| INVESTMENT SECURITIES |
3. INVESTMENT SECURITIES
The amortized cost and fair values of investments are as follows:
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Gross
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Gross
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Amortized
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Unrealized
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Unrealized
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Fair
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Cost
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Gains
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Losses
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Value
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(Dollars in Thousands)
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2015
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AVAILABLE FOR SALE
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Corporate debt securities
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$ |
60,968 |
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$ |
63 |
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|
$ |
(93 |
) |
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$ |
60,938 |
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Foreign debt securities 1
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5,298 |
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- |
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(17 |
) |
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5,281 |
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Obligations of states and political
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subdivisions
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702 |
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- |
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(5 |
) |
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|
697 |
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Total
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$ |
66,968 |
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|
$ |
63 |
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|
$ |
(115 |
) |
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$ |
66,916 |
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Gross
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Gross
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Amortized
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Unrealized
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Unrealized
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Fair
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Cost
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Gains
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Losses
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Value
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(Dollars in Thousands)
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|
2015
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HELD TO MATURITY
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U.S. government agency securities
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$ |
27,395 |
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|
$ |
5 |
|
|
$ |
(94 |
) |
|
$ |
27,306 |
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Corporate debt securities
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|
3,868 |
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|
371 |
|
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|
- |
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|
4,239 |
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Obligations of states and political
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subdivisions
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5,355 |
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|
79 |
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- |
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|
5,434 |
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Total
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$ |
36,618 |
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|
$ |
455 |
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|
$ |
(94 |
) |
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$ |
36,979 |
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Gross
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Gross
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Amortized
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Unrealized
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Unrealized
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Fair
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Cost
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Gains
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|
|
Losses
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Value
|
|
|
|
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(Dollars in Thousands)
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|
|
|
|
2014
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AVAILABLE FOR SALE
|
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Corporate debt securities
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|
$ |
26,123 |
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|
$ |
188 |
|
$ |
|
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|
- |
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$ |
26,311 |
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Foreign debt securities 1
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|
2,066 |
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|
10 |
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- |
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|
2,076 |
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Total
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$ |
28,189 |
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$ |
198 |
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$ |
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|
- |
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$ |
28,387 |
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___________________________
1
U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers.
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Gross
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Gross
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Amortized
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Unrealized
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Unrealized
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Fair
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Cost
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Gains
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Losses
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Value
|
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(Dollars in Thousands)
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|
|
|
|
2014
|
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HELD TO MATURITY
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|
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|
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U.S. government agency securities
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|
$ |
16,848 |
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|
$ |
11 |
|
|
$ |
(118 |
) |
|
$ |
16,741 |
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|
Corporate debt securities
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|
5,199 |
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|
540 |
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|
- |
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5,739 |
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Foreign debt securities 1
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|
- |
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- |
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|
- |
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- |
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Total
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$ |
22,047 |
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|
$ |
551 |
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|
$ |
(118 |
) |
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$ |
22,480 |
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In fiscal years 2015, 2014, and 2013, the Company recorded gross realized investment security gains of $0, $0, and $46 thousand and there were no gross losses for any period. Proceeds from sales of investment securities during fiscal 2015, 2014, and 2013 were $0, $0, and $7.2 million. In fiscal year 2013, one held to maturity security totaling $337 thousand was sold. The investment sold had paid down below fifteen percent of the original investment amount, and was sold with a realized gain of $1 thousand.
The amortized cost and fair values of investment securities at June 30, 2015, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities.
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Due in
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Due after
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Due after
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Due after
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Due after
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one year
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one through
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two through
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three through
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five through
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Due after
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or less
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two years
|
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three years
|
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five years
|
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ten years
|
|
ten years
|
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Total
|
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(Dollars in Thousands)
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|
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AVAILABLE FOR SALE
|
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|
|
|
|
|
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|
|
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Amortized cost
|
|
|
$ |
11,319 |
|
|
$ |
51,366 |
|
|
$ |
3,290 |
|
|
$ |
993 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
66,968 |
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Fair value
|
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|
11,334 |
|
|
|
51,317 |
|
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|
3,273 |
|
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|
992 |
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|
- |
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|
- |
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|
66,916 |
|
|
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|
Weighted average yield
|
1.54 |
% |
|
|
1.56 |
% |
|
|
1.89 |
% |
|
|
1.62 |
% |
|
|
- |
% |
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|
- |
% |
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|
1.57 |
% |
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HELD TO MATURITY
|
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|
|
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|
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|
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|
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Amortized cost
|
|
|
$ |
- |
|
|
$ |
524 |
|
|
$ |
3,095 |
|
|
$ |
2,109 |
|
|
$ |
14,833 |
|
|
$ |
16,057 |
|
|
$ |
36,618 |
|
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|
Fair value
|
|
|
|
- |
|
|
|
554 |
|
|
|
3,293 |
|
|
|
2,264 |
|
|
|
14,878 |
|
|
|
15,990 |
|
|
|
36,979 |
|
|
|
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|
Weighted average yield
|
- |
% |
|
|
6.17 |
% |
|
|
4.94 |
% |
|
|
4.36 |
% |
|
|
1.79 |
% |
|
|
1.66 |
% |
|
|
2.21 |
% |
|
At June 30, 2015 and 2014, no investment securities were pledged to secure public deposits, repurchase agreements or borrowings with the Federal Home Loan Bank.
___________________________
1 U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers.
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