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INVESTMENT SECURITIES (Tables)
9 Months Ended
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