XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Securities | 12 Months Ended
--- | ---
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Securities |
Note 2: | Securities
The amortized cost and approximate fair values, 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 3,483 |  |  | $ | — |  |  | $ | (83 | ) |  | $ | 3,400 |
U.S. Government and federal agency and Government sponsored enterprises (GSEs) |  |  | 9,488 |  |  |  | — |  |  |  | (367 | ) |  |  | 9,121 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 210,367 |  |  |  | 47 |  |  |  | (22,229 | ) |  |  | 188,185 |
Small Business Administration |  |  | 17,960 |  |  |  | 3 |  |  |  | (1,521 | ) |  |  | 16,442 |
State and political subdivisions |  |  | 3,754 |  |  |  | 4 |  |  |  | — |  |  |  | 3,758 |
|  | $ | 245,052 |  |  | $ | 54 |  |  | $ | (24,200 | ) |  | $ | 220,906 |
June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 990 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 996 |
U.S. Government and federal agency and Government sponsored enterprises (GSEs) |  |  | 7,522 |  |  |  | 517 |  |  |  | — |  |  |  | 8,039 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 167,711 |  |  |  | 4,011 |  |  |  | (1,307 | ) |  |  | 170,415 |
Small Business Administration |  |  | 9,115 |  |  |  | 105 |  |  |  | (30 | ) |  |  | 9,190 |
State and political subdivisions |  |  | 1,251 |  |  |  | — |  |  |  | — |  |  |  | 1,251 |
|  | $ | 186,589 |  |  | $ | 4,639 |  |  | $ | (1,337 | ) |  | $ | 189,891 |
With the exception of U.S. Government and federal agency securities, Mortgage-backed-GSE residential securities and Small Business Administration securities with a book value of $ 9,488 ,000, $ 210,367 ,000 and $ 17,960 ,000, respectively, and a market value of $ 9,121 ,000, $ 188,185 ,000 and $ 16,442 ,000, respectively, at June 30, 2022, the Company held no securities at June 30, 2022 with a book value that exceeded 10% of total equity. All mortgage-backed securities at June 30, 2022 and 2021 were issued by government sponsored enterprises. The amortized cost and fair value of available-for-sale securities at June 30, 2022, 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.
|  | Amortized Cost |  |  | Fair Value |
Within one year |  | $ | 1,999 |  |  | $ | 1,977 |
One to five years |  |  | 9,274 |  |  |  | 9,069 |
Five to ten years |  |  | 10,598 |  |  |  | 10,044 |
After ten years |  |  | 12,814 |  |  |  | 11,631 |
|  |  | 34,685 |  |  |  | 32,721 |
Mortgage-backed securities |  |  | 210,367 |  |  |  | 188,185 |
Totals |  | $ | 245,052 |  |  | $ | 220,906 |
The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, was $ 125,209 ,000 at June 30, 2022 and $ 96,429 ,000 at June 30, 2021. Gross gains of $ 0 and $ 327 ,000 and gross losses of $ 275 ,000 and $ 7 ,000 resulting from sales of available-for-sale securities were realized for 2022 and 2021, respectively. The tax provision (credit) applicable to these net realized gains (losses) amounted to approximately $ (78 ,000) and $ 92 ,000 for 2022 and 2021, respectively. 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 June 30, 2022 and 2021, was $209,133,000 and $85,118,000, respectively, which is approximately 95% and 45% of the Company’s available-for-sale investment portfolio. These declines in fair value at June 30, 2022 and 2021, resulted from changes 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 June 30, 2022 and 2021:
|  | Less Than 12 Months |  |  | 12 Months or More |  |  | Total |
Description of Securities |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
June 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 3,400 |  |  | $ | (83 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,400 |  |  | $ | (83 | )
U.S. Government and federal agency and Government sponsored enterprises (GSEs) |  |  | 9,121 |  |  |  | (367 | ) |  |  | — |  |  |  | — |  |  |  | 9,121 |  |  |  | (367 | )
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 144,042 |  |  |  | (15,267 | ) |  |  | 37,587 |  |  |  | (6,962 | ) |  |  | 181,629 |  |  |  | (22,229 | )
Small Business Administration |  |  | 12,955 |  |  |  | (1,160 | ) |  |  | 2,028 |  |  |  | (361 | ) |  |  | 14,983 |  |  |  | (1,521 | )
Total temporarily impaired securities |  | $ | 169,518 |  |  | $ | (16,877 | ) |  | $ | 39,615 |  |  | $ | (7,323 | ) |  | $ | 209,133 |  |  | $ | (24,200 | )
June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  | $ | 75,002 |  |  |  | (1,259 | ) |  |  | 4,160 |  |  |  | (48 | ) |  |  | 79,162 |  |  |  | (1,307 | )
Small Business Administration |  |  | 5,956 |  |  |  | (30 | ) |  |  | — |  |  |  | — |  |  |  | 5,956 |  |  |  | (30 | )
Total temporarily impaired securities |  | $ | 80,958 |  |  | $ | (1,289 | ) |  | $ | 4,160 |  |  | $ | (48 | ) |  | $ | 85,118 |  |  | $ | (1,337 | )
The unrealized losses on the Company’s investment in U.S. Treasury, U.S. Government and federal agency, GSE residential mortgage-backed securities and Small Business Administration securities at June 30, 2022 and 2021, 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 June 30, 2022 and 2021.

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 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
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration