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Securities
 12 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
SECURITIES

NOTE B – SECURITIES


The following table summarizes the amortized cost and fair value of the available for sale securities and held to maturity investment securities portfolio at June 30, 2020 and 2019 and the corresponding amounts of gross unrealized or unrecognized gains and losses. Unrealized gains or losses apply to available-for-sale securities and are recognized in accumulated other comprehensive income, while unrecognized gains or losses on held-to-maturity securities are not recognized in the financial statements. The gains and losses are as follows:


   2020 
(in thousands)  Amortized cost   Gross unrealized/ unrecognized gains   Gross unrealized/ unrecognized losses   Estimated
fair value		 
                 
Available-for-sale Securities                
Agency bonds  $500   $      3   $      -   $503 
Agency mortgage-backed:residential   38    -    -    38 
   $538   $3   $-   $541 
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $598   $16   $3   $611 

   2019 
(in thousands)  Amortized cost   Gross unrealized/ unrecognized gains   Gross unrealized/ unrecognized losses   Estimated fair value 
                 
Available-for-sale Securities                
U.S. Treasury securities  $496   $      1   $      -   $497 
Agency bonds   501    4    -    505 
Agency mortgage-backed: residential   43    -    -    43 
   $1,040   $5   $-   $1,045 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $775   $14   $14   $775 

At June 30, 2020, the Company’s debt securities consisted of a single agency bond and mortgage-backed securities, which do not have a single maturity date. The bond, which had an amortized cost of $500,000 and a fair value of $503,000 at June 30, 2020, matures within one year. Actual maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities without a single maturity, primarily mortgage-backed, are not shown.


There were no sales of securities during the fiscal year ended June 30, 2020 or 2019. At June 30, 2020 the Company had $67,000 in held-to-maturity mortgage-backed securities with gross unrealized losses of $3,000, while at June 30, 2019, the Company had $545,000 in held-to-maturity mortgage-backed securities with gross unrealized losses of $14,000. Unrealized losses on agency mortgage-backed securities have not been recognized into income because they are of high credit quality (rated AA or higher), management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the investments reach maturity.


At June 30, 2020 and 2019, pledged securities totaled $1.9 million and $2.0 million, respectively. At June 30, 2020 and 2019, the pledged total included time deposits and/or overnight deposits of $1.5 million and $1.5 million, respectively.