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SECURITIES
 12 Months Ended
Jun. 30, 2023
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, 2023

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

147

 

 

$

-

 

 

$

(5

)

 

$

142

 

Collateralized mortgage obligations

 

 

4

 

 

 

-

 

 

 

-

 

 

 

4

 

Total securities available for sale

 

$

151

 

 

$

-

 

 

$

(5

)

 

$

146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

996

 

 

$

-

 

 

$

(34

)

 

$

962

 

Mortgage-backed securities

 

 

46,619

 

 

 

-

 

 

 

(3,500

)

 

 

43,119

 

Collateralized mortgage obligations

 

 

1

 

 

 

-

 

 

 

-

 

 

 

1

 

Municipal bonds

 

 

43,865

 

 

 

3

 

 

 

(6,423

)

 

 

37,445

 

Corporate bonds

 

 

56,421

 

 

 

-

 

 

 

(5,675

)

 

 

50,746

 

Total securities held to maturity

 

$

147,902

 

 

$

3

 

 

$

(15,632

)

 

$

132,273

 

 

 

 

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 $14,657,000 and a fair value of $12,410,000 at June 30, 2023 were pledged to secure a credit line with the Federal Reserve Bank. See Note 7 of these consolidated financial statements.

 

The amortized cost and fair value of debt securities, by contractual maturity, at June 30, 2023 and 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, 2023

 

 

 

Available for Sale

 

 

Held to Maturity

 

(In thousands)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Within 1 year

 

$

-

 

 

$

-

 

 

$

7,770

 

 

$

7,686

 

Over 1 year through 5 years

 

 

-

 

 

 

-

 

 

 

31,738

 

 

 

29,987

 

Over 5 years through 10 years

 

 

-

 

 

 

-

 

 

 

39,215

 

 

 

34,185

 

Over 10 years

 

 

-

 

 

 

-

 

 

 

22,559

 

 

 

17,295

 

 

 

 

-

 

 

 

-

 

 

 

101,282

 

 

 

89,153

 

Mortgage-backed securities

 

 

147

 

 

 

142

 

 

 

46,619

 

 

 

43,119

 

Collateralized mortgage obligations

 

 

4

 

 

 

4

 

 

 

1

 

 

 

1

 

 

 

$

151

 

 

$

146

 

 

$

147,902

 

 

$

132,273

 

 

Information pertaining to securities with gross unrealized losses at June 30, 2023 and 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

 

June 30, 2023

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(In thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

2

 

 

$

71

 

 

$

3

 

 

$

67

 

Total temporarily impaired securities available for sale

 

$

2

 

 

$

71

 

 

$

3

 

 

$

67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

336

 

 

$

10,494

 

 

$

3,164

 

 

$

32,597

 

Debt obligations

 

 

34

 

 

 

962

 

 

 

-

 

 

 

-

 

Municipal bonds

 

 

111

 

 

 

6,280

 

 

 

6,312

 

 

 

27,676

 

Corporate bonds

 

 

318

 

 

 

9,534

 

 

 

5,357

 

 

 

40,213

 

Total temporarily impaired securities held to maturity

 

$

799

 

 

$

27,270

 

 

$

14,833

 

 

$

100,486

 

 

 

 

June 30, 2022

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(In thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

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 June 30, 2023, 279 debt securities have unrealized losses with aggregate depreciation of 10.90% 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 or the issuers. 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, 2023.

There were no sales of securities available for sale during the year ended June 30, 2023. Proceeds from the sale of securities available for sale was $2,031,000 for the year ended June 30, 2022.