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Investment Securities
 9 Months Ended
Mar. 31, 2023
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 March 31, 2023 and June 30, 2022, the corresponding amounts of gross unrealized gains recognized in accumulated other comprehensive income and gross unrecognized gains and losses:

 

   March 31, 2023 
(in thousands)  Amortized
cost		   Gross
unrealized
gains		   Gross
unrealized
losses		   Estimated
fair value		 
Available-for-sale Securities                
Agency mortgage-backed: residential  $13,343   $
    –
   $480   $12,863 
                     
Held-to-maturity Securities                    
Agency mortgage-backed: residential  $289   $–   $16   $273 

 

   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 $6.2 million and $1.7 million at March 31, 2023 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, and have had values impacted by increased interest rates. 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.

 

As of March 31, 2023:

 

Available-for-Sale

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $13,343   $480   $12,863 
12 Months or More               
Mortgage-backed securities   
–
    
–
    
–
 
Total temporarily impaired AFS securities  $13,343   $480   $12,863 

 

Held to Maturity 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $–   $     –   $– 
12 Months or More               
Mortgage-backed securities   289    16    273 
Total temporarily impaired HTM securities  $289   $16   $273 

 

As of June 30, 2022:

 

There were no available-for-sale investment securities in an unrealized loss position at June 30, 2022.

 

Held to Maturity 

(in thousands)  Amortized
Cost		   Gross
Unrealized
Losses		   Fair Value 
Less Than 12 Months            
Mortgage-backed securities  $197   $    15   $182 
12 Months or More               
Mortgage-backed securities   45    3    42 
Total temporarily impaired HTM securities  $242   $18   $273