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Securities (Tables) | 6 Months Ended
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Dec. 31, 2022
Securities [Abstract] |
Components of Securities | Securities at December 31, 2022 consisted of the following:
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprises |  | $ | 13,061 |  |  | $ | - |  |  | $ | 2,332 |  |  | $ | 10,729 |
U.S. treasury securities |  |  | 18,176 |  |  |  | - |  |  |  | 2,070 |  |  |  | 16,106 |
State and political subdivisions |  |  | 193,612 |  |  |  | 546 |  |  |  | 261 |  |  |  | 193,897 |
Mortgage-backed securities-residential |  |  | 31,025 |  |  |  | - |  |  |  | 4,329 |  |  |  | 26,696 |
Mortgage-backed securities-multi-family |  |  | 91,243 |  |  |  | - |  |  |  | 19,612 |  |  |  | 71,631 |
Corporate debt securities |  |  | 17,899 |  |  |  | - |  |  |  | 1,840 |  |  |  | 16,059 |
Total securities available-for-sale |  |  | 365,016 |  |  |  | 546 |  |  |  | 30,444 |  |  |  | 335,118 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 33,664 |  |  |  | - |  |  |  | 2,566 |  |  |  | 31,098 |
State and political subdivisions |  |  | 487,495 |  |  |  | 3,479 |  |  |  | 35,181 |  |  |  | 455,793 |
Mortgage-backed securities-residential |  |  | 39,530 |  |  |  | - |  |  |  | 3,721 |  |  |  | 35,809 |
Mortgage-backed securities-multi-family |  |  | 160,100 |  |  |  | - |  |  |  | 20,795 |  |  |  | 139,305 |
Corporate debt securities |  |  | 21,641 |  |  |  | 2 |  |  |  | 1,478 |  |  |  | 20,165 |
Other securities |  |  | 40 |  |  |  | - |  |  |  | - |  |  |  | 40 |
Total securities held-to-maturity |  |  | 742,470 |  |  |  | 3,481 |  |  |  | 63,741 |  |  |  | 682,210 |
Total securities |  | $ | 1,107,486 |  |  | $ | 4,027 |  |  | $ | 94,185 |  |  | $ | 1,017,328 |
Securities at June 30, 2022 consisted of the following:
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprises |  | $ | 13,066 |  |  | $ | - |  |  | $ | 1,747 |  |  | $ | 11,319 |
U.S. treasury securities |  |  | 20,158 |  |  |  | - |  |  |  | 1,731 |  |  |  | 18,427 |
State and political subdivisions |  |  | 247,978 |  |  |  | 374 |  |  |  | 276 |  |  |  | 248,076 |
Mortgage-backed securities-residential |  |  | 33,186 |  |  |  | - |  |  |  | 3,289 |  |  |  | 29,897 |
Mortgage-backed securities-multi-family |  |  | 99,353 |  |  |  | - |  |  |  | 15,644 |  |  |  | 83,709 |
Corporate debt securities |  |  | 17,884 |  |  |  | - |  |  |  | 1,250 |  |  |  | 16,634 |
Total securities available-for-sale |  |  | 431,625 |  |  |  | 374 |  |  |  | 23,937 |  |  |  | 408,062 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 33,623 |  |  |  | - |  |  |  | 1,643 |  |  |  | 31,980 |
State and political subdivisions |  |  | 493,897 |  |  |  | 2,760 |  |  |  | 35,747 |  |  |  | 460,910 |
Mortgage-backed securities-residential |  |  | 42,461 |  |  |  | 1 |  |  |  | 2,242 |  |  |  | 40,220 |
Mortgage-backed securities-multi-family |  |  | 171,921 |  |  |  | 2 |  |  |  | 13,895 |  |  |  | 158,028 |
Corporate debt securities |  |  | 19,900 |  |  |  | 16 |  |  |  | 651 |  |  |  | 19,265 |
Other securities |  |  | 50 |  |  |  | - |  |  |  | - |  |  |  | 50 |
Total securities held-to-maturity |  |  | 761,852 |  |  |  | 2,779 |  |  |  | 54,178 |  |  |  | 710,453 |
Total securities |  | $ | 1,193,477 |  |  | $ | 3,153 |  |  | $ | 78,115 |  |  | $ | 1,118,515 |
Securities in Continuous Unrealized Loss Position | The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022.
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
(In thousands, except number of securities) |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprises |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 10,729 |  |  | $ | 2,332 |  |  |  | 5 |  |  | $ | 10,729 |  |  | $ | 2,332 |  |  |  | 5 |
U.S. treasury securities |  |  | 535 |  |  |  | 53 |  |  |  | 1 |  |  |  | 15,571 |  |  |  | 2,017 |  |  |  | 6 |  |  |  | 16,106 |  |  |  | 2,070 |  |  |  | 7 |
State and political subdivisions |  |  | 110,058 |  |  |  | 261 |  |  |  | 69 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 110,058 |  |  |  | 261 |  |  |  | 69 |
Mortgage-backed securities-residential |  |  | 7,537 |  |  |  | 687 |  |  |  | 21 |  |  |  | 19,159 |  |  |  | 3,642 |  |  |  | 9 |  |  |  | 26,696 |  |  |  | 4,329 |  |  |  | 30 |
Mortgage-backed securities-multi-family |  |  | 7,920 |  |  |  | 1,118 |  |  |  | 4 |  |  |  | 63,711 |  |  |  | 18,494 |  |  |  | 27 |  |  |  | 71,631 |  |  |  | 19,612 |  |  |  | 31 |
Corporate debt securities |  |  | 14,903 |  |  |  | 1,497 |  |  |  | 13 |  |  |  | 1,157 |  |  |  | 343 |  |  |  | 2 |  |  |  | 16,060 |  |  |  | 1,840 |  |  |  | 15 |
Total securities available-for-sale |  |  | 140,953 |  |  |  | 3,616 |  |  |  | 108 |  |  |  | 110,327 |  |  |  | 26,828 |  |  |  | 49 |  |  |  | 251,280 |  |  |  | 30,444 |  |  |  | 157 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 21,508 |  |  |  | 1,202 |  |  |  | 5 |  |  |  | 9,590 |  |  |  | 1,364 |  |  |  | 4 |  |  |  | 31,098 |  |  |  | 2,566 |  |  |  | 9 |
State and political subdivisions |  |  | 255,862 |  |  |  | 12,094 |  |  |  | 3,457 |  |  |  | 105,314 |  |  |  | 23,087 |  |  |  | 604 |  |  |  | 361,176 |  |  |  | 35,181 |  |  |  | 4,061 |
Mortgage-backed securities-residential |  |  | 24,620 |  |  |  | 1,808 |  |  |  | 30 |  |  |  | 11,189 |  |  |  | 1,913 |  |  |  | 3 |  |  |  | 35,809 |  |  |  | 3,721 |  |  |  | 33 |
Mortgage-backed securities-multi-family |  |  | 75,500 |  |  |  | 6,316 |  |  |  | 40 |  |  |  | 63,806 |  |  |  | 14,479 |  |  |  | 22 |  |  |  | 139,306 |  |  |  | 20,795 |  |  |  | 62 |
Corporate debt securities |  |  | 5,998 |  |  |  | 602 |  |  |  | 5 |  |  |  | 6,417 |  |  |  | 876 |  |  |  | 8 |  |  |  | 12,415 |  |  |  | 1,478 |  |  |  | 13 |
Total securities held-to-maturity |  |  | 383,488 |  |  |  | 22,022 |  |  |  | 3,537 |  |  |  | 196,316 |  |  |  | 41,719 |  |  |  | 641 |  |  |  | 579,804 |  |  |  | 63,741 |  |  |  | 4,178 |
Total securities |  | $ | 524,441 |  |  | $ | 25,638 |  |  |  | 3,645 |  |  | $ | 306,643 |  |  | $ | 68,547 |  |  |  | 690 |  |  | $ | 831,084 |  |  | $ | 94,185 |  |  |  | 4,335 |
The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2022.
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
(In thousands, except number of securities) |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |  |  | Number of Securities |
Securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprises |  | $ | 11,319 |  |  | $ | 1,747 |  |  |  | 5 |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | 11,319 |  |  | $ | 1,747 |  |  |  | 5 |
U.S. treasury securities |  |  | 18,427 |  |  |  | 1,731 |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 18,427 |  |  |  | 1,731 |  |  |  | 8 |
State and political subdivisions |  |  | 140,324 |  |  |  | 276 |  |  |  | 148 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 140,324 |  |  |  | 276 |  |  |  | 148 |
Mortgage-backed securities-residential |  |  | 29,872 |  |  |  | 3,289 |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,872 |  |  |  | 3,289 |  |  |  | 27 |
Mortgage-backed securities-multi-family |  |  | 71,631 |  |  |  | 12,868 |  |  |  | 29 |  |  |  | 12,078 |  |  |  | 2,776 |  |  |  | 5 |  |  |  | 83,709 |  |  |  | 15,644 |  |  |  | 34 |
Corporate debt securities |  |  | 16,634 |  |  |  | 1,250 |  |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,634 |  |  |  | 1,250 |  |  |  | 16 |
Total securities available-for-sale |  |  | 288,207 |  |  |  | 21,161 |  |  |  | 233 |  |  |  | 12,078 |  |  |  | 2,776 |  |  |  | 5 |  |  |  | 300,285 |  |  |  | 23,937 |  |  |  | 238 |
Securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 31,980 |  |  |  | 1,643 |  |  |  | 9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 31,980 |  |  |  | 1,643 |  |  |  | 9 |
State and political subdivisions |  |  | 353,837 |  |  |  | 35,564 |  |  |  | 2,362 |  |  |  | 735 |  |  |  | 183 |  |  |  | 5 |  |  |  | 354,572 |  |  |  | 35,747 |  |  |  | 2,367 |
Mortgage-backed securities-residential |  |  | 39,865 |  |  |  | 2,242 |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 39,865 |  |  |  | 2,242 |  |  |  | 27 |
Mortgage-backed securities-multi-family |  |  | 155,726 |  |  |  | 13,895 |  |  |  | 68 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 155,726 |  |  |  | 13,895 |  |  |  | 68 |
Corporate debt securities |  |  | 10,751 |  |  |  | 651 |  |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,751 |  |  |  | 651 |  |  |  | 11 |
Total securities held-to-maturity |  |  | 592,159 |  |  |  | 53,995 |  |  |  | 2,477 |  |  |  | 735 |  |  |  | 183 |  |  |  | 5 |  |  |  | 592,894 |  |  |  | 54,178 |  |  |  | 2,482 |
Total securities |  | $ | 880,366 |  |  | $ | 75,156 |  |  |  | 2,710 |  |  | $ | 12,813 |  |  | $ | 2,959 |  |  |  | 10 |  |  | $ | 893,179 |  |  | $ | 78,115 |  |  |  | 2,720 |
Investments Classified by Contractual Maturity Date | The estimated fair values of debt securities at December 31, 2022, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. (In thousands)
Available-for-sale debt securities |  | Amortized Cost |  |  | Fair Value |
Within one year |  | $ | 193,528 |  |  | $ | 193,814 |
After one year through five years |  |  | 27,017 |  |  |  | 24,345 |
After five years through ten years |  |  | 20,703 |  |  |  | 17,475 |
After ten years |  |  | 1,500 |  |  |  | 1,157 |
Total |  |  | 242,748 |  |  |  | 236,791 |
Mortgage-backed securities |  |  | 122,268 |  |  |  | 98,327 |
Total available-for-sale securities |  |  | 365,016 |  |  |  | 335,118 |
Held-to-maturity debt securities |  |  |  |  |  |  |  |
Within one year |  |  | 59,578 |  |  |  | 59,044 |
After one year through five years |  |  | 167,831 |  |  |  | 163,465 |
After five years through ten years |  |  | 141,455 |  |  |  | 133,712 |
After ten years |  |  | 173,976 |  |  |  | 150,875 |
Total |  |  | 542,840 |  |  |  | 507,096 |
Mortgage-backed securities |  |  | 199,630 |  |  |  | 175,114 |
Total held-to-maturity securities |  |  | 742,470 |  |  |  | 682,210 |
Total debt securities |  | $ | 1,107,486 |  |  | $ | 1,017,328 |

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