Note 4: Investment Securities

The amortized cost and estimated fair value of investment securities as of September 30, 2019 and June 30, 2019 were as follows:


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair		Carrying
September 30, 2019	Cost		Gains		(Losses)		Value		Value
(In Thousands)
Held to maturity:
U.S. government sponsored enterprise MBS (1)	$	81,412	$	1,238	$	(41)	$	82,609	$	81,412
U.S. SBA securities (2)		2,876		—		(13)		2,863		2,876
Certificate of deposits		800		—		—		800		800
Total investment securities - held to maturity	$	85,088	$	1,238	$	(54)	$	86,272	$	85,088

Available for sale:
U.S. government agency MBS	$	3,303	$	110	$	—	$	3,413	$	3,413
U.S. government sponsored enterprise MBS		1,773		78		—		1,851		1,851
Private issue CMO (3)		245		8		—		253		253
Total investment securities - available for sale	$	5,321	$	196	$	—	$	5,517	$	5,517
Total investment securities	$	90,409	$	1,434	$	(54)	$	91,789	$	90,605

⁽¹⁾

Mortgage-Backed Securities ("MBS").

⁽²⁾

Small Business Administration ("SBA").

⁽³⁾

Collateralized Mortgage Obligations ("CMO").


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair		Carrying
June 30, 2019	Cost		Gains		(Losses)		Value		Value
(In Thousands)
Held to maturity
U.S. government sponsored enterprise MBS	$	90,394	$	1,289	$	(14)	$	91,669	$	90,394
U.S. SBA securities		2,896		—		(6)		2,890		2,896
Certificate of deposits		800		—		—		800		800
Total investment securities - held to maturity	$	94,090	$	1,289	$	(20)	$	95,359	$	94,090

Available for sale
U.S. government agency MBS	$	3,498	$	116	$	(1)	$	3,613	$	3,613
U.S. government sponsored enterprise MBS		1,998		89		—		2,087		2,087
Private issue CMO		261		8		—		269		269
Total investment securities - available for sale	$	5,757	$	213	$	(1)	$	5,969	$	5,969
Total investment securities	$	99,847	$	1,502	$	(21)	$	101,328	$	100,059

In the first quarters of fiscal 2020 and 2019, the Corporation received MBS principal payments of $9.3 million and $8.3 million, respectively, and there were no sales or purchases of investment securities during these periods.

The Corporation held investments with an unrealized loss position of $54,000 at September 30, 2019 and $21,000 at June 30, 2019.


	Unrealized Holding				Unrealized Holding				Unrealized Holding
As of September 30, 2019	Losses				Losses				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	$	7,312	$	39	$	1,478	$	2	$	8,790	$	41
U.S. SBA securities		—	$	—		2,855		13		2,855		13
Total investment securities	$	7,312	$	39	$	4,333	$	15	$	11,645	$	54


	Unrealized Holding				Unrealized Holding				Unrealized Holding
As of June 30, 2019	Losses				Losses				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	$	6,507	$	8	$	1,657	$	6	$	8,164	$	14
U.S. SBA securities		—	$	—		2,883		6		2,883		6
Total investment securities - held to maturity	$	6,507	$	8	$	4,540	$	12	$	11,047	$	20

Available for sale
U.S. government agency MBS	$	289	$	1	$	—	$	—	$	289	$	1
Total investment securities - available for sale	$	289	$	1	$	—	$	—	$	289	$	1
Total investment securities	$	6,796	$	9	$	4,540	$	12	$	11,336	$	21

The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. At September 30, 2019, $15,000 of the $54,000 unrealized holding losses were 12 months or more; while at June 30, 2019, $12,000 of the $21,000 unrealized holding losses were 12 months or more. The Corporation does not believe that there were any other-than-temporary impairments on the investment securities at September 30, 2019 and 2018; therefore, no impairment losses were recorded for the quarters ended September 30, 2019 and 2018.

Contractual maturities of investment securities as of September 30, 2019 and June 30, 2019 were as follows:


	September 30, 2019				June 30, 2019
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
(In Thousands)	Cost		Value		Cost		Value

Held to maturity:
Due in one year or less	$	800	$	800	$	400	$	400
Due after one through five years		28,616		28,734		32,584		32,728
Due after five through ten years		32,703		33,447		35,306		36,090
Due after ten years		22,969		23,291		25,800		26,141
Total investment securities - held to maturity	$	85,088	$	86,272	$	94,090	$	95,359

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		5,321		5,517		5,757		5,969
Total investment securities - available for sale	$	5,321	$	5,517	$	5,757	$	5,969
Total investment securities	$	90,409	$	91,789	$	99,847	$	101,328