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