Securities

3 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

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

Note 2 – Securities

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Available –for-Sale	Cost		Gains		Losses		Value
September 30, 2015
Obligations of U.S. government-sponsored entities and agencies	$	15,979	$	326	$	—	$	16,305
Obligations of state and political subdivisions		50,718		1,015		(144)		51,589
Mortgage-backed securities – residential		61,945		708		(121)		62,532
Mortgage-backed securities– commercial		1,486		9		—		1,495
Collateralized mortgage obligations– residential		5,320		21		(16)		5,325
Pooled trust preferred security		174		343		—		517
Total available-for-sale securities	$	135,622	$	2,422	$	(281)	$	137,763

Held-to-Maturity	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
September 30, 2015
Obligations of state and political subdivisions	$	3,565	$	147	$	—	$	3,712

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
Available–for-Sale	Cost		Gains		Losses		Value
June 30, 2015
Obligations of U.S. government-sponsored entities and agencies	$	16,411	$	178	$	(31)	$	16,558
Obligations of state and political subdivisions		48,557		811		(405)		48,963
Mortgage-backed securities – residential		64,441		699		(226)		64,914
Mortgage-backed securities – commercial		1,485		1		—		1,486
Collateralized mortgage obligations - residential		4,703		14		(34)		4,683
Pooled trust preferred security		184		356		—		540
Total available-for-sale securities	$	135,781	$	2,059	$	(696)	$	137,144

			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
Held-to-Maturity	Cost		Gains		Losses		Value
June 30, 2015
Obligations of state and political subdivisions	$	3,655	$	67	$	—	$	3,722

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

	Three Months Ended
	September 30,
	2015		2014
Proceeds from sales	$	1,990	$	4,372
Gross realized gains		35		37

The income tax provision applicable to realized gains amounted to $12 in 2015 and 2014.

The amortized cost and fair values of debt securities at September 30, 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 pooled trust preferred security are shown separately.

			Estimated Fair
Available-for-Sale	Amortized Cost		Value
Due in one year or less	$	6,210	$	6,231
Due after one year through five years		13,742		14,068
Due after five years through ten years		29,146		29,752
Due after ten years		17,599		17,843
Total		66,697		67,894
U.S. Government-sponsored mortgage-backed and related securities		68,751		69,352
Pooled trust preferred security		174		517
Total available-for-sale securities	$	135,622	$	137,763
Held-to-Maturity
Due after five years through ten years		745		777
Due after ten years		2,820		2,935
Total held-to-maturity securities	$	3,565	$	3,712

The following table summarizes the securities with unrealized losses at September 30, 2015 and June 30, 2015, 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
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Available-for-sale	Value		Loss		Value		Loss		Value		Loss
September 30, 2015
Obligations of states and political subdivisions		11,562		(116)		1,661		(28)		13,223		(144)
Mortgage-backed securities - residential		20,393		(96)		3,155		(25)		23,548		(121)
Collateralized mortgage obligations		3,036		(16)		—		—		3,036		(16)
Total temporarily impaired	$	34,991	$	(228)	$	4,816	$	(53)	$	39,807	$	(281)

	Less than 12 Months				12 Months or more				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Available-for-sale	Value		Loss		Value		Loss		Value		Loss
June 30, 2015
Obligation of U.S. government- sponsored entities and agencies	$	3,719	$	(31)	$	—	$	—	$	3,719	$	(31)
Obligations of states and political subdivisions		18,796		(352)		2,145		(53)		20,941		(405)
Mortgage-backed securities - residential		24,322		(200)		2,031		(26)		26,353		(226)
Collateral mortgage obligation - residential		3,321		(34)		—		—		3,321		(34)
Total temporarily impaired	$	50,158	$	(617)	$	4,176	$	(79)	$	54,334	$	(696)

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 point in time.

The unrealized losses within the securities portfolio as of September 30, 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 collateralized mortgage obligations is largely due to changes in interest rates. The fair value is expected to recover as the securities approach maturity. The mortgage-backed securities and collateralized mortgage obligations were primarily issued by Fannie Mae, Freddie Mac and Ginnie Mae, institutions which the government has affirmed its commitment to support. The Corporation does not own any private label mortgage-backed securities.