110

 

 

 

19,511

 

 

 

 

-

 

 

 

-

 

 

 

101,039

 

 

 

86,891

 

Mortgage-backed securities

 

 

173

 

 

 

172

 

 

 

51,097

 

 

 

46,879

 

Collateralized mortgage obligations

 

 

11

 

 

 

11

 

 

 

5

 

 

 

5

 

 

 

$

184

 

 

$

183

 

 

$

152,141

 

 

$

133,775

 

 

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

 

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

1

 

 

$

137

 

 

$

-

 

 

$

-

 

Total temporarily impaired securities available for sale

 

$

1

 

 

$

137

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

3,413

 

 

$

41,971

 

 

$

806

 

 

$

4,756

 

Debt obligations

 

 

29

 

 

 

965

 

 

 

-

 

 

 

-

 

Municipal bonds

 

 

3,367

 

 

 

26,960

 

 

 

3,992

 

 

 

10,765

 

Corporate bonds

 

 

4,564

 

 

 

38,044

 

 

 

2,197

 

 

 

8,750

 

Total temporarily impaired securities held to maturity

 

$

11,373

 

 

$

107,940

 

 

$

6,995

 

 

$

24,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At September 30, 2022, 292 debt securities had unrealized losses with aggregate depreciation of 12.19% 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 basis, which may be maturity, it does not consider these securities to be other-than-temporarily impaired at September 30, 2022.

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