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v3.21.2

Available for Sale Securities | 12 Months Ended
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Jun. 30, 2021
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, 2021
​ |  | ​ | ​ |  | Gross |  | Gross |  | Allowance | ​ | Estimated
​ |  | Amortized |  | Unrealized |  | Unrealized |  | for |  | Fair
(dollars in thousands) |  | Cost |  | Gains |  | Losses |  | Credit Losses |  | Value
Debt and equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 46,257 | ​ | $ | 1,479 | ​ | $ | (40) | ​ | $ | — | ​ | $ | 47,696
Corporate obligations | ​ | ​ | 20,356 | ​ | ​ | 290 | ​ | ​ | (335) | ​ | ​ | — | ​ | ​ | 20,311
Other securities | ​ |  | 647 | ​ |  | 25 | ​ |  | — | ​ |  | — | ​ |  | 672
TOTAL DEBT AND EQUITY SECURITIES | ​ | ​ | 67,260 | ​ | ​ | 1,794 | ​ | ​ | (375) | ​ | ​ | — | ​ | ​ | 68,679
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by governmental sponsored enterprises (GSEs) | ​ | ​ | 64,400 | ​ | ​ | 932 | ​ | ​ | (379) | ​ | ​ | — | ​ | ​ | 64,953
Commercial MBS issued by GSEs | ​ | ​ | 35,425 | ​ | ​ | 1,394 | ​ | ​ | (338) | ​ | ​ | — | ​ | ​ | 36,481
CMOs issued by GSEs | ​ | ​ | 36,201 | ​ | ​ | 755 | ​ | ​ | (49) | ​ | ​ | — | ​ | ​ | 36,907
TOTAL MBS and CMOs | ​ |  | 136,026 | ​ |  | 3,081 | ​ |  | (766) | ​ |  | — | ​ | ​ | 138,341
TOTAL | ​ | $ | 203,286 | ​ | $ | 4,875 | ​ | $ | (1,141) | ​ | $ | — | ​ | $ | 207,020
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Corporate obligations | ​ | ​ | 6,970 | ​ |  | 27 | ​ |  | (338) | ​ | ​ | 6,659
Other securities | ​ | ​ | 949 | ​ | ​ | 21 | ​ | ​ | (5) | ​ | ​ | 965
TOTAL DEBT AND EQUITY SECURITIES | ​ | ​ | 48,405 | ​ | ​ | 1,550 | ​ | ​ | (343) | ​ | ​ | 49,612
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential MBS issued by GSEs | ​ | ​ | 62,315 | ​ | ​ | 1,646 | ​ | ​ | (7) | ​ | ​ | 63,954
Commercial MBS issued by GSEs | ​ | ​ | 17,466 | ​ | ​ | 1,585 | ​ | ​ | — | ​ | ​ | 19,051
CMOs issued by GSEs | ​ | ​ | 42,594 | ​ | ​ | 1,345 | ​ | ​ | (32) | ​ | ​ | 43,907
TOTAL MBS and CMOs | ​ |  | 122,375 | ​ |  | 4,576 | ​ |  | (39) | ​ |  | 126,912
TOTAL | ​ | $ | 170,780 | ​ | $ | 6,126 | ​ | $ | (382) | ​ | $ | 176,524
​ 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, 2021
​ |  | Amortized |  | Estimated
(dollars in thousands) |  | Cost |  | Fair Value
Within one year | ​ | $ | 1,873 | ​ | $ | 1,887
After one year but less than five years | ​ |  | 9,564 | ​ |  | 9,720
After five years but less than ten years | ​ |  | 30,386 | ​ |  | 31,033
After ten years | ​ |  | 25,437 | ​ |  | 26,039
Total investment securities | ​ |  | 67,260 | ​ |  | 68,679
MBS and CMOs | ​ |  | 136,026 | ​ |  | 138,341
Total AFS securities | ​ | $ | 203,286 | ​ | $ | 207,020
​ 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 $155.6 million and $156.1 million at June 30, 2021 and 2020, respectively. The securities pledged consist of marketable securities, including $95.4 million and $82.0 million of Mortgage-Backed Securities, $18.8 million and $41.9 million of Collateralized Mortgage Obligations, $41.4 million and $32.0 million of State and Political Subdivisions Obligations, and $0 and $200,000 of Other Securities at June 30, 2021 and 2020, respectively. Gains of $138,000 and losses of $48,000 were recognized from sales of available-for-sale securities in fiscal 2021. 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 securities 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, 2021. 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, 2021, was $67.2 million, which is approximately 32.5% of the Company’s available for sale investment portfolio, as compared to $10.7 million or approximately 6.0% of the Company’s available for sale investment portfolio at June 30, 2020. 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, 2021 and 2020. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Less than 12 months |  | 12 months or more |  | Total
​ |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized |  | ​ | ​ | ​ | Unrealized
For the year ended June 30, 2021 |  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Obligations of state and political subdivisions | ​ | $ | 3,177 | ​ | $ | 40 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,177 | ​ | $ | 40
Corporate obligations | ​ | ​ | 9,331 | ​ | ​ | 79 | ​ | ​ | 720 | ​ | ​ | 256 | ​ | ​ | 10,051 | ​ | ​ | 335
MBS and CMOs | ​ |  | 53,893 | ​ |  | 764 | ​ |  | 70 | ​ |  | 2 | ​ |  | 53,963 | ​ |  | 766
Total AFS securities | ​ | $ | 66,401 | ​ | $ | 883 | ​ | $ | 790 | ​ | $ | 258 | ​ | $ | 67,191 | ​ | $ | 1,141
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2020
​ |  | 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
Corporate obligations | ​ | ​ | 995 | ​ | ​ | 5 | ​ | ​ | 454 | ​ | ​ | 333 | ​ | ​ | 1,449 | ​ | ​ | 338
Other securities | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 189 | ​ | ​ | 5 | ​ | ​ | 189 | ​ | ​ | 5
MBS and CMOs | ​ |  | 9,037 | ​ |  | 39 | ​ |  | — | ​ |  | — | ​ |  | 9,037 | ​ |  | 39
Total AFS securities | ​ | $ | 10,032 | ​ | $ | 44 | ​ | $ | 643 | ​ | $ | 338 | ​ | $ | 10,675 | ​ | $ | 382
​ Mortgage-backed securities. The unrealized losses on the Company’s investments in mortgage-backed securities include 22 individual securities which have been in an unrealized loss position for less than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by variations in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is likely that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. Obligations of state and political subdivisions. The unrealized losses on the Company’s investments in obligations of state and political subdivisions include seven individual securities which have been in an unrealized loss position for less than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by variations in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it is likely that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. Corporate Obligations. The unrealized losses on the Company’s investments in corporate obligations include seven individual securities which have been in an unrealized loss position for less than 12 months. The securities are performing and are of high credit quality. The unrealized losses were caused by variations in market interest rates since purchase or acquisition. Because the Company does not intend to sell these securities and it likely that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. At June 30, 2021 there were two pooled trust preferred securities with an estimated fair value of $720,000 and unrealized losses of $257,000 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, 2021, 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 1.8 percent, annually, annual defaults averaging 220 basis points over the next two years, and 80 basis points thereafter, and a recovery rate averaging ten percent of gross defaults, lagged two years. One of these two securities has continued to receive cash interest payments in full since the Company’s 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. The Company's cash flow analysis indicates that cash interest payments are expected to continue for both securities. Because the Company does not intend to sell these securities and it is likely that the Company will not be required to sell these securities prior to recovery of their amortized cost basis, which may be maturity, the Company has not recorded an ACL on these securities. The Company does not believe any other individual unrealized loss as of June 30, 2021, is the result of a credit loss. However, the Company could be required to recognize an ACL in future periods with respect to its available for sale investment securities portfolio. Credit losses recognized on investments. There were no credit losses recognized in income and other losses or recorded in other comprehensive income for the periods ended June 30, 2021 and 2020. ​

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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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