Investment Securities

3 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

The amortized cost and estimated fair value of investment securities as of September 30, 2017 and June 30, 2017 were as follows:



September 30, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value		Carrying Value
(In Thousands)
Held to maturity:
Certificates of deposit	$	600	$	—	$	—		$	600	$	600
U.S. government sponsored enterprise MBS ⁽¹⁾	64,151		205		(28		)	64,328		64,151
Total investment securities - held to maturity	$	64,751	$	205	$	(28	)	$	64,928	$	64,751

Available for sale:
U.S. government agency MBS	$	4,943	$	199	$	—		$	5,142	$	5,142
U.S. government sponsored enterprise MBS	3,186		164		—			3,350		3,350
Private issue CMO ⁽²⁾	442		6		—			448		448
Total investment securities - available for sale	$	8,571	$	369	$	—		$	8,940	$	8,940
Total investment securities	$	73,322	$	574	$	(28	)	$	73,868	$	73,691


⁽¹⁾	Mortgage-Backed Securities (“MBS”).


⁽²⁾	Collateralized Mortgage Obligations (“CMO”).



June 30, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value		Carrying Value
(In Thousands)
Held to maturity:
Certificates of deposit	$	600	$	—	$	—		$	600	$	600
U.S. government sponsored enterprise MBS	59,841		265		(77		)	60,029		59,841
Total investment securities - held to maturity	$	60,441	$	265	$	(77	)	$	60,629	$	60,441

Available for sale:
U.S. government agency MBS	$	5,197	$	186	$	—		$	5,383	$	5,383
U.S. government sponsored enterprise MBS	3,301		173		—			3,474		3,474
Private issue CMO	456		5		—			461		461
Total investment securities - available for sale	$	8,954	$	364	$	—		$	9,318	$	9,318
Total investment securities	$	69,395	$	629	$	(77	)	$	69,947	$	69,759

In the first quarters of fiscal 2018 and 2017, the Corporation received MBS principal payments of $6.0 million and $4.0 million, respectively, and there were no sales of investment securities during these periods. The Corporation purchased U.S. government sponsored enterprise MBS totaling $10.1 million, to be held to maturity, during the first quarter of fiscal 2018 and no purchases were made during the first quarter of fiscal 2017.

The Corporation held investments with an unrealized loss position of $28,000 at September 30, 2017 and $77,000 at June 30, 2017.



As of September 30, 2017	Unrealized Holding Losses				Unrealized Holding Losses				Unrealized Holding Losses
(In Thousands)	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses
Held to maturity:
U.S. government sponsored enterprise MBS	$	35,179	$	28	$	—	$	—	$	35,179	$	28
Total investment securities	$	35,179	$	28	$	—	$	—	$	35,179	$	28



As of June 30, 2017	Unrealized Holding Losses				Unrealized Holding Losses				Unrealized Holding Losses
(In Thousands)	Less Than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Description of Securities	Value		Losses		Value		Losses		Value		Losses
Held to maturity:
U.S. government sponsored enterprise MBS	$	28,722	$	77	$	—	$	—	$	28,722	$	77
Total investment securities	$	28,722	$	77	$	—	$	—	$	28,722	$	77

The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. As of September 30, 2017 and June 30, 2017, the unrealized holding loss was less than 12 months. The Corporation does not believe that there are any other-than-temporary impairments on the investment securities at September 30, 2017 and 2016; therefore, no impairment losses were recorded for the quarters ended September 30, 2017 and 2016.

Contractual maturities of investment securities as of September 30, 2017 and June 30, 2017 were as follows:



	September 30, 2017				June 30, 2017
(In Thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value

Held to maturity:
Due in one year or less	$	600	$	600	$	600	$	600
Due after one through five years	7,840		7,882		4,698		4,708
Due after five through ten years	44,245		44,236		41,404		41,374
Due after ten years	12,066		12,210		13,739		13,947
Total investment securities - held to maturity	$	64,751	$	64,928	$	60,441	$	60,629

Available for sale:
Due in one year or less	$	—	$	—	$	—	$	—
Due after one through five years	—		—		—		—
Due after five through ten years	—		—		—		—
Due after ten years	8,571		8,940		8,954		9,318
Total investment securities - available for sale	$	8,571	$	8,940	$	8,954	$	9,318
Total investment securities	$	73,322	$	73,868	$	69,395	$	69,947

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details