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v3.22.2.2

Investment Securities | 12 Months Ended
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Jun. 30, 2022
Investment Securities |
Investment Securities | Note 2: Investment Securities ​ The amortized cost and estimated fair value of investment securities as of June 30, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  | Estimated |  | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​ | Carrying
June 30, 2022 | ​ | Cost | ​ | Gains | ​ | (Losses) | ​ | Value | ​ | Value
(In Thousands) |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Held to maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. government sponsored enterprise MBS(1) | ​ | $ | 180,492 | ​ | $ | 63 | ​ | $ | (13,945) | ​ | $ | 166,610 | ​ | $ | 180,492
U.S. government sponsored enterprise CMO(2) | ​ | ​ | 3,913 | ​ | ​ | — | ​ | ​ | (150) | ​ | ​ | 3,763 | ​ | ​ | 3,913
U.S. SBA securities(3) | ​ |  | 940 | ​ |  | 11 | ​ |  | — | ​ |  | 951 | ​ |  | 940
Certificate of deposits | ​ |  | 400 | ​ |  | — | ​ |  | — | ​ |  | 400 | ​ |  | 400
Total investment securities - held to maturity | ​ | ​ | 185,745 | ​ | ​ | 74 | ​ | ​ | (14,095) | ​ | ​ | 171,724 | ​ | ​ | 185,745
​ | ​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Available for sale | ​ |  |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
U.S. government agency MBS(1) | ​ | ​ | 1,698 | ​ | ​ | 6 | ​ | ​ | (6) | ​ | ​ | 1,698 | ​ | ​ | 1,698
U.S. government sponsored enterprise MBS(1) | ​ |  | 865 | ​ | ​ | 4 | ​ | ​ | (4) | ​ | ​ | 865 | ​ | ​ | 865
Private issue CMO(2) | ​ |  | 118 | ​ | ​ | — | ​ | ​ | (5) | ​ | ​ | 113 | ​ | ​ | 113
Total investment securities - available for sale | ​ | ​ | 2,681 | ​ | ​ | 10 | ​ | ​ | (15) | ​ | ​ | 2,676 | ​ | ​ | 2,676
Total investment securities | ​ | $ | 188,426 | ​ | $ | 84 | ​ | $ | (14,110) | ​ | $ | 174,400 | ​ | $ | 188,421
​
(1) | Mortgage-backed securities (“MBS”).
(2) | Collateralized Mortgage Obligations (“CMO”).
(3) | Small Business Administration ("SBA").
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Gross |  | Gross |  | Estimated |  | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​ | Carrying
June 30, 2021 | ​ | Cost | ​ | Gains | ​ | (Losses) | ​ | Value | ​ | Value
(In Thousands) |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Held to maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
U.S. government sponsored enterprise MBS | ​ | $ | 220,448 | ​ | $ | 2,209 | ​ | $ | (810) | ​ | $ | 221,847 | ​ | $ | 220,448
U.S. SBA securities | ​ |  | 1,858 | ​ |  | 16 | ​ |  | — | ​ |  | 1,874 | ​ |  | 1,858
Certificate of deposits | ​ |  | 1,000 | ​ |  | — | ​ |  | — | ​ |  | 1,000 | ​ |  | 1,000
Total investment securities - held to maturity | ​ | ​ | 223,306 | ​ | ​ | 2,225 | ​ | ​ | (810) | ​ | ​ | 224,721 | ​ | ​ | 223,306
​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Available for sale | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
U.S. government agency MBS | ​ | ​ | 2,146 | ​ | ​ | 76 | ​ | ​ | — | ​ | ​ | 2,222 | ​ | ​ | 2,222
U.S. government sponsored enterprise MBS | ​ | ​ | 1,197 | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 1,211 | ​ | ​ | 1,211
Private issue CMO | ​ | ​ | 151 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 154 | ​ | ​ | 154
Total investment securities - available for sale | ​ | ​ | 3,494 | ​ | ​ | 93 | ​ | ​ | — | ​ | ​ | 3,587 | ​ | ​ | 3,587
Total investment securities | ​ | $ | 226,800 | ​ | $ | 2,318 | ​ | $ | (810) | ​ | $ | 228,308 | ​ | $ | 226,893
​ In fiscal 2022 and 2021, the Corporation received MBS principal payments of $55.3 million and $52.6 million, respectively and did not sell any investment securities. The Corporation purchased MBS totaling $19.0 million and $158.0 million during fiscal 2022 and 2021, respectively. ​ As of June 30, 2022 and 2021, the Corporation held investments with an unrealized loss position of $14.1 million and $810,000, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of June 30, 2022 | ​ | 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 | ​ | $ | 121,844 | ​ | $ | 9,018 | ​ | $ | 35,528 | ​ | $ | 4,927 | ​ | $ | 157,372 | ​ | $ | 13,945
U.S. government sponsored enterprise CMO | ​ | ​ | 3,764 | ​ | ​ | 150 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,764 | ​ | ​ | 150
Total investment securities - held to maturity | ​ | ​ | 125,608 | ​ | ​ | 9,168 | ​ | ​ | 35,528 | ​ | ​ | 4,927 | ​ | ​ | 161,136 | ​ | ​ | 14,095
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S government agency MBS | ​ | ​ | 826 | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 826 | ​ | ​ | 6
U.S. government sponsored enterprise MBS | ​ | ​ | 671 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 671 | ​ | ​ | 4
Private issue CMO | ​ | ​ | 113 | ​ | ​ | 5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 113 | ​ | ​ | 5
Total investment securities - available for sale | ​ | ​ | 1,610 | ​ | ​ | 15 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,610 | ​ | ​ | 15
Total investment securities | ​ | $ | 127,218 | ​ | $ | 9,183 | ​ | $ | 35,528 | ​ | $ | 4,927 | ​ | $ | 162,746 | ​ | $ | 14,110
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of June 30, 2021 | ​ | 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 | ​ | $ | 84,600 | ​ | $ | 810 | ​ | $ | — | ​ | $ | — | ​ | $ | 84,600 | ​ | $ | 810
Total investment securities - held to maturity | ​ | ​ | 84,600 | ​ | ​ | 810 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 84,600 | ​ | ​ | 810
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total investment securities | ​ | $ | 84,600 | ​ | $ | 810 | ​ | $ | — | ​ | $ | — | ​ | $ | 84,600 | ​ | $ | 810
​ As of June 30, 2022, the Corporation had investment securities with unrealized holding losses of $9.2 million that were less than 12 months and $4.9 million that were in an unrealized loss position for more than 12 months, as compared to investment securities at June 30, 2021 with unrealized holding losses of $810,000 that were less than 12 months and none that were in an unrealized loss position for more than 12 months. The unrealized loss at June 30, 2022 was primarily attributable to 39 U.S. government sponsored enterprise MBS, two U.S. government sponsored enterprise CMOs 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, 2021 was attributable to 16 U.S. government sponsored enterprise MBS 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, 2022 and 2021. 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, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2022 | ​ | June 30, 2021
​ |  | ​ | ​ |  | Estimated |  | ​ | ​ |  | Estimated
​ | ​ | Amortized | ​ | Fair | ​ | Amortized | ​ | Fair
(In Thousands) | ​ | Cost | ​ | Value | ​ | Cost | ​ | Value
Held to maturity |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Due in one year or less | ​ | $ | 1,427 | ​ | $ | 1,425 | ​ | $ | 1,209 | ​ | $ | 1,218
Due after one through five years | ​ |  | 10,908 | ​ |  | 10,805 | ​ |  | 14,544 | ​ |  | 15,179
Due after five through ten years | ​ |  | 77,167 | ​ |  | 72,625 | ​ |  | 90,798 | ​ |  | 91,780
Due after ten years | ​ |  | 96,243 | ​ |  | 86,869 | ​ |  | 116,755 | ​ |  | 116,544
Total investment securities - held to maturity | ​ | $ | 185,745 | ​ | $ | 171,724 | ​ | $ | 223,306 | ​ | $ | 224,721
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Available for sale | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Due in one year or less | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | —
Due after one through five years | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Due after five through ten years | ​ |  | 98 | ​ |  | 98 | ​ |  | — | ​ |  | —
Due after ten years | ​ |  | 2,583 | ​ |  | 2,578 | ​ |  | 3,494 | ​ |  | 3,587
Total investment securities - available for sale | ​ | $ | 2,681 | ​ | $ | 2,676 | ​ | $ | 3,494 | ​ | $ | 3,587
Total investment securities | ​ | $ | 188,426 | ​ | $ | 174,400 | ​ | $ | 226,800 | ​ | $ | 228,308
​

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- 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 https://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 https://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 https://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 https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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