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Investment Securities

6 Months Ended

Dec. 31, 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 December 31, 2022 and June 30, 2022, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

		December 31, 2022
(in thousands)		Amortized cost				Gross unrealized gains				Gross unrealized losses				Estimated fair value
Available-for-sale Securities
Agency mortgage-backed: residential		$	13,996			$	–			$	457			$	13,539
Held-to-maturity Securities
Agency mortgage-backed: residential		$	304			$	1			$	16			$	289

		June 30, 2022
(in thousands)		Amortized cost				Gross unrealized gains				Gross unrealized 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

Our pledged securities (including overnight and time deposits in other financial institutions) totaled $6.5 million and $1.7 million at December 31, 2022 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.

Available-for-Sale 

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
Mortgage-backed securities		$	13,996			$	457			$	13,539
12 Months or More
Mortgage-backed securities			–				–				–
Total temporarily impaired AFS securities		$	13,996			$	457			$	13,539

Held to Maturity

(in thousands)		Amortized Cost				Gross Unrealized Losses				Fair Value
Less Than 12 Months
Mortgage-backed securities		$	304			$	16			$	288
12 Months or More
Mortgage-backed securities			–				–				–
Total temporarily impaired HTM securities		$	304			$	16			$	288

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- References

No definition available.

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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 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)

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