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INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Dec. 31, 2020
INVESTMENT SECURITIES |
Summary of amortized cost and estimated fair value of 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
Summary of 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 | 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)
Summary of rollforward of the credit losses recognized in earnings | 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
Summary of fair value of debt securities and carrying amount, if different, by contractual maturity | 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

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27340-111563 + Details
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