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INVESTMENT SECURITIES (Tables)

6 Months Ended

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 fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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