| Securities Available for Sale |
Securities Available for Sale Securities available for sale consist of the following at the dates indicated: | | | | | | | | | | | | | | | | | | June 30, 2018 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | U.S. Government Agencies | $ | 48,025 |
| | $ | 1 |
| | $ | (484 | ) | | $ | 47,542 |
| Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises | 71,949 |
| | 88 |
| | (1,438 | ) | | 70,599 |
| Municipal Bonds | 30,865 |
| | 127 |
| | (226 | ) | | 30,766 |
| Corporate Bonds | 6,166 |
| | 25 |
| | (168 | ) | | 6,023 |
| Equity Securities | 63 |
| | — |
| | — |
| | 63 |
| Total | $ | 157,068 |
| | $ | 241 |
| | $ | (2,316 | ) | | $ | 154,993 |
|
| | | | | | | | | | | | | | | | | | 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. | | | | | | | | | | June 30, 2018 | | Amortized Cost | | Estimated Fair Value | Due within one year | $ | 28,728 |
| | $ | 28,573 |
| Due after one year through five years | 41,273 |
| | 40,663 |
| Due after five years through ten years | 5,749 |
| | 5,829 |
| Due after ten years | 9,306 |
| | 9,266 |
| Mortgage-backed securities | 71,949 |
| | 70,599 |
| Total | $ | 157,005 |
| | $ | 154,930 |
|
| | | | | | | | | | June 30, 2017 | | Amortized Cost | | Estimated Fair Value | Due within one year | $ | 1,430 |
| | $ | 1,430 |
| Due after one year through five years | 75,025 |
| | 74,949 |
| Due after five years through ten years | 19,535 |
| | 19,828 |
| Due after ten years | 10,359 |
| | 10,426 |
| Mortgage-backed securities | 92,841 |
| | 92,971 |
| Total | $ | 199,190 |
| | $ | 199,604 |
|
Gross proceeds and gross realized gains and losses from sales of securities recognized in net income follow: | | | | | | | | | | | | | | June 30, | | 2018 | | 2017 | | 2016 | Gross proceeds from sales of securities | $ | — |
| | $ | 19,279 |
| | $ | — |
| Gross realized gains from sales of securities | — |
| | 70 |
| | — |
| Gross realized losses from sales of securities | — |
| | (48 | ) | | — |
|
Securities available for sale with costs totaling $136,914 and $156,592 with market values of $135,313 and $154,264 at June 30, 2018 and June 30, 2017, respectively, were pledged as collateral to secure various public deposits and 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 June 30, 2018 and June 30, 2017 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2018 | | 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 | $ | 10,962 |
| | $ | (93 | ) | | $ | 35,605 |
| | $ | (391 | ) | | $ | 46,567 |
| | $ | (484 | ) | Residential Mortgage-backed Securities of U.S. Government Agencies and Government-Sponsored Enterprises | 39,238 |
| | (827 | ) | | 21,297 |
| | (611 | ) | | 60,535 |
| | (1,438 | ) | Municipal Bonds | 19,795 |
| | (208 | ) | | 1,446 |
| | (18 | ) | | 21,241 |
| | (226 | ) | Corporate Bonds | — |
| | — |
| | 3,566 |
| | (168 | ) | | 3,566 |
| | (168 | ) | Total | $ | 69,995 |
| | $ | (1,128 | ) | | $ | 61,914 |
| | $ | (1,188 | ) | | $ | 131,909 |
| | $ | (2,316 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | 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 June 30, 2018, and June 30, 2017 were 218 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 years ended June 2018, 2017 or 2016. As a requirement for membership, the Bank invests in stock of the FHLB and the Federal Reserve Bank. No ready market exists for these stocks and the carrying value approximates its fair value based on the redemption provisions of the FHLB and the Federal Reserve Bank. |