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SECURITIES
6 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
SECURITIES
3.
SECURITIES

The amortized cost and fair value of securities, with gross unrealized gains and losses, follows:

 

 

December 31, 2022

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

163

 

 

$

-

 

 

$

(3

)

 

$

160

 

Collateralized mortgage obligations

 

 

8

 

 

 

-

 

 

 

-

 

 

 

8

 

Total securities available for sale

 

$

171

 

 

$

-

 

 

$

(3

)

 

$

168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Debt obligations

 

$

994

 

 

$

-

 

 

$

(27

)

 

$

967

 

Mortgage-backed securities

 

 

49,703

 

 

 

9

 

 

 

(3,674

)

 

 

46,038

 

Collateralized mortgage obligations

 

 

3

 

 

 

-

 

 

 

-

 

 

 

3

 

Municipal bonds

 

 

44,777

 

 

 

8

 

 

 

(7,308

)

 

 

37,477

 

Corporate bonds

 

 

53,996

 

 

 

1

 

 

 

(5,858

)

 

 

48,139

 

Total securities held to maturity

 

$

149,473

 

 

$

18

 

 

$

(16,867

)

 

$

132,624

 

 

 

 

June 30, 2022

 

(In thousands)

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

186

 

 

$

-

 

 

$

-

 

 

$

186

 

Collateralized mortgage obligations

 

 

13

 

 

 

-

 

 

 

-

 

 

 

13

 

Total securities available for sale

 

$

199

 

 

$

-

 

 

$

-

 

 

$

199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored enterprises:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

47,741

 

 

 

26

 

 

 

(1,895

)

 

 

45,872

 

Collateralized mortgage obligations

 

 

7

 

 

 

-

 

 

 

-

 

 

 

7

 

Municipal bonds

 

 

45,776

 

 

 

23

 

 

 

(5,172

)

 

 

40,627

 

Corporate bonds

 

 

51,715

 

 

 

20

 

 

 

(4,648

)

 

 

47,087

 

Total securities held to maturity

 

$

145,239

 

 

$

69

 

 

$

(11,715

)

 

$

133,593

 

 

Securities with an amortized cost of $14,667,000 and a fair value of $12,096,000 at December 31, 2022 were pledged to secure a credit line with the Federal Reserve Bank. See Note 7.

The amortized cost and fair value of debt securities, by contractual maturity, is 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.

 

 

 

 

December 31, 2022

 

 

 

Available for Sale

 

 

Held to Maturity

 

(In thousands)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Within 1 year

 

$

-

 

 

$

-

 

 

$

3,394

 

 

$

3,356

 

Over 1 year through 5 years

 

 

-

 

 

 

-

 

 

 

31,647

 

 

 

30,451

 

Over 5 years through 10 years

 

 

-

 

 

 

-

 

 

 

39,640

 

 

 

34,230

 

Over 10 years

 

 

-

 

 

 

-

 

 

 

25,086

 

 

 

18,546

 

 

 

 

-

 

 

 

-

 

 

 

99,767

 

 

 

86,583

 

Mortgage-backed securities

 

 

163

 

 

 

160

 

 

 

49,703

 

 

 

46,038

 

Collateralized mortgage obligations

 

 

8

 

 

 

8

 

 

 

3

 

 

 

3

 

 

 

$

171

 

 

$

168

 

 

$

149,473

 

 

$

132,624

 

 

 

 

June 30, 2022

 

 

 

Available for Sale

 

 

Held to Maturity

 

(In thousands)

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

Within 1 year

 

$

-

 

 

$

-

 

 

$

4,006

 

 

$

4,008

 

Over 1 year through 5 years

 

 

-

 

 

 

-

 

 

 

25,269

 

 

 

24,763

 

Over 5 years through 10 years

 

 

-

 

 

 

-

 

 

 

42,934

 

 

 

38,600

 

Over 10 years

 

 

-

 

 

 

-

 

 

 

25,282

 

 

 

20,343

 

 

 

 

-

 

 

 

-

 

 

 

97,491

 

 

 

87,714

 

Mortgage-backed securities

 

 

186

 

 

 

186

 

 

 

47,741

 

 

 

45,872

 

Collateralized mortgage obligations

 

 

13

 

 

 

13

 

 

 

7

 

 

 

7

 

 

 

$

199

 

 

$

199

 

 

$

145,239

 

 

$

133,593

 

Information pertaining to securities with gross unrealized losses at December 31, 2022 or June 30, 2022 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

 

 

December 31, 2022

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(In thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

3

 

 

$

154

 

 

$

-

 

 

$

-

 

Total temporarily impaired securities available for sale

 

$

3

 

 

$

154

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

1,788

 

 

$

31,561

 

 

$

1,886

 

 

$

13,455

 

Debt obligations

 

 

27

 

 

 

967

 

 

 

-

 

 

 

-

 

Municipal bonds

 

 

2,644

 

 

 

20,025

 

 

 

4,664

 

 

 

12,493

 

Corporate bonds

 

 

3,105

 

 

 

31,887

 

 

 

2,753

 

 

 

14,251

 

Total temporarily impaired securities held to maturity

 

$

7,564

 

 

$

84,440

 

 

$

9,303

 

 

$

40,199

 

 

 

 

 

June 30, 2022

 

 

 

Less Than Twelve Months

 

 

Over Twelve Months

 

(In thousands)

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Securities held to maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

1,712

 

 

$

39,843

 

 

$

183

 

 

$

1,855

 

Municipal bonds

 

 

3,520

 

 

 

25,976

 

 

 

1,652

 

 

 

6,394

 

Corporate bonds

 

 

3,679

 

 

 

37,015

 

 

 

969

 

 

 

5,682

 

Total temporarily impaired securities held to maturity

 

$

8,911

 

 

$

102,834

 

 

$

2,804

 

 

$

13,931

 

 

At December 31, 2022, 278 debt securities had unrealized losses with aggregate depreciation of 11.92% from the Bank’s amortized cost basis. These unrealized losses are the result of changes in the interest rate environment and there have been no downgrades in the investment quality of these securities. The contractual terms of these securities do not permit the entities to settle the security at a price less than par value. Because the Bank does not intend to sell these securities and it is not more likely than not that the Bank will be required to sell the securities before recovery of their amortized cost basis, which may be maturity, it does not consider these securities to be other-than-temporarily impaired at December 31, 2022.

There were no sales of securities during the three and six months ended December 31, 2022. There were no sales of securities during the three months ended December 31, 2021. Proceeds from the sale of securities available for sale was $2.0 million for the six months ended December 31, 2021, resulting in realized gains of $48,000.