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INVESTMENT SECURITIES (Tables) | 9 Months Ended
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Mar. 31, 2022
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
Securities available for sale: |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
U.S. Government and agency obligations | ​ | $ | 339,414 | ​ | $ | 1 | ​ | $ | (12,154) | ​ | $ | 327,261
Municipal obligations | ​ |  | 90,109 | ​ |  | — | ​ |  | (270) | ​ |  | 89,839
Other debt securities | ​ | ​ | 324 | ​ | ​ | 371 | ​ | ​ | (52) | ​ | ​ | 643
Total available for sale securities | ​ | $ | 429,847 | ​ | $ | 372 | ​ | $ | (12,476) | ​ | $ | 417,743
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate debt securities | ​ | $ | 20,000 | ​ | $ | — | ​ | $ | (1,017) | ​ | $ | 18,983
Municipal obligations | ​ | ​ | 5,009 | ​ | ​ | — | ​ | ​ | (115) | ​ | ​ | 4,894
Total held to maturity securities | ​ | $ | 25,009 | ​ | $ | — | ​ | $ | (1,132) | ​ | $ | 23,877
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock | ​ | $ | 1,040 | ​ | $ | 1,180 | ​ | $ | — | ​ | $ | 2,220
Total equity securities | ​ | $ | 1,040 | ​ | $ | 1,180 | ​ | $ | — | ​ | $ | 2,220
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Estimated
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
Securities available for sale: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. Government and agency obligations | ​ | $ | 216,155 | ​ | $ | 121 | ​ | $ | (235) | ​ | $ | 216,041
Municipal obligations | ​ |  | 47,800 | ​ |  | 6 | ​ |  | (9) | ​ |  | 47,797
Other debt securities | ​ | ​ | 424 | ​ | ​ | 385 | ​ | ​ | (45) | ​ | ​ | 764
Total available for sale securities | ​ | $ | 264,379 | ​ | $ | 512 | ​ | $ | (289) | ​ | $ | 264,602
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Corporate debt securities | ​ | $ | 7,000 | ​ | $ | — | ​ | $ | (20) | ​ | $ | 6,980
Municipal obligations | ​ | ​ | 3,878 | ​ | ​ | 61 | ​ | ​ | — | ​ | ​ | 3,939
Total held to maturity securities | ​ | $ | 10,878 | ​ | $ | 61 | ​ | $ | (20) | ​ | $ | 10,919
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common stock | ​ | $ | 1,463 | ​ | $ | 1,416 | ​ | $ | — | ​ | $ | 2,879
Total equity securities | ​ | $ | 1,463 | ​ | $ | 1,416 | ​ | $ | — | ​ | $ | 2,879
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022
​ | ​ | 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 | ​ | $ | 246,632 | ​ | $ | (8,003) | ​ | $ | 75,613 | ​ | $ | (4,151) | ​ | $ | 322,245 | ​ | $ | (12,154)
Municipal obligations | ​ |  | 88,883 | ​ |  | (270) | ​ |  | — | ​ |  | — | ​ |  | 88,883 | ​ |  | (270)
Other debt securities | ​ |  | 45 | ​ |  | (1) | ​ |  | 154 | ​ |  | (51) | ​ |  | 199 | ​ |  | (52)
​ | ​ | $ | 335,560 | ​ | $ | (8,274) | ​ | $ | 75,767 | ​ | $ | (4,202) | ​ | $ | 411,327 | ​ | $ | (12,476)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | $ | 18,983 | ​ | $ | (1,017) | ​ | $ | — | ​ | $ | — | ​ | $ | 18,983 | ​ | $ | (1,017)
Municipal obligations | ​ | ​ | 4,894 | ​ | ​ | (115) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,894 | ​ | ​ | (115)
​ | ​ | $ | 23,877 | ​ | $ | (1,132) | ​ | $ | — | ​ | $ | — | ​ | $ | 23,877 | ​ | $ | (1,132)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021
​ | ​ | 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 | ​ | $ | 85,518 | ​ | $ | (235) | ​ | $ | — | ​ | $ | — | ​ | $ | 85,518 | ​ | $ | (235)
Municipal obligations | ​ |  | 21,484 | ​ |  | (9) | ​ |  | — | ​ |  | — | ​ |  | 21,484 | ​ |  | (9)
Other debt securities | ​ |  | 9 | ​ |  | (1) | ​ |  | 165 | ​ |  | (44) | ​ |  | 174 | ​ |  | (45)
​ | ​ | $ | 107,011 | ​ | $ | (245) | ​ | $ | 165 | ​ | $ | (44) | ​ | $ | 107,176 | ​ | $ | (289)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate debt securities | ​ | $ | 6,980 | ​ | $ | (20) | ​ | $ | — | ​ | $ | — | ​ | $ | 6,980 | ​ | $ | (20)
​ | ​ | $ | 6,980 | ​ | $ | (20) | ​ | $ | — | ​ | $ | — | ​ | $ | 6,980 | ​ | $ | (20)
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, 2021 |  | $ | 1,214
​ | ​ | ​ | ​
Reductions for amounts realized for securities transactions | ​ |  | —
​ | ​ | ​ | ​
Balance, March 31, 2022 | ​ | $ | 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.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2022
​ |  | Amortized |  | Estimated
​ |  | Cost |  | Fair Value
Securities available for sale: |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 149,523 | ​ | $ | 148,892
Due after one to five years | ​ |  | 280,000 | ​ |  | 268,208
Other debt securities | ​ |  | 324 | ​ |  | 643
​ | ​ | $ | 429,847 | ​ | $ | 417,743
​ | ​ | ​ | ​ | ​ | ​ | ​
Securities held to maturity: | ​ |  |  | ​ |  |
Due in one year or less | ​ | $ | 3,019 | ​ | $ | 2,904
Due after one to five years | ​ |  | 1,990 | ​ |  | 1,990
Due after five to ten years | ​ |  | 20,000 | ​ |  | 18,983
​ | ​ | $ | 25,009 | ​ | $ | 23,877
Schedule of gain (loss) on equity securities | The portion of unrealized gains and losses for the period that relates to equity securities still held at the reporting date are as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended March 31, | ​ | For the Nine Months Ended March 31,
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021
Net gains recognized during the period on equity securities | ​ | $ | 26 | ​ | $ | 217 | ​ | $ | 144 | ​ | $ | 1,632
Less: Net gains recognized during the period on equity securities sold during the period | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 17 | ​ | ​ | 1,190
Unrealized gains recognized during reporting period on equity securities still held at reporting date | ​ | $ | 26 | ​ | $ | 217 | ​ | $ | 127 | ​ | $ | 442

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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=121645371&loc=d3e27340-111563 + Details
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