Securities Available For Sale

3 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Securities Available For Sale

Securities Available for Sale

Securities available for sale consist of the following at the dates indicated:

	September 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Government Agencies	$	55,967	$	173	$	(265	)	$	55,875
Residential Mortgage-backed Securities of U.S. Government
Agencies and Government-Sponsored Enterprises	86,905		451		(272		)	87,084
Municipal Bonds	32,304		442		(23		)	32,723
Corporate Bonds	6,242		115		(49		)	6,308
Equity Securities	63		—		—			63
Total	$	181,481	$	1,181	$	(609	)	$	182,053

	June 30, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
U.S. Government Agencies	$	65,947	$	184	$	(301	)	$	65,830
Residential Mortgage-backed Securities of U.S. Government
Agencies and Government-Sponsored Enterprises	92,841		411		(281		)	92,971
Municipal Bonds	34,135		403		(28		)	34,510
Corporate Bonds	6,267		114		(88		)	6,293
Equity Securities	63		—		—			63
Total	$	199,253	$	1,112	$	(698	)	$	199,667

Debt securities available for sale by contractual maturity at the dates indicated are shown below. Mortgage-backed securities are not included in the maturity categories because the borrowers in the underlying pools may prepay without penalty; therefore, it is unlikely that the securities will pay at their stated maturity schedule.

	September 30, 2017
	Amortized Cost		Estimated Fair Value
Due within one year	$	1,914	$	1,919
Due after one year through five years	68,093		68,016
Due after five years through ten years	14,767		15,172
Due after ten years	9,739		9,799
Mortgage-backed securities	86,905		87,084
Total	$	181,418	$	181,990

The Company had no sales of securities available for sale during the three months ended September 30, 2017 and 2016. There were no gross realized gains or losses for the three ended September 30, 2017 and 2016, respectively.

Securities available for sale with costs totaling $140,948 and $156,592 with market values of $141,284 and $154,264 at September 30, 2017 and June 30, 2017, respectively, were pledged as collateral to secure various public deposits and other borrowings.

The gross unrealized losses and the fair value for securities available for sale aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2017 and June 30, 2017 were as follows:

	September 30, 2017
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government Agencies	$	32,820	$	(172	)	$	10,907	$	(93	)	$	43,727	$	(265	)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	31,971		(208		)	5,972		(64		)	37,943		(272		)
Municipal Bonds	5,006		(15		)	1,079		(8		)	6,085		(23		)
Corporate Bonds	—		—			3,751		(49		)	3,751		(49		)
Total	$	69,797	$	(395	)	$	21,709	$	(214	)	$	91,506	$	(609	)

	June 30, 2017
	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government Agencies	$	46,767	$	(222	)	$	6,921	$	(79	)	$	53,688	$	(301	)
Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises	42,921		(240		)	3,970		(41		)	46,891		(281		)
Municipal Bonds	9,153		(28		)	—		—			9,153		(28		)
Corporate Bonds	3,734		(88		)	—		—			3,734		(88		)
Total	$	102,575	$	(578	)	$	10,891	$	(120	)	$	113,466	$	(698	)

The total number of securities with unrealized losses at September 30, 2017, and June 30, 2017 were 107 and 136, respectively. Unrealized losses on securities have not been recognized in income because management has the intent and ability to hold the securities for the foreseeable future, and has determined that it is not more likely than not that the Company will be required to sell the securities prior to a recovery in value. The decline in fair value was largely due to increases in market interest rates. The Company had no other than temporary impairment losses during the three months ended September 30, 2017 or the year ended June 30, 2017.

As a requirement for membership, the Bank invests in the stock of both the FHLB of Atlanta and the Federal Reserve Bank of Richmond ("FRB"). No ready market exists for these securities so carrying value approximates its fair value based on the redemption provisions of the FHLB of Atlanta and the FRB, respectively.