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INVESTMENT SECURITIES (Tables)

3 Months Ended

Sep. 30, 2023

INVESTMENT SECURITIES

Summary of amortized cost and estimated fair value of securities

The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value
September 30, 2023
U.S. Government and agency obligations		$	401,100		$	—		$	(17,286)		$	383,814
Municipal obligations			28,087			—			(113)			27,974
Other debt securities			247			309			(69)			487
Total available for sale securities		$	429,434		$	309		$	(17,468)		$	412,275

June 30, 2023
U.S. Government and agency obligations		$	396,464		$	2		$	(18,737)		$	377,729
Municipal obligations			53,492			9			(67)			53,434
Other debt securities			261			309			(66)			504
Total available for sale securities		$	450,217		$	320		$	(18,870)		$	431,667

Summary of amortized cost and estimated fair value of held to maturity securities

The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):


					Gross			Gross
		Amortized			Unrealized			Unrealized			Estimated
		Cost			Gains			Losses			Fair Value
September 30, 2023
Corporate debt securities		$	20,000		$	—		$	(1,870)		$	18,130
Municipal obligations			3,908			—			(135)			3,773
Total held to maturity securities		$	23,908		$	—		$	(2,005)		$	21,903

June 30, 2023
Corporate debt securities		$	20,000		$	—		$	(2,049)		$	17,951
Municipal obligations			3,949			—			(156)			3,793
Total held to maturity securities		$	23,949		$	—		$	(2,205)		$	21,744

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):


		September 30, 2023
		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		$	57,422		$	(296)		$	326,392		$	(16,990)		$	383,814		$	(17,286)
Municipal obligations			27,974			(113)			—			—			27,974			(113)
Other debt securities			3			—			111			(69)			114			(69)
		$	85,399		$	(409)		$	326,503		$	(17,059)		$	411,902		$	(17,468)

Securities held to maturity:
Corporate debt securities		$	—		$	—		$	18,130		$	(1,870)		$	18,130		$	(1,870)
Municipal obligations			—			—			3,773			(135)			3,773			(135)
		$	—		$	—		$	21,903		$	(2,005)		$	21,903		$	(2,005)


		June 30, 2023
		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		$	104,145		$	(1,975)		$	268,782		$	(16,762)		$	372,927		$	(18,737)
Municipal obligations			47,781			(67)			—			—			47,781			(67)
Other debt securities			14			(1)			107			(65)			121			(66)
		$	151,940		$	(2,043)		$	268,889		$	(16,827)		$	420,829		$	(18,870)

Securities held to maturity:
Corporate debt securities		$	—		$	—		$	17,951		$	(2,049)		$	17,951		$	(2,049)
Municipal obligations			—			—			3,793			(156)			3,793			(156)
		$	—		$	—		$	21,744		$	(2,205)		$	21,744		$	(2,205)

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.


		September 30, 2023
		Amortized			Estimated
		Cost			Fair Value
Securities available for sale:
Due in one year or less		$	131,439		$	129,073
Due after one to five years			297,748			282,715
Other debt securities			247			487
		$	429,434		$	412,275

Securities held to maturity:
Due in one year or less		$	2,391		$	2,256
Due after one to five years			1,517			1,517
Due after five to ten years			20,000			18,130
		$	23,908		$	21,903