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v3.20.4

Investment Securities | 6 Months Ended
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Dec. 31, 2020
Investment Securities |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities as of December 31, 2020 and June 30, 2020 were as follows:
|  |  |  |  | Gross |  | Gross |  | Estimated |  |  |
|  | Amortized | Unrealized |  | Unrealized |  | Fair |  | Carrying
December 31, 2020 |  | Cost | Gains |  | (Losses) |  | Value |  | Value
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored enterprise MBS (1) |  | $ | 200,195 |  | $ | 3,433 |  | $ | (63) |  | $ | 203,565 |  | $ | 200,195
U.S. SBA securities (2) |  |  | 1,903 |  |  | — |  |  | (17) |  |  | 1,886 |  |  | 1,903
Certificate of deposits |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |  |  | 1,000
Total investment securities - held to maturity |  | $ | 203,098 |  | $ | 3,433 |  | $ | (80) |  | $ | 206,451 |  | $ | 203,098
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency MBS |  | $ | 2,463 |  | $ | 88 |  | $ | — |  | $ | 2,551 |  | $ | 2,551
U.S. government sponsored enterprise MBS |  |  | 1,420 |  |  | 14 |  |  | — |  |  | 1,434 |  |  | 1,434
Private issue CMO (3) |  |  | 174 |  |  | — |  |  | (1) |  |  | 173 |  |  | 173
Total investment securities - available for sale |  | $ | 4,057 |  | $ | 102 |  | $ | (1) |  | $ | 4,158 |  | $ | 4,158
Total investment securities |  | $ | 207,155 |  | $ | 3,535 |  | $ | (81) |  | $ | 210,609 |  | $ | 207,256
| (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, 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 |  |  | 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 |  |  | 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
In the second quarter of fiscal 2021 and 2020, the Corporation received MBS principal payments of $12.4 million and $8.1 million, respectively, and there were no sales of investment securities during these periods. The Corporation purchased $21.5 million of U.S. government sponsored enterprise MBS to be held to maturity in the second quarter of fiscal 2021 but did not purchase any investment securities in the second quarter of fiscal 2020. For the first six months of fiscal 2021 and 2020, the Corporation received MBS principal payments of $21.8 million and $17.4 million, respectively, and there were no sales of investment securities during these periods. The Corporation purchased $106.4 million of U.S. government sponsored enterprise MBS to be held to maturity in the first six months of fiscal 2021 but did not purchase any investment securities in the same period of fiscal 2020. The Corporation held investments with an unrealized loss position of $81,000 at December 31, 2020 and $69,000 at June 30, 2020.
|  | Unrealized Holding |  | Unrealized Holding |  | Unrealized Holding
As of December 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 |  | $ | 10,015 |  | $ | 63 |  | $ | — |  | $ | — |  | $ | 10,015 |  | $ | 63
U.S. SBA securities |  |  | — |  | $ | — |  |  | 1,886 |  |  | 17 |  |  | 1,886 |  |  | 17
Total investment securities - held to maturity |  | $ | 10,015 |  | $ | 63 |  | $ | 1,886 |  | $ | 17 |  | $ | 11,901 |  | $ | 80
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private issue CMO |  | $ | 173 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 173 |  | $ | 1
Total investment securities – available for sale |  | $ | 173 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 173 |  | $ | 1
Total investment securities |  | $ | 10,188 |  | $ | 64 |  | $ | 1,886 |  | $ | 17 |  | $ | 12,074 |  | $ | 81
|  | Unrealized Holding |  | Unrealized Holding |  | Unrealized Holding
As of June 30, 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 |  | $ | 12,731 |  | $ | 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
The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value. At December 31, 2020, $17,000 of the $81,000 unrealized holding losses were 12 months or more; while at June 30, 2020, $17,000 of the $69,000 unrealized holding losses were 12 months or more. The unrealized losses on investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. At December 31, 2020 and 2019, the Corporation did not have any investment securities with the intent to sell and determined it was more likely than not that the Corporation would not be required to sell the securities prior to recovery of the amortized cost basis; therefore, no impairment losses were recorded for the quarter ended December 31, 2020 and 2019. Contractual maturities of investment securities as of December 31, 2020 and June 30, 2020 were as follows:
|  | December 31, 2020 |  | June 30, 2020
|  |  |  |  | Estimated |  |  |  |  | Estimated
|  | Amortized |  | Fair |  | Amortized |  | Fair
(In Thousands) |  | Cost |  | Value |  | Cost |  | Value
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 1,000 |  | $ | 1,000 |  | $ | 800 |  | $ | 800
Due after one through five years |  |  | 19,081 |  |  | 19,913 |  |  | 19,389 |  |  | 20,194
Due after five through ten years |  |  | 76,934 |  |  | 78,367 |  |  | 50,895 |  |  | 52,315
Due after ten years |  |  | 106,083 |  |  | 107,171 |  |  | 47,543 |  |  | 47,892
Total investment securities - held to maturity |  | $ | 203,098 |  | $ | 206,451 |  | $ | 118,627 |  | $ | 121,201
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 |  |  | 4,057 |  |  | 4,158 |  |  | 4,583 |  |  | 4,717
Total investment securities - available for sale |  | $ | 4,057 |  | $ | 4,158 |  | $ | 4,583 |  | $ | 4,717
Total investment securities |  | $ | 207,155 |  | $ | 210,609 |  | $ | 123,210 |  | $ | 125,918

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