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v3.22.1

Securities | 9 Months Ended
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Mar. 31, 2022
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 on securities, are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 8,804 |  |  | $ | 1 |  |  | $ | (117 | ) |  | $ | 8,688 |
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |  |  | 9,489 |  |  |  | 48 |  |  |  | (142 | ) |  |  | 9,395 |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 196,180 |  |  |  | 296 |  |  |  | (11,725 | ) |  |  | 184,751 |
Small Business Administration |  |  | 15,542 |  |  |  | — |  |  |  | (847 | ) |  |  | 14,695 |
State and political subdivisions |  |  | 1,110 |  |  |  | — |  |  |  | — |  |  |  | 1,110 |
|  | $ | 231,125 |  |  | $ | 345 |  |  | $ | (12,831 | ) |  | $ | 218,639 |
June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 990 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 996 |
U.S. Government and federal agency and Government sponsored enterprises (GSE’s) |  |  | 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. Treasury securities, U.S. Government and federal agency securities, mortgage-backed GSE residential securities and Small Business Administration securities with a book value of approximately $8,804,000, $9,489,000, $196,180,000 and $15,542,000, and a market value of approximately $8,688,000, $9,395,000, $184,751,000 and $14,695,000 at March 31, 2022, the Company held no securities at March 31, 2022 with a book value that exceeded 10% of total equity. All mortgage-backed securities at March 31, 2022 and June 30, 2021 were issued by GSEs. The amortized cost and fair value of available-for-sale securities at March 31, 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.
|  | Available-for-sale Securities |
|  | Amortized Cost |  |  | Fair Value |
Within one year |  | $ | 998 |  |  | $ | 998 |
One to five years |  |  | 15,105 |  |  |  | 15,053 |
Five to ten years |  |  | 8,113 |  |  |  | 7,764 |
After ten years |  |  | 10,729 |  |  |  | 10,073 |
|  |  | 34,945 |  |  |  | 33,888 |
Mortgage-backed securities |  |  | 196,180 |  |  |  | 184,751 |
Totals |  | $ | 231,125 |  |  | $ | 218,639 |
The carrying value of securities pledged as collateral to secure public deposits and for other purposes was $116,110,000 and $96,429,000 as of March 31, 2022 and June 30, 2021, respectively. The carrying value of securities sold under agreement to repurchase amounted to $7.3 million at March 31, 2022 and $6.2 million at June 30, 2021. At March 31, 2022, all $7.3 million of our repurchase agreements had an overnight maturity and 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 $0 and $327,000 and gross losses of $0 and $7,000, resulting from sales of available-for-sale securities were realized for the nine month period ended March 31, 2022, and 2021, respectively. The tax provision applicable to these net realized gains amounted to approximately $0 and $91,000 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 March 31, 2022 and June 30, 2021 was $179,350,000 and $85,118,000, respectively, which is approximately 82% and 45% of the Company’s available-for-sale investment portfolio. These declines in fair value at March 31, 2022 and June 30, 2021, resulted from increases in market interest rates and are considered temporary. The following table shows the gross unrealized losses of the Company’s securities and the fair value of the Company’s securities 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 March 31, 2022 and June 30, 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 |
March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 7,694 |  |  | $ | (117 | ) |  | $ | — |  |  | $ | — |  |  | $ | 7,694 |  |  | $ | (117 | )
U.S. Government and federal agency |  |  | 3,324 |  |  |  | (142 | ) |  |  | — |  |  |  | — |  |  |  | 3,324 |  |  |  | (142 | )
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  |  | 113,324 |  |  |  | (7,587 | ) |  |  | 40,313 |  |  |  | (4,138 | ) |  |  | 153,637 |  |  |  | (11,725 | )
Small Business Administration |  |  | 12,529 |  |  |  | (623 | ) |  |  | 2,166 |  |  |  | (224 | ) |  |  | 14,695 |  |  |  | (847 | )
Total temporarily impaired securities |  | $ | 136,871 |  |  | $ | (8,469 | ) |  | $ | 42,479 |  |  | $ | (4,362 | ) |  | $ | 179,350 |  |  | $ | (12,831 | )
June 30, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE residential |  | $ | 75,002 |  |  |  | (1,259 | ) |  |  | 4,160 |  |  |  | (48 | ) |  |  | 79,162 |  |  |  | (1,307 | )
State and political subdivisions |  |  | 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, Mortgage-backed Government sponsored enterprises and Small Business Administration securities at March 31, 2022 and June 30, 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 March 31, 2022 and June 30, 2021.

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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 http://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 http://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 http://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 http://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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