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Available for Sale Securities | 12 Months Ended
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Jun. 30, 2020
Available-for-Sale Securities. |
Available-for-Sale Securities | NOTE 2: Available for Sale Securities The amortized cost, gross unrealized gains, gross unrealized losses and approximate fair value of securities available for sale consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2020
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value
Debt and equity securities: |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 40,486 | ​ | $ | 1,502 | ​ | $ | — | ​ | $ | 41,988
Other securities | ​ |  | 7,919 | ​ |  | 48 | ​ |  | (343) | ​ |  | 7,624
TOTAL DEBT AND EQUITY SECURITIES | ​ |  | 48,405 | ​ |  | 1,550 | ​ |  | (343) | ​ |  | 49,612
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
FHLMC certificates | ​ |  | 29,970 | ​ |  | 756 | ​ |  | (2) | ​ |  | 30,724
GNMA certificates | ​ |  | 7,546 | ​ |  | 72 | ​ |  | — | ​ |  | 7,618
FNMA certificates | ​ |  | 42,265 | ​ |  | 2,402 | ​ |  | (5) | ​ |  | 44,662
CMOs issues by government agencies | ​ |  | 42,594 | ​ |  | 1,346 | ​ |  | (32) | ​ |  | 43,908
TOTAL MORTGAGE-BACKED SECURITIES | ​ |  | 122,375 | ​ |  | 4,576 | ​ |  | (39) | ​ |  | 126,912
TOTAL | ​ | $ | 170,780 | ​ | $ | 6,126 | ​ | $ | (382) | ​ | $ | 176,524
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2019
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | Estimated
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Value
Debt and equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government and Federal agency obligations | ​ | $ | 7,284 | ​ | $ | 1 | ​ | $ | (15) | ​ | $ | 7,270
Obligations of states and political subdivisions | ​ |  | 42,123 | ​ |  | 728 | ​ |  | (68) | ​ |  | 42,783
Other securities | ​ |  | 5,176 | ​ |  | 75 | ​ |  | (198) | ​ |  | 5,053
TOTAL DEBT AND EQUITY SECURITIES | ​ |  | 54,583 | ​ |  | 804 | ​ |  | (281) | ​ |  | 55,106
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
FHLMC certificates | ​ |  | 16,373 | ​ |  | 64 | ​ |  | (65) | ​ |  | 16,372
GNMA certificates | ​ |  | 35 | ​ |  | — | ​ |  | — | ​ |  | 35
FNMA certificates | ​ |  | 34,943 | ​ |  | 610 | ​ |  | (95) | ​ |  | 35,458
CMOs issues by government agencies | ​ |  | 57,946 | ​ |  | 775 | ​ |  | (157) | ​ |  | 58,564
TOTAL MORTGAGE-BACKED SECURITIES | ​ |  | 109,297 | ​ |  | 1,449 | ​ |  | (317) | ​ |  | 110,429
TOTAL | ​ | $ | 163,880 | ​ | $ | 2,253 | ​ | $ | (598) | ​ | $ | 165,535
​ The amortized cost and fair value of available-for-sale securities, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2020
​ | ​ | Amortized | ​ | Estimated
(dollars in thousands) | ​ | Cost | ​ | Fair Value
Within one year |  | $ | 862 |  | $ | 868
After one year but less than five years | ​ |  | 9,875 | ​ |  | 10,089
After five years but less than ten years | ​ |  | 15,812 | ​ |  | 16,174
After ten years | ​ |  | 21,856 | ​ |  | 22,481
Total investment securities | ​ |  | 48,405 | ​ |  | 49,612
Mortgage-backed securities | ​ |  | 122,375 | ​ |  | 126,912
Total investments and mortgage-backed securities | ​ | $ | 170,780 | ​ | $ | 176,524
​ The carrying value of investment and mortgage-backed securities pledged as collateral to secure public deposits and securities sold under agreements to repurchase amounted to $156.1 million and $143.7 million at June 30, 2020 and 2019, respectively. The securities pledged consist of marketable securities, including $0 and $5.6 million of U.S. Government and Federal Agency Obligations, $82.0 million and $47.3 million of Mortgage-Backed Securities, $41.9 million and $55.7 million of Collateralized Mortgage Obligations, $32.0 million and $34.9 million of State and Political Subdivisions Obligations, and $200,000 and $300,000 of Other Securities at June 30, 2020 and 2019, respectively. There were no gains or losses recognized from sales of available-for-sale securities in fiscal 2020. Gains of $265,450 and losses of $21,576 were recognized from sales of available-for-sale securities in fiscal 2019. The Company did not hold any securities of a single issuer, payable from and secured by the same source of revenue or taxing authority, the book value of which exceeded 10% of stockholders’ equity at June 30, 2020. Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at June 30, 2020, was $10.7 million, which is approximately 6.0% of the Company’s available for sale investment portfolio, as compared to $51.8 million or approximately 31.3% of the Company’s available for sale investment portfolio at June 30, 2019. Except as discussed below, management believes the declines in fair value for these securities to be temporary. The tables below show the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2020 and 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
For the year ended June 30, 2020 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |
Other securities | ​ | $ | 995 | ​ | $ | 5 | ​ | $ | 643 | ​ | $ | 338 | ​ | $ | 1,638 | ​ | $ | 343
Mortgage-backed securities | ​ |  | 9,037 | ​ |  | 39 | ​ |  | — | ​ |  | — | ​ |  | 9,037 | ​ |  | 39
Total investments and mortgage-backed securities | ​ | $ | 10,032 | ​ | $ | 44 | ​ | $ | 643 | ​ | $ | 338 | ​ | $ | 10,675 | ​ | $ | 382
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Less than 12 months | ​ | 12 months or more | ​ | Total
​ | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized | ​ | ​ | ​ | ​ | Unrealized
For the year ended June 30, 2019 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government-sponsored enterprises (GSEs) | ​ | $ | — | ​ | $ | — | ​ | $ | 6,969 | ​ | $ | 15 | ​ | $ | 6,969 | ​ | $ | 15
Obligations of state and political subdivisions | ​ |  | — | ​ |  | — | ​ |  | 8,531 | ​ |  | 68 | ​ |  | 8,531 | ​ |  | 68
Other securities | ​ |  | — | ​ |  | — | ​ |  | 985 | ​ |  | 198 | ​ |  | 985 | ​ |  | 198
Mortgage-backed securities | ​ |  | 1,175 | ​ |  | 1 | ​ |  | 34,148 | ​ |  | 316 | ​ |  | 35,323 | ​ |  | 317
Total investments and mortgage-backed securities | ​ | $ | 1,175 | ​ | $ | 1 | ​ | $ | 50,633 | ​ | $ | 597 | ​ | $ | 51,808 | ​ | $ | 598
​ The unrealized losses on the Company’s investments in mortgage-backed securities were caused by increases in market interest rates. The contractual terms of these instruments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Because the Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2020. Other securities. At June 30, 2020, there were two pooled trust preferred securities with an estimated fair value of $643,000 and unrealized losses of $333,000 in a continuous unrealized loss position for twelve months or more. These unrealized losses were primarily due to the long-term nature of the pooled trust preferred securities and a reduced demand for these securities, and concerns regarding the financial institutions that issued the underlying trust preferred securities. The June 30, 2020, cash flow analysis for these two securities indicated it is probable the Company will receive all contracted principal and related interest projected. The cash flow analysis used in making this determination was based on anticipated default, recovery, and prepayment rates, and the resulting cash flows were discounted based on the yield spread anticipated at the time the securities were purchased. Other inputs include the actual collateral attributes, which include credit ratings and other performance indicators of the underlying financial institutions, including profitability, capital ratios, and asset quality. Assumptions for these two securities included prepayments averaging 1.6 percent, annually, annual defaults averaging 50 basis points, and a recovery rate averaging 10 percent of gross defaults, lagged two years. One of these two securities has continued to receive cash interest payments in full since initial purchase; the other security received principal-in-kind (PIK), in lieu of cash interest, for a period of time following the recession and financial crisis which began in 2008, but resumed cash interest payments during fiscal 2014. Our cash flow analysis indicates that cash interest payments are expected to continue for the securities. 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 these securities prior to recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at June 30, 2020. The Company does not believe any other individual unrealized loss as of June 30, 2020, represents OTTI. However, the Company could be required to recognize OTTI losses in future periods with respect to its available for sale investment securities portfolio. The amount and timing of any required OTTI will depend on the decline in the underlying cash flows of the securities. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in the period the OTTI is identified. Credit losses recognized on investments. During fiscal 2009, the Company adopted ASC 820, formerly FASB Staff Position 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly.” There were no trust preferred securities for which only a credit loss was recognized in income and other losses are recorded in other comprehensive income (loss) for the years ended June 30, 2020 and 2019.

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- Definition Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. + References No definition available. + Details
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