Securities

9 Months Ended

Mar. 31, 2015

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 2 – Securities

Available –for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2015
Obligations of U.S. government-sponsored entities and agencies	$	16,870	$	348	$	(6)	$	17,212
Obligations of state and political subdivisions		45,196		1,152		(79)		46,269
Mortgage-backed securities – residential		57,568		1,069		(52)		58,585
Mortgage-backed securities – commercial		1,485		—		—		1,485
Collateralized mortgage obligations		4,119		24		(3)		4,140
Trust preferred security		190		339		—		529
Total available-for-sale securities	$	125,428	$	2,932	$	(140)	$	128,220

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
March 31, 2015
Obligations of state and political subdivisions	$	3,690	$	35	$	—	$	3,725

Available–for-Sale	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2014
Obligations of U.S. government-sponsored entities and agencies	$	18,345	$	126	$	(35)	$	18,436
Obligations of state and political subdivisions		44,645		1,124		(257)		45,512
Mortgage-backed securities – residential		57,370		965		(231)		58,104
Collateralized mortgage obligations		3,887		42		—		3,929
Trust preferred security		202		210		—		412
Total available-for-sale securities	$	124,449	$	2,467	$	(523)	$	126,393

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
June 30, 2014
Obligations of state and political subdivisions	$	3,000	$	40	$	—	$	3,040

Proceeds from the sales and calls of available-for-sale securities were as follows:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2015		2014		2015		2014
Proceeds	$	3,080	$	216	$	16,124	$	2,981
Gross realized gains		50		4		241		37
Gross realized losses		54		—		123		1

The income tax benefit applicable to the net realized losses was $1 for the three months ended March 31, 2015. The income tax provision applicable to these net realized gains was $39 for the nine months ended March 31, 2015, and $1 and $12 for the three and nine months ended March 31, 2014, respectively.

The amortized cost and fair values of debt securities at March 31, 2015, by expected maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, collateralized mortgage obligations and the trust preferred security are shown separately.

Available-for-Sale	Amortized Cost		Fair Value
Due in one year or less	$	2,639	$	2,649
Due after one year through five years		11,753		11,988
Due after five years through ten years		32,085		32,873
Due after ten years		15,589		15,971
Total		62,066		63,481
Mortgage-backed securities – residential		57,568		58,585
Mortgage-backed securities – commercial		1,485		1,485
Collateralized mortgage obligations		4,119		4,140
Trust preferred security		190		529
Total available-for-sale securities	$	125,428	$	128,220
Held-to-Maturity
Due after five years through ten years		780		785
Due after ten years		2,910		2,940
Total held-to-maturity securities	$	3,690	$	3,725

The following table summarizes the securities with unrealized losses at March 31, 2015 and June 30, 2014, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months				12 Months or more				Total
Available-for-sale	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2015
Obligations of U.S. government- sponsored entities and agencies	$	992	$	(6)	$	—	$	—	$	992	$	(6)
Obligations of states and political subdivisions		5,789		(45)		2,171		(34)		7,960		(79)
Mortgage-backed securities - residential		9,262		(41)		4,648		(11)		13,910		(52)
Collateralized mortgage obligations		1,968		(3)		—		—		1,968		(3)
Total temporarily impaired	$	18,011	$	(95)	$	6,819	$	(45)	$	24,830	$	(140)

	Less than 12 Months				12 Months or more				Total
Available-for-sale	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
June 30, 2014
Obligation of U.S. government- sponsored entities and agencies	$	1,492	$	(7)	$	5,411	$	(28)	$	6,903	$	(35)
Obligations of states and political subdivisions		9,929		(223)		3,719		(34)		13,648		(257)
Mortgage-backed securities - residential		10,403		(210)		2,342		(21)		12,745		(231)
Total temporarily impaired	$	21,824	$	(440)	$	11,472	$	(83)	$	33,296	$	(523)

Management evaluates securities for other-than-temporary impairment (OTTI) on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The securities portfolio is evaluated for OTTI by segregating the portfolio into two general segments and applying the appropriate OTTI model. Investment securities are generally evaluated for OTTI under FASB ASC Topic 320, Accounting for Certain Investments in Debt and Equity Securities.

In determining OTTI under the ASC Topic 320 model, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of subjectivity and judgment and is based on the information available to management at a certain point in time.

The unrealized losses within the securities portfolio as of March 31, 2015 have not been recognized into income because the decline in fair value is not attributed to credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery. The decline in fair value of the residential mortgage-backed securities, obligations of state and political subdivisions and obligations of U.S. government-sponsored entities and agencies is largely due to changes in interest rates. The fair value is expected to recover as the securities approach maturity.