Investment Securities

The amortized cost and estimated fair value of investment securities as of March 31, 2018 and June 30, 2017 were as follows:



As of March 31, 2018	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. SBA loan pool securities⁽¹⁾	3,009		—		18		2,991		3,009
U.S. government sponsored enterprise MBS ⁽²⁾	92,115		110		875		91,350		92,115
Total investment securities - held to maturity	$	95,724	$	110	$	893	$	94,941	$	95,724

Available for sale:
U.S. government agency MBS	$	4,490	$	166	$	—	$	4,656	$	4,656
U.S. government sponsored enterprise MBS	2,820		131		—		2,951		2,951
Private issue CMO ⁽³⁾	391		4		—		395		395
Total investment securities - available for sale	$	7,701	$	301	$	—	$	8,002	$	8,002
Total investment securities	$	103,425	$	411	$	893	$	102,943	$	103,726


⁽¹⁾	Small Business Administration ("SBA").


⁽²⁾	Mortgage-Backed Securities (“MBS”).


⁽³⁾	Collateralized Mortgage Obligations (“CMO”).



As of 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 third quarters of fiscal 2018 and 2017, the Corporation received MBS principal payments of $7.6 million and $3.5 million, respectively, and there were no sales of investment securities during these periods. The Corporation purchased $12.6 million of U.S. government sponsored enterprise MBS and $3.0 million of U.S. SBA loan pool securities, to be held to maturity, during the third quarter of fiscal 2018; while the Corporation purchased $11.0 million of U.S. government sponsored enterprise MBS during the third quarter of fiscal 2017. For the first nine months of fiscal 2018 and 2017, the Corporation received MBS principal payments of $19.3 million and $10.8 million, respectively, and there were no sales of investment securities during these periods. For the first nine months of fiscal 2018, the Corporation purchased $51.1 million in U.S. government sponsored enterprise MBS and $3.0 million in U.S. SBA loan pool securities, to be held to maturity; while the Corporation purchased $11.0 million in U.S. government sponsored enterprise MBS during the first nine months of fiscal 2017.

The Corporation held investments with an unrealized loss position of $893,000 at March 31, 2018 and $77,000 at June 30, 2017. At March 31, 2018 and June 30, 2017, the gross unrealized losses and the fair value for investment securities by investment category aggregated by the length of time that individual securities have been in a continuous unrealized loss position was as follows:



As of March 31, 2018	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. SBA loan pool securities	$	2,984	$	18	$	—	$	—	$	2,984	$	18
U.S. government sponsored enterprise MBS	80,725		875		—		—		80,725		875
Total investment securities	$	83,709	$	893	$	—	$	—	$	83,709	$	893



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 March 31, 2018 and June 30, 2017, the unrealized holding losses were for a term of less than 12 months. The Corporation does not believe that there are any other-than-temporary impairments on the investment securities at March 31, 2018 and 2017; therefore, no impairment losses were recorded for the quarters and nine months ended March 31, 2018 and 2017.

Contractual maturities of investment securities as of March 31, 2018 and June 30, 2017 were as follows:



	March 31, 2018				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	16,745		16,534		4,698		4,708
Due after five through ten years	35,636		35,139		41,404		41,374
Due after ten years	42,743		42,668		13,739		13,947
Total investment securities - held to maturity	$	95,724	$	94,941	$	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	7,701		8,002		8,954		9,318
Total investment securities - available for sale	$	7,701	$	8,002	$	8,954	$	9,318
Total investment securities	$	103,425	$	102,943	$	69,395	$	69,947