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Securities | 3 Months Ended
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Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract] |
Securities |
Note 5: | Securities
The amortized cost and approximate fair value of securities, together with gross unrealized gains and losses, of securities are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |  | $ | 7,526 |  |  | $ | 709 |  |  | $ | — |  |  | $ | 8,235 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 142,008 |  |  |  | 6,075 |  |  |  | (129 | ) |  |  | 147,954 |
Small Business Administration |  |  | 3,502 |  |  |  | 152 |  |  |  | — |  |  |  | 3,654 |
State and political subdivisions |  |  | 1,450 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,449 |
|  | $ | 154,486 |  |  | $ | 6,936 |  |  | $ | (130 | ) |  | $ | 161,292 |
June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |  | $ | 7,528 |  |  | $ | 708 |  |  | $ | — |  |  | $ | 8,236 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 143,033 |  |  |  | 6,044 |  |  |  | (222 | ) |  |  | 148,855 |
Small Business Administration |  |  | 3,578 |  |  |  | 62 |  |  |  | — |  |  |  | 3,640 |
State and political subdivisions |  |  | 1,449 |  |  |  | 215 |  |  |  | (1 | ) |  |  | 1,663 |
|  | $ | 155,588 |  |  | $ | 7,029 |  |  | $ | (223 | ) |  | $ | 162,394 |
With the exception of Mortgage-backed GSE residential securities with a book value of approximately $142,008,000 and a market value of approximately $147,954,000 at September 30, 2020, the Company held no securities at September 30, 2020 with a book value that exceeded 10% of total equity. All mortgage-backed securities at September 30, 2020, and June 30, 2020 were issued by GSEs. The amortized cost and fair value of available-for-sale securities at September 30, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Available-for-sale Securities |
|  | Amortized Cost |  |  | Fair Value |
Within one year |  | $ | — |  |  | $ | — |
One to five years |  |  | 6,098 |  |  |  | 6,654 |
Five to ten years |  |  | 4,383 |  |  |  | 4,597 |
After ten years |  |  | 1,997 |  |  |  | 2,087 |
|  |  | 12,478 |  |  |  | 13,338 |
Mortgage-backed securities |  |  | 142,008 |  |  |  | 147,954 |
Totals |  | $ | 154,486 |  |  | $ | 161,292 |
The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $73,908,000 and $66,186,000 as of September 30, 2020 and June 30, 2020, respectively. The carrying value of securities sold under agreement to repurchase amounted to $4.4 million at September 30, 2020 and $3.7 million at June 30, 2020. At September 30, 2020, approximately $2.7 of our repurchase agreements had an overnight maturity, while the remaining $1.7 in repurchase agreements had a term of 30 to 90 days. All of our repurchase agreements were secured by U.S. Government, federal agency and GSE securities. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The collateral is held by the Company in a segregated custodial account. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained. Gross gains of $204,000 and $1,000 and gross losses of $0 and $0 resulting from sales of available-for-sale securities were realized for the three months ended September 30, 2020, and 2019, respectively. Tax provision applicable to these net realized gains was $58,000 for the three months ended September 30, 2020, and nominal for the three months ended September 30, 2019. Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at September 30, 2020 and June 30, 2020, was $27,195,000 and $24,574,000, respectively, which is approximately 17% and 16% of the Company’s available-for-sale investment portfolio. These declines in fair value at September 30, 2020 and June 30, 2020, resulted from increases in market interest rates and are considered temporary. The following table shows the Company’s gross unrealized investment losses and the fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2020 and June 30, 2020:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
September 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  | $ | 24,699 |  |  | $ | (116 | ) |  | $ | 2,435 |  |  | $ | (13 | ) |  | $ | 27,134 |  |  | $ | (129 | )
State and political subdivisions |  |  | 61 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | (1 | )
Total temporarily impaired securities |  | $ | 24,760 |  |  | $ | (117 | ) |  | $ | 2,435 |  |  | $ | (13 | ) |  | $ | 27,195 |  |  | $ | (130 | )
June 30, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  | $ | 22,162 |  |  | $ | (116 | ) |  | $ | 2,351 |  |  | $ | (106 | ) |  | $ | 24,513 |  |  | $ | (222 | )
State and political subdivisions |  |  | 61 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | (1 | )
Total temporarily impaired securities |  | $ | 22,223 |  |  | $ | (117 | ) |  | $ | 2,351 |  |  | $ | (106 | ) |  | $ | 24,574 |  |  | $ | (223 | )
The unrealized losses on the Company’s investment in residential mortgage-backed securities and state and political subdivisions at September 30, 2020 and June 30, 2020, were mostly the result of a decline in market value that was attributable to changes in interest rates and not credit quality, and the Company does not consider those investments to be other-than-temporarily impaired at September 30, 2020 and June 30, 2020.

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