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Securities Available for Sale | 3 Months Ended
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Sep. 30, 2019
Securities Available for Sale [Member] |
Schedule of Available-for-sale Securities [Line Items] |
Securities | 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 September 30, 2019 and June 30, 2019 and stratification by contractual maturity of debt securities available for sale at September 30, 2019 are presented below as of the dates indicated. As of July 1, 2019, the Company adopted ASU 2019-04 and reclassified $537.7 million of securities held to maturity to securities available for sale. See Note 6, Recent Accounting Pronouncements, for further details regarding the adoption of ASU 2019-04.
| September 30, 2019 |
| Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
| (In Thousands) |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 680 |  |  | $ | 14 |  |  | $ | - |  |  | $ | 694 |
Obligations of state and political subdivisions |  | 89,447 |  |  |  | 1,605 |  |  |  | 2 |  |  |  | 91,050 |
Asset-backed securities |  | 180,689 |  |  |  | 911 |  |  |  | 532 |  |  |  | 181,068 |
Collateralized loan obligations |  | 199,394 |  |  |  | 130 |  |  |  | 975 |  |  |  | 198,549 |
Corporate bonds |  | 190,996 |  |  |  | 1,136 |  |  |  | 891 |  |  |  | 191,241 |
Trust preferred securities |  | 3,967 |  |  |  | - |  |  |  | 192 |  |  |  | 3,775 |
Total debt securities |  | 665,173 |  |  |  | 3,796 |  |  |  | 2,592 |  |  |  | 666,377 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations (1) |  | 63,117 |  |  |  | 677 |  |  |  | 209 |  |  |  | 63,585 |
Residential pass-through securities (1) |  | 200,399 |  |  |  | 3,135 |  |  |  | 676 |  |  |  | 202,858 |
Commercial pass-through securities (1) |  | 290,848 |  |  |  | 8,022 |  |  |  | 8 |  |  |  | 298,862 |
Non-agency securities |  | 9 |  |  |  | - |  |  |  | - |  |  |  | 9 |
Total mortgage-backed securities |  | 554,373 |  |  |  | 11,834 |  |  |  | 893 |  |  |  | 565,314 |
Total securities available for sale | $ | 1,219,546 |  |  | $ | 15,630 |  |  | $ | 3,485 |  |  | $ | 1,231,691 |
(1) | Government-sponsored enterprises.
| September 30, 2019 |
| Amortized Cost |  |  | Fair Value |
| (In Thousands) |
Debt securities available for sale: |  |  |  |  |  |  |
Due in one year or less | $ | 28,024 |  |  | $ | 28,113 |
Due after one year through five years |  | 119,032 |  |  |  | 118,420 |
Due after five years through ten years |  | 171,822 |  |  |  | 173,997 |
Due after ten years |  | 346,295 |  |  |  | 345,847 |
Total | $ | 665,173 |  |  | $ | 666,377 |
| June 30, 2019 |
| Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
| (In Thousands) |
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities | $ | 3,642 |  |  | $ | 40 |  |  | $ | 4 |  |  | $ | 3,678 |
Obligations of state and political subdivisions |  | 26,628 |  |  |  | 323 |  |  |  | - |  |  |  | 26,951 |
Asset-backed securities |  | 178,168 |  |  |  | 1,465 |  |  |  | 320 |  |  |  | 179,313 |
Collateralized loan obligations |  | 209,453 |  |  |  | 254 |  |  |  | 1,096 |  |  |  | 208,611 |
Corporate bonds |  | 122,929 |  |  |  | 121 |  |  |  | 1,026 |  |  |  | 122,024 |
Trust preferred securities |  | 3,967 |  |  |  | - |  |  |  | 211 |  |  |  | 3,756 |
Total debt securities |  | 544,787 |  |  |  | 2,203 |  |  |  | 2,657 |  |  |  | 544,333 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations (1) |  | 21,469 |  |  |  | 70 |  |  |  | 149 |  |  |  | 21,390 |
Residential pass-through securities (1) |  | 44,611 |  |  |  | 156 |  |  |  | 464 |  |  |  | 44,303 |
Commercial pass-through securities (1) |  | 101,421 |  |  |  | 2,816 |  |  |  | - |  |  |  | 104,237 |
Total mortgage-backed securities |  | 167,501 |  |  |  | 3,042 |  |  |  | 613 |  |  |  | 169,930 |
Total securities available for sale | $ | 712,288 |  |  | $ | 5,245 |  |  | $ | 3,270 |  |  | $ | 714,263 |
(1) | Government-sponsored enterprises.
Sales of securities available for sale were as follows for the periods presented below:
|  |  | Three Months Ended |
|  |  | September 30, |
|  |  |  |  | 2019 |  |  | 2018 |
|  |  | (In Thousands) |
Available for sale securities sold: |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of securities |  |  |  |  | $ | 3,646 |  |  | $ | - |
Gross realized gains |  |  |  |  | $ | 12 |  |  | $ | - |
Gross realized losses |  |  |  |  |  | (28 | ) |  |  | - |
Net loss on sales of securities |  |  |  |  | $ | (16 | ) |  | $ | - |
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:
|  |  |  |  | September 30, |  |  | June 30, |
|  |  |  |  | 2019 |  |  | 2019 |
|  |  |  |  | (In Thousands) |
Available for sale securities pledged: |  |  |  |  |  |  |  |  |  |  |
Pledged for borrowings at the FHLB of New York |  |  |  |  | $ | 158,679 |  |  | $ | 24,099 |
Pledged to secure public funds on deposit |  |  |  |  |  | 6,898 |  |  |  | - |
Pledged for potential borrowings at the Federal Reserve Bank of New York |  |  |  |  |  | 107,316 |  |  |  | 43,623 |
Pledged for collateral for depositor sweep accounts |  |  |  |  |  | 8,265 |  |  |  | 1,322 |
Total available for sale securities pledged |  |  |  |  | $ | 281,158 |  |  | $ | 69,044 |

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