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Investment Securities
 3 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities

3. Investment Securities

 

The following table summarizes the amortized cost and fair value of securities available-for-sale and securities held-to-maturity at September 30, 2022 and June 30, 2022, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

 

   September 30, 2022 
(in thousands)  Amortized cost   Gross unrealized  
gains		   Gross unrealized
losses		   Estimated fair value 
Available-for-sale Securities                
Agency mortgage-backed: residential  $14,724   $                 1   $574   $14,151 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $321   $
–
   $19   $302 

 

   June 30, 2022 
(in thousands)  Amortized cost   Gross unrealized/ unrecognized
gains		   Gross unrealized/ unrecognized
losses		   Estimated fair value 
Available-for-sale Securities                
Agency mortgage-backed: residential  $10,477   $
            –
   $
–
   $10,477 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $339   $2   $18   $323 

 

At September 30, 2022 and June 30, 2022 the Company’s debt securities consisted of mortgage-backed securities, which do not have a single maturity date. 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.

 

Our pledged securities (including overnight and time deposits in other financial institutions) totaled $6.8 million and $1.7 million at September 30, 2021 and June 30, 2022, respectively.

 

We evaluated securities in unrealized loss positions for evidence of other-than-temporary impairment, considering duration, severity, financial condition of the issuer, our intention to sell or requirement to sell. Those securities were agency mortgage-backed securities, which carry a very limited amount of risk. Also, we have no intention to sell nor feel that we will be compelled to sell such securities before maturity. Based on our evaluation, no impairment has been recognized through earnings. The following table provides the amortized cost, gross unrealized losses, fair value, and length of time the individual securities have been in a continuous unrealized loss position as of September 30, 2022.

 

Available-for-Sale 

 

(in thousands)  Amortized Cost   Gross Unrealized Losses   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $14,721   $574   $14,147 
12 Months or More               
Mortgage-backed securities   5    1    4 
Total temporarily impaired AFS securities  $14,726   $575   $14,151 

 

Held to Maturity 

 

(in thousands)  Amortized Cost   Gross Unrealized Losses   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $261   $16   $245 
12 Months or More               
Mortgage-backed securities   44    3    41 
Total temporarily impaired HTM securities  $305   $19   $286