INVESTMENT SECURITIES (Tables)

3 Months Ended

Sep. 30, 2022

INVESTMENT SECURITIES

Summary of amortized cost and estimated fair value of securities

The amortized cost and estimated fair value of securities are as follows (dollars in thousands):

	September 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Securities available for sale:
U.S. Government and agency obligations	$	418,213	$	10	$	(22,563)	$	395,660
Municipal obligations		118,567		—		(921)		117,646
Other debt securities		304		319		(59)		564
Total available for sale securities	$	537,084	$	329	$	(23,543)	$	513,870
Securities held to maturity:
Corporate debt securities	$	20,000	$	—	$	(1,996)	$	18,004
Municipal obligations		3,849		—		(182)		3,667
Total held to maturity securities	$	23,849	$	—	$	(2,178)	$	21,671
Equity securities:
Common stock	$	1,040	$	978	$	(18)	$	2,000
Total equity securities	$	1,040	$	978	$	(18)	$	2,000

	June 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
Securities available for sale:
U.S. Government and agency obligations	$	380,708	$	143	$	(15,005)	$	365,846
Municipal obligations		115,480		55		(182)		115,353
Other debt securities		320		326		(55)		591
Total available for sale securities	$	496,508	$	524	$	(15,242)	$	481,790
Securities held to maturity:
Corporate debt securities	$	20,000	$	—	$	(1,349)	$	18,651
Municipal obligations		3,952		—		(136)		3,816
Total held to maturity securities	$	23,952	$	—	$	(1,485)	$	22,467
Equity securities:
Common stock	$	1,040	$	999	$	—	$	2,039
Total equity securities	$	1,040	$	999	$	—	$	2,039

Summary of estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position

The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):

	September 30, 2022
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	47,034	$	(3,053)	$	343,968	$	(19,510)	$	391,002	$	(22,563)
Municipal obligations		110,956		(921)		—		—		110,956		(921)
Other debt securities		71		(5)		128		(54)		199		(59)
	$	158,061	$	(3,979)	$	344,096	$	(19,564)	$	502,157	$	(23,543)
Securities held to maturity:
Corporate debt securities	$	18,004	$	(1,996)	$	—	$	—	$	18,004	$	(1,996)
Municipal obligations		3,667		(182)		—		—		3,667		(182)
	$	21,671	$	(2,178)	$	—	$	—	$	21,671	$	(2,178)

	June 30, 2022
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Government and agency obligations	$	76,252	$	(3,771)	$	265,828	$	(11,234)	$	342,080	$	(15,005)
Municipal obligations		81,522		(182)		—		—		81,522		(182)
Other debt securities		53		(3)		137		(52)		190		(55)
	$	157,827	$	(3,956)	$	265,965	$	(11,286)	$	423,792	$	(15,242)
Securities held to maturity:
Corporate debt securities	$	18,651	$	(1,349)	$	—	$	—	$	18,651	$	(1,349)
Municipal obligations		3,816		(136)		—		—		3,816		(136)
	$	22,467	$	(1,485)	$	—	$	—	$	22,467	$	(1,485)

Summary of rollforward of the credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings (dollars in thousands):

Balance, July 1, 2022	$	1,180
Reductions for amounts realized for securities transactions		—
Balance, September 30, 2022	$	1,180

Summary of fair value of debt securities and carrying amount, if different, by contractual maturity

The fair value of debt securities and carrying amount, if different, by contractual maturity were as follows (dollars in thousands). Securities not due at a single maturity date are shown separately.

	September 30, 2022
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	187,226	$	185,073
Due after one to five years		349,554		328,233
Other debt securities		304		564
	$	537,084	$	513,870
Securities held to maturity:
Due in one year or less	$	2,208	$	2,026
Due after one to five years		1,641		1,641
Due after five to ten years		20,000		18,004
	$	23,849	$	21,671

Schedule of gain (loss) on equity securities

The portion of unrealized gains and losses for the period that relates to equity securities still held at the reporting date are as follows (dollars in thousands):

	For the Three Months Ended September 30,
	2022		2021
Net loss recognized during the period on equity securities	$	(39)	$	(43)
Less: Net gains recognized during the period on equity securities sold during the period		—		17
Unrealized losses recognized during reporting period on equity securities still held at reporting date	$	(39)	$	(60)