Securities Available for Sale

3 Months Ended

Sep. 30, 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 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