Securities Available for Sale

9 Months Ended

Mar. 31, 2019

Schedule of Available-for-sale Securities [Line Items]

7. SECURITIES AVAILABLE FOR SALE

The amortized cost, gross unrealized gains and losses and fair values of debt and mortgage-backed securities available for sale at March 31, 2019 and June 30, 2018 and stratification by contractual maturity of debt securities available for sale at March 31, 2019 are presented below:

	March 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
Investment securities available for sale:
Debt securities:
U.S. agency securities	$	3,765	$	-	$	28	$	3,737
Obligations of state and political subdivisions		26,634		134		37		26,731
Asset-backed securities		178,830		1,583		268		180,145
Collateralized loan obligations		209,530		-		1,624		207,906
Corporate bonds		122,928		28		1,359		121,597
Trust preferred securities		3,967		-		192		3,775
Total debt securities		545,654		1,745		3,508		543,891

Mortgage-backed securities:
Collateralized mortgage obligations		22,242		-		582		21,660
Residential pass-through securities		71,663		43		1,193		70,513
Commercial pass-through securities		90,047		809		-		90,856
Total mortgage-backed securities		183,952		852		1,775		183,029

Total securities available for sale	$	729,606	$	2,597	$	5,283	$	726,920

	March 31, 2019
	Amortized Cost		Fair Value
	(In Thousands)
Debt securities available for sale:
Due in one year or less	$	514	$	514
Due after one year through five years		128,615		127,321
Due after five years through ten years		45,734		45,577
Due after ten years		370,791		370,479
Total	$	545,654	$	543,891

	June 30, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In Thousands)
Securities available for sale:
Debt securities:
U.S. agency securities	$	4,474	$	-	$	63	$	4,411
Obligations of state and political subdivisions		26,793		4		709		26,088
Asset-backed securities		179,959		2,795		134		182,620
Collateralized loan obligations		226,881		99		914		226,066
Corporate bonds		147,925		463		794		147,594
Trust preferred securities		3,967		-		184		3,783
Total debt securities		589,999		3,361		2,798		590,562

Mortgage-backed securities:
Collateralized mortgage obligations		25,651		-		1,359		24,292
Residential pass-through securities		105,810		43		3,494		102,359
Commercial pass-through securities		7,946		-		74		7,872
Total mortgage-backed securities		139,407		43		4,927		134,523

Total securities available for sale	$	729,406	$	3,404	$	7,725	$	725,085

Sales of securities available for sale were as follows for the periods presented below:

	Three Months Ended					Nine Months Ended
	March 31,					March 31,
	2019			2018		2019			2018
	(In Thousands)
Available for sale securities sold:
Proceeds from sales of securities	$	51,989		$	-	$	51,989		$	-

Gross realized gains	$	190		$	-	$	190		$	-
Gross realized losses		(372	)		-		(372	)		-
Net loss on sales of securities	$	(182	)	$	-	$	(182	)	$	-

Securities available for sale pledged for borrowings at the FHLB and other institutions, and securities pledged for public funds and other purposes, were as follows as of the dates presented below:

	March 31,		June 30,
	2019		2018
	(In Thousands)
Available for sale securities pledged:
Pledged for borrowings at the FHLB of New York	$	24,357	$	42,591
Pledged to secure public funds on deposit		-		6,226
Pledged for potential borrowings at the Federal Reserve Bank of New York		43,341		43,049
Pledged for collateral for depositor sweep accounts		11,255		12,784
Total available for sale securities pledged	$	78,953	$	104,650