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Securities

12 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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 $

and $

327

,000 and gross losses of $

275

,000 and $

,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 $

,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.