XML 48 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Investment Securities | 9 Months Ended
--- | ---
Mar. 31, 2020
Investment Securities |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities as of March 31, 2020 and June 30, 2019 were as follows:
|  |  |  |  | Gross |  | Gross |  | Estimated |  |  |
|  | Amortized | Unrealized |  | Unrealized |  | Fair |  | Carrying
March 31, 2020 |  | Cost | Gains |  | (Losses) |  | Value |  | Value
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprise MBS (1) |  | $ | 66,599 |  | $ | 2,016 |  | $ | (88) |  | $ | 68,527 |  | $ | 66,599
U.S. SBA securities (2) |  |  | 2,083 |  |  | — |  |  | (11) |  |  | 2,072 |  |  | 2,083
Certificate of deposits |  |  | 800 |  |  | — |  |  | — |  |  | 800 |  |  | 800
Total investment securities - held to maturity |  | $ | 69,482 |  | $ | 2,016 |  | $ | (99) |  | $ | 71,399 |  | $ | 69,482
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | 2,913 |  | $ | 88 |  | $ | — |  | $ | 3,001 |  | $ | 3,001
U.S. government sponsored enterprise MBS |  |  | 1,614 |  |  | 16 |  |  | — |  |  | 1,630 |  |  | 1,630
Private issue CMO (3) |  |  | 219 |  |  | — |  |  | (22) |  |  | 197 |  |  | 197
Total investment securities - available for sale |  | $ | 4,746 |  | $ | 104 |  | $ | (22) |  | $ | 4,828 |  | $ | 4,828
Total investment securities |  | $ | 74,228 |  | $ | 2,120 |  | $ | (121) |  | $ | 76,227 |  | $ | 74,310
| (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 third quarter of fiscal 2020 and 2019, the Corporation received MBS principal payments of $7.9 million and $8.6 million, respectively, and there were no sales of investment securities during these periods. The Corporation did not purchase any investment securities in the third quarter of fiscal 2020, as compared to the purchase of $26.2 million of U.S. government sponsored enterprise MBS to be held to maturity in the same period of fiscal 2019. For the first nine months of fiscal 2020 and 2019, the Corporation received MBS principal payments of $25.3 million and $25.2 million, respectively, and there were no sales of investment securities during these periods. The Corporation did not purchase any investment securities in the first nine months of fiscal 2020, as compared to the purchase of $39.7 million of U.S. government sponsored enterprise MBS to be held to maturity in the same period of fiscal 2019. The Corporation held investments with an unrealized loss position of $121,000 at March 31, 2020 and $21,000 at June 30, 2019.
|  | Unrealized Holding |  | Unrealized Holding |  | Unrealized Holding
As of March 31, 2020 |  | 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 |  | $ | 12,057 |  | $ | 88 |  | $ | — |  | $ | — |  | $ | 12,057 |  | $ | 88
U.S. SBA securities |  |  | — |  |  | — |  |  | 2,072 |  |  | 11 |  |  | 2,072 |  |  | 11
Total investment securities - held to maturity |  | $ | 12,057 |  | $ | 88 |  | $ | 2,072 |  | $ | 11 |  | $ | 14,129 |  | $ | 99
Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private issue CMO |  | $ | 197 |  | $ | 22 |  | $ | — |  | $ | — |  | $ | 197 |  | $ | 22
Total investment securities – available for sale |  | $ | 197 |  | $ | 22 |  | $ | — |  | $ | — |  | $ | 197 |  | $ | 22
Total investment securities |  | $ | 12,254 |  | $ | 110 |  | $ | 2,072 |  | $ | 11 |  | $ | 14,326 |  | $ | 121
|  | 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 March 31, 2020, $11,000 of the $121,000 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 March 31, 2020 and 2019; therefore, no impairment losses were recorded for the quarter ended March 31, 2020 and 2019. Contractual maturities of investment securities as of March 31, 2020 and June 30, 2019 were as follows:
|  | March 31, 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 |  |  | 22,193 |  |  | 22,942 |  |  | 32,584 |  |  | 32,728
Due after five through ten years |  |  | 28,121 |  |  | 29,378 |  |  | 35,306 |  |  | 36,090
Due after ten years |  |  | 18,368 |  |  | 18,279 |  |  | 25,800 |  |  | 26,141
Total investment securities - held to maturity |  | $ | 69,482 |  | $ | 71,399 |  | $ | 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 |  |  | 4,746 |  |  | 4,828 |  |  | 5,757 |  |  | 5,969
Total investment securities - available for sale |  | $ | 4,746 |  | $ | 4,828 |  | $ | 5,757 |  | $ | 5,969
Total investment securities |  | $ | 74,228 |  | $ | 76,227 |  | $ | 99,847 |  | $ | 101,328

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration