XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.20.4

INVESTMENT SECURITIES | 6 Months Ended
--- | ---
Dec. 31, 2020
INVESTMENT SECURITIES |
INVESTMENT SECURITIES | 5.INVESTMENT SECURITIES The amortized cost and estimated fair value of securities are as follows (dollars in thousands):
|  | December 31, 2020
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated
|  | Cost |  | Gains |  | Losses |  | Fair Value
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 107,246 |  | $ | 69 |  | $ | — |  | $ | 107,315
Municipal obligations |  |  | 22,295 |  |  | 10 |  |  | — |  |  | 22,305
Other debt securities |  |  | 500 |  |  | 365 |  |  | (45) |  |  | 820
Total available for sale securities |  | $ | 130,041 |  | $ | 444 |  | $ | (45) |  | $ | 130,440
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 4,575 |  | $ | 77 |  | $ | — |  | $ | 4,652
Corporate debt securities |  |  | 7,000 |  |  | — |  |  | (21) |  |  | 6,979
Total held to maturity securities |  | $ | 11,575 |  | $ | 77 |  | $ | (21) |  | $ | 11,631
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 1,463 |  | $ | 1,077 |  | $ | (68) |  | $ | 2,472
Total equity securities |  | $ | 1,463 |  | $ | 1,077 |  | $ | (68) |  | $ | 2,472
|  | June 30, 2020
|  |  |  |  | Gross |  | Gross |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated
|  | Cost |  | Gains |  | Losses |  | Fair Value
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 61,299 |  | $ | 215 |  | $ | (3) |  | $ | 61,511
Municipal obligations |  |  | 13,381 |  |  | 6 |  |  | (2) |  |  | 13,385
Other debt securities |  |  | 573 |  |  | 347 |  |  | (48) |  |  | 872
Total available for sale securities |  | $ | 75,253 |  | $ | 568 |  | $ | (53) |  | $ | 75,768
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Municipal obligations |  | $ | 4,822 |  | $ | 95 |  | $ | — |  | $ | 4,917
Corporate debt securities |  |  | 2,000 |  |  | — |  |  | — |  |  | 2,000
Total held to maturity securities |  | $ | 6,822 |  | $ | 95 |  | $ | — |  | $ | 6,917
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  | $ | 6,007 |  | $ | 29 |  | $ | (980) |  | $ | 5,056
Common stock |  |  | 2,807 |  |  | 1,204 |  |  | (534) |  |  | 3,477
Total equity securities |  | $ | 8,814 |  | $ | 1,233 |  | $ | (1,514) |  | $ | 8,533
The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):
|  | December 31, 2020
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations (1) |  | $ | 10,195 |  | $ | — |  | $ | — |  | $ | — |  | $ | 10,195 |  | $ | —
Other debt securities |  |  | 50 |  |  | (1) |  |  | 170 |  |  | (44) |  |  | 220 |  |  | (45)
|  | $ | 10,245 |  | $ | (1) |  | $ | 170 |  | $ | (44) |  | $ | 10,415 |  | $ | (45)
Securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 6,979 |  | $ | (21) |  | $ | — |  | $ | — |  | $ | 6,979 |  | $ | (21)
|  | $ | 6,979 |  | $ | (21) |  | $ | — |  | $ | — |  | $ | 6,979 |  | $ | (21)
| (1) |  | Unrealized losses on these securities are less than $500.
|  | June 30, 2020
|  | Less than 12 Months |  | 12 Months or Longer |  | Total
|  | Estimated |  | Unrealized |  | Estimated |  | Unrealized |  | Estimated |  | Unrealized
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses
Securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and agency obligations |  | $ | 10,195 |  | $ | (3) |  | $ | — |  | $ | — |  | $ | 10,195 |  | $ | (3)
Municipal obligations |  |  | 3,609 |  |  | (2) |  |  | — |  |  | — |  |  | 3,609 |  |  | (2)
Other debt securities |  |  | 59 |  |  | (2) |  |  | 143 |  |  | (46) |  |  | 202 |  |  | (48)
|  | $ | 13,863 |  | $ | (7) |  | $ | 143 |  | $ | (46) |  | $ | 14,006 |  | $ | (53)
At December 31, 2020, there were 52 securities with unrealized losses. Unrealized losses on U.S Government and agency, municipal debt and corporate debt securities, are primarily related to increases in credit spreads since the securities were purchased. Unrealized losses on other debt securities (agency-backed and certain private-label mortgage-backed securities, asset-backed securities and collateralized mortgage obligation securities) are not considered other-than-temporary based upon analysis completed by management considering credit rating of the instrument, length of time each security has spent in an unrealized loss position and the strength of the underlying collateral. At December 31, 2020, management reviewed all private-label mortgage-backed securities, asset-backed securities and collateralized mortgage obligations, included in other debt securities, which were rated less than investment grade for impairment, resulting in no additional impairment charges during the three or six months ended December 31, 2020. At December 31, 2020, 55 securities with an amortized cost of $0.4 million and remaining par value of $1.7 million were evaluated. The table below presents a rollforward of the credit losses recognized in earnings (dollars in thousands):
Balance, July 1, 2020 |  | $ | 1,214
Reductions for amounts realized for securities transactions |  |  | —
Balance, December 31, 2020 |  | $ | 1,214
The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately.
|  | December 31, 2020
|  | Amortized |  | Estimated
|  | Cost |  | Fair Value
Securities available for sale: |  |  |  |  |  |
Due in one year or less |  | $ | 63,609 |  | $ | 63,648
Due after one to five years |  |  | 65,932 |  |  | 65,972
Other debt securities |  |  | 500 |  |  | 820
|  | $ | 130,041 |  | $ | 130,440
Securities held to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 3,449 |  | $ | 3,526
Due after one to five years |  |  | 1,126 |  |  | 1,126
Due after five to ten years |  |  | 7,000 |  |  | 6,979
|  | $ | 11,575 |  | $ | 11,631
There were no sales of securities available for sale for the three and six months ended December 31, 2020 and 2019. There were no sales of securities held to maturity for the three and six months ended December 31, 2020 and 2019. During the three and six months ended December 31, 2020, the Company received $7.5 million in proceeds from the sale of equity securities. At December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of our equity. As of December 31, 2020, and June 30, 2020, the carrying value of available for sale securities pledged to secure FHLBNY advances and municipal deposits was $127.5 million and $65.0 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration