Note 5 - Investment Securities

9 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

5. INVESTMENT SECURITIES

The amortized cost, gross unrealized gains and losses, and fair values of investments are as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
March 31, 2022
AVAILABLE FOR SALE
U.S. government agency securities	$	3,198	$	-	$	(151	)	$	3,047
Corporate debt securities		98,551		157		(623	)		98,085
Foreign debt securities​​1		33,656		44		(226	)		33,474
Obligations of states and political subdivisions		721		-		(40	)		681
Total	$	136,126	$	201	$	(1,040	)	$	135,287

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
March 31, 2022
HELD TO MATURITY
U.S. government agency securities	$	7,749	$	-	$	(437	)	$	7,312
Obligations of states and political subdivisions		2,205		28		-			2,233
Total	$	9,954	$	28	$	(437	)	$	9,545

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
June 30, 2021
AVAILABLE FOR SALE
U.S. government agency securities	$	3,215	$	-	$	(1	)	$	3,214
Corporate debt securities		109,501		546		(7	)		110,040
Foreign debt securities​1		37,440		179		(21	)		37,598
Obligations of states and political subdivisions		730		-		(5	)		725
Total	$	150,886	$	725	$	(34	)	$	151,577

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
	(Dollars in Thousands)
June 30, 2021
HELD TO MATURITY
U.S. government agency securities	$	12,744	$	5	$	-	$	12,749
Obligations of states and political subdivisions		2,745		98		-		2,843
Total	$	15,489	$	103	$	-	$	15,592

 ¹ U.S. dollar denominated investment-grade corporate bonds of large foreign corporate issuers.

The Company recorded gross realized investment security gains of $0 and $74 thousand during the three and nine months ended March 31, 2022, respectively.  Proceeds from the sales of investment securities totaled $0 and $9.1 million during the same periods.

The Company recorded gross realized investment security gains of $56 thousand and $93 thousand during the three and nine months ended March 31, 2021, respectively.  Proceeds from the sales of investment securities totaled $1.0 million and $8.1 million during the same periods.

The amortized cost and fair values of debt securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities.

	Due in one year or less		Due after one through five years		Due after five through ten years		Due after ten years		Total
	(Dollars in Thousands)
AVAILABLE FOR SALE
Amortized cost	$	61,935	$	73,723	$	468	$	-	$	136,126
Fair value		61,835		73,016		436		-		135,287
HELD TO MATURITY
Amortized cost	$	1,185	$	1,020	$	7,749	$	-	$	9,954
Fair value		1,198		1,035		7,312		-		9,545

At March 31, 2022 investment securities with amortized costs of $13.2 million and $29.1 million and fair values of $12.6 million and $29.2 million were pledged to secure borrowings with the Federal Home Loan Bank (“FHLB”) of Pittsburgh and the Federal Reserve Bank of Cleveland (“FRB”), respectively. Of the securities pledged to the FHLB, $142.3 million of amortized cost, and $138.0 million of fair value was excess collateral.  Of the securities pledged to the FRB, $29.1 million of amortized cost, and $29.2 million of fair value, was excess collateral. Excess collateral is maintained to support future borrowings and may be withdrawn by the Company at any time.