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v3.20.2

Investment Securities | 12 Months Ended
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Jun. 30, 2020
Investment Securities |
Investment Securities | Note 2: Investment Securities The amortized cost and estimated fair value of investment securities as of June 30, 2020 and 2019 were as follows:
|  |  |  |  | Gross |  | Gross |  | Estimated |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Carrying
June 30, 2020 |  | Cost |  | Gains |  | (Losses) |  | Value |  | Value
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprise MBS |  | $ | 115,763 |  | $ | 2,636 |  | $ | (45) |  | $ | 118,354 |  | $ | 115,763
U.S. SBA securities(1) |  |  | 2,064 |  |  | — |  |  | (17) |  |  | 2,047 |  |  | 2,064
Certificate of deposits |  |  | 800 |  |  | — |  |  | — |  |  | 800 |  |  | 800
Total investment securities - held to maturity |  | $ | 118,627 |  | $ | 2,636 |  | $ | (62) |  | $ | 121,201 |  | $ | 118,627
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | 2,823 |  | $ | 120 |  | $ | — |  | $ | 2,943 |  | $ | 2,943
U.S. government sponsored enterprise MBS |  |  | 1,556 |  |  | 21 |  |  | — |  |  | 1,577 |  |  | 1,577
Private issue CMO(2) |  |  | 204 |  |  | — |  |  | (7) |  |  | 197 |  |  | 197
Total investment securities - available for sale |  | $ | 4,583 |  | $ | 141 |  | $ | (7) |  | $ | 4,717 |  | $ | 4,717
Total investment securities |  | $ | 123,210 |  | $ | 2,777 |  | $ | (69) |  | $ | 125,918 |  | $ | 123,344
| (1) |  | Small Business Administration ("SBA").
| (2) |  | 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 fiscal 2020 and 2019, the Corporation received MBS principal payments of $32.1 million and $34.2 million, respectively and did not sell any investment securities. The Corporation purchased mortgage-backed securities totaling $55.9 million and $39.9 million during fiscal 2020 and 2019, respectively. As of June 30, 2020 and 2019, the Corporation held investments with an unrealized loss position of $69,000 and $21,000, respectively.
As of June 30, 2020 |  | 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 |  | $ | 12,731 |  | $ | 45 |  | $ | — |  | $ | — |  | $ | 12,731 |  | $ | 45
U.S. SBA securities |  |  | — |  | $ | — |  |  | 2,040 |  |  | 17 |  |  | 2,040 |  |  | 17
Total investment securities - held to maturity |  | $ | 12,731 |  | $ | 45 |  | $ | 2,040 |  | $ | 17 |  | $ | 14,771 |  | $ | 62
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private issue CMO |  | $ | 197 |  | $ | 7 |  | $ | — |  | $ | — |  | $ | 197 |  | $ | 7
Total investment securities - available for sale |  | $ | 197 |  | $ | 7 |  | $ | — |  | $ | — |  | $ | 197 |  | $ | 7
Total investment securities |  | $ | 12,928 |  | $ | 52 |  | $ | 2,040 |  | $ | 17 |  | $ | 14,968 |  | $ | 69
As of June 30, 2019 |  | 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 |  | $ | 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
As of June 30, 2020, the Corporation had investment securities with unrealized holding losses of $52,000 that were less than 12 months and $17,000 that were in an unrealized loss position for more than 12 months, as compared to investment securities at June 30, 2019 with unrealized holding losses of $9,000 that were less than 12 months and $12,000 that were in an unrealized loss position for more than 12 months. The unrealized loss at June 30, 2020 was attributable to two U.S. government sponsored enterprise MBS, one U.S. SBA security and three private issue CMOs and, based on the nature of the investments, management concluded that such unrealized losses were not other than temporary. The unrealized loss at June 30, 2019 was attributable to one U.S. government agency MBS, three U.S. government sponsored enterprise MBS and one U.S. SBA security, and based on the nature of the investments, management concluded that such unrealized losses were not other than temporary. The Corporation does not believe that there was any OTTI at June 30, 2020 and 2019. At each of these dates, the Corporation intended and had the ability to hold the investment securities and was not likely to be required to sell the securities before realizing a full recovery. Contractual maturities of investment securities as of June 30, 2020 and 2019 were as follows:
|  | June 30, 2020 |  | 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 |  |  | 19,389 |  |  | 20,194 |  |  | 32,584 |  |  | 32,728
Due after five through ten years |  |  | 50,895 |  |  | 52,315 |  |  | 35,306 |  |  | 36,090
Due after ten years |  |  | 47,543 |  |  | 47,892 |  |  | 25,800 |  |  | 26,141
Total investment securities - held to maturity |  | $ | 118,627 |  | $ | 121,201 |  | $ | 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 |  |  | 4,583 |  |  | 4,717 |  |  | 5,757 |  |  | 5,969
Total investment securities - available for sale |  | $ | 4,583 |  | $ | 4,717 |  | $ | 5,757 |  | $ | 5,969
Total investment securities |  | $ | 123,210 |  | $ | 125,918 |  | $ | 99,847 |  | $ | 101,328

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