Securities (Tables)

3 Months Ended

Sep. 30, 2021

Securities [Abstract]

Components of Securities

Securities at September 30, 2021 consisted of the following:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
U.S. government sponsored enterprises	$	13,076	$	9	$	243	$	12,842
U.S. treasury securities		19,647		101		6		19,742
State and political subdivisions		225,770		143		-		225,913
Mortgage-backed securities-residential		36,642		292		121		36,813
Mortgage-backed securities-multi-family		115,606		626		2,243		113,989
Corporate debt securities		3,007		111		42		3,076
Total securities available-for-sale		413,748		1,282		2,655		412,375
Securities held-to-maturity:
U.S. treasury securities		10,941		5		18		10,928
State and political subdivisions		376,886		16,140		1,128		391,898
Mortgage-backed securities-residential		25,473		594		52		26,015
Mortgage-backed securities-multi-family		126,085		4,077		298		129,864
Corporate debt securities		12,389		111		75		12,425
Other securities		24,124		76		178		24,022
Total securities held-to-maturity		575,898		21,003		1,749		595,152
Total securities	$	989,646	$	22,285	$	4,404	$	1,007,527

Securities at June 30, 2021 consisted of the following:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Securities available-for-sale:
U.S. government sponsored enterprises	$	13,079	$	36	$	212	$	12,903
U.S. treasury securities		19,672		165		1		19,836
State and political subdivisions		200,436		220		-		200,656
Mortgage-backed securities-residential		34,861		287		167		34,981
Mortgage-backed securities-multi-family		119,359		1,042		994		119,407
Corporate debt securities		3,008		129		30		3,107
Total securities available-for-sale		390,415		1,879		1,404		390,890
Securities held-to-maturity:
U.S. treasury securities		10,938		28		2		10,964
State and political subdivisions		341,364		17,184		303		358,245
Mortgage-backed securities-residential		28,450		584		90		28,944
Mortgage-backed securities-multi-family		100,330		4,635		12		104,953
Corporate debt securities		9,892		111		65		9,938
Other securities		5,940		58		-		5,998
Total securities held-to-maturity		496,914		22,600		472		519,042
Total securities	$	887,329	$	24,479	$	1,876	$	909,932

Securities in Continuous Unrealized Loss Position

The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2021.

	Less Than 12 Months						More Than 12 Months						Total
(In thousands, except number of securities)	Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities
Securities available-for-sale:
U.S. government sponsored enterprises	$	-	$	-		-	$	6,757	$	243		2	$	6,757	$	243		2
U.S. treasury securities		1,966		6		1		-		-		-		1,966		6		1
State and political subdivisions		4,115		-		4		-		-		-		4,115		-		4
Mortgage-backed securities-residential		23,218		121		5		-		-		-		23,218		121		5
Mortgage-backed securities-multi-family		64,095		1,690		24		13,371		553		5		77,466		2,243		29
Corporate debt securities		958		42		1		-		-		-		958		42		1
Total securities available-for-sale		94,352		1,859		35		20,128		796		7		114,480		2,655		42
Securities held-to-maturity:
U.S. treasury securities		6,975		18		1		-		-		-		6,975		18		1
State and political subdivisions		81,594		1,120		144		226		8		1		81,820		1,128		145
Mortgage-backed securities-residential		12,228		52		2		-		-		-		12,228		52		2
Mortgage-backed securities-multi-family		28,918		298		8		-		-		-		28,918		298		8
Corporate debt securities		1,786		3		2		1,928		72		2		3,714		75		4
Other securities		8,231		178		9		-		-		-		8,231		178		9
Total securities held-to-maturity		139,732		1,669		166		2,154		80		3		141,886		1,749		169
Total securities	$	234,084	$	3,528		201	$	22,282	$	876		10	$	256,366	$	4,404		211

The following table shows fair value and gross unrealized losses, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021.

	Less Than 12 Months						More Than 12 Months						Total
(In thousands, except number of securities)	Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities		Fair Value		Unrealized Losses		Number of Securities
Securities available-for-sale:
U.S. government sponsored enterprises	$	6,787	$	212		2	$	-	$	-		-	$	6,787	$	212		2
U.S. treasury securities		1,970		1		1		-		-		-		1,970		1		1
Mortgage-backed securities-residential		19,071		167		4		-		-		-		19,071		167		4
Mortgage-backed securities-multi-family		59,176		933		21		2,469		61		1		61,645		994		22
Corporate debt securities		970		30		1		-		-		-		970		30		1
Total securities available-for-sale		87,974		1,343		29		2,469		61		1		90,443		1,404		30
Securities held-to-maturity:
U.S. treasury securities		1,991		2		1		-		-		-		1,991		2		1
State and political subdivisions		42,751		303		76		-		-		-		42,751		303		76
Mortgage-backed securities-residential		12,839		90		2		-		-		-		12,839		90		2
Mortgage-backed securities-multi-family		3,890		12		3		-		-		-		3,890		12		3
Corporate debt securities		2,506		36		2		471		29		1		2,977		65		3
Total securities held-to-maturity		63,977		443		84		471		29		1		64,448		472		85
Total securities	$	151,951	$	1,786		113	$	2,940	$	90		2	$	154,891	$	1,876		115

Investments Classified by Contractual Maturity Date

The estimated fair values of debt securities at September 30, 2021, by contractual maturity are shown below. Expected maturities may differ from contractual maturities, because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

(In thousands)

Available-for-sale debt securities	Amortized Cost		Fair Value
Within one year	$	225,666	$	225,805
After one year through five years		8,798		8,905
After five years through ten years		25,536		25,401
After ten years		1,500		1,462
Total available-for-sale debt securities		261,500		261,573
Mortgage-backed securities		152,248		150,802
Total available-for-sale securities		413,748		412,375
Held-to-maturity debt securities
Within one year		53,797		54,546
After one year through five years		121,956		126,656
After five years through ten years		103,780		108,914
After ten years		144,807		149,157
Total held-to-maturity debt securities		424,340		439,273
Mortgage-backed securities		151,558		155,879
Total held-to-maturity securities		575,898		595,152
Total debt securities	$	989,646	$	1,007,527