Investment Securities

12 Months Ended

Jun. 30, 2012

Investment Securities:

Investment Securities

2.    Investment Securities:

The amortized cost and estimated fair value of investment securities as of June 30, 2012 and 2011 were as follows:

June 30, 2012		Amortized Cost	Gross Unrealized Gains	Gross Unrealized (Losses)		Estimated Fair Value	Carrying Value
(In Thousands)
Available for sale
	U.S. government agency MBS (1)	$ 11,854	$ 460	$   -		$ 12,314	$ 12,314
	U.S. government sponsored   enterprise MBS	8,850	492	-		9,342	9,342
	Private issue CMO (2)	1,243	4	(5	)	1,242	1,242
Total investment securities		$ 21,947	$ 956	$ (5	)	$ 22,898	$ 22,898

(1)	Mortgage-Backed Securities (“MBS”).
(2)	Collateralized Mortgage Obligations (“CMO”).

June 30, 2011		Amortized Cost	Gross Unrealized Gains	Gross Unrealized (Losses)		Estimated Fair Value	Carrying Value
(In Thousands)
Available for sale
	U.S. government agency MBS	$ 13,935	$ 474	$     -		$ 14,409	$ 14,409
	U.S. government sponsored   enterprise MBS	9,960	457	-		10,417	10,417
	Private issue CMO	1,396	-	(29	)	1,367	1,367
Total investment securities		$ 25,291	$ 931	$ (29	)	$ 26,193	$ 26,193

In fiscal 2012, the Bank received MBS principal payments of $3.3 million.  In fiscal 2011, the Bank received MBS principal payments of $5.5 million, and a $3.3 million investment security was called by the issuer.  In fiscal 2010, the Bank sold $65.5 million of investment securities for a net gain of $2.3 million, received MBS principal payments of $20.6 million, and a $2.0 million investment security was called by the issuer.

As of June 30, 2012 and 2011, the Corporation held investments with an unrealized loss position totaling $5,000 and $29,000, respectively, consisting of the following:

As of June 30, 2012	Unrealized Holding Losses		Unrealized Holding Losses		Unrealized Holding Losses
(In Thousands)	Less Than 12 Months		12 Months or More		Total
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
Description  of Securities	Value	Losses	Value	Losses	Value	Losses
Private issue CMO	$ -	$ -	$ 183	$ 5	$ 183	$ 5
Total	$ -	$ -	$ 183	$ 5	$ 183	$ 5

As of June 30, 2011	Unrealized Holding Losses		Unrealized Holding Losses		Unrealized Holding Losses
(In Thousands)	Less Than 12 Months		12 Months or More		Total
	Fair	Unrealized	Fair	Unrealized	Fair	Unrealized
Description  of Securities	Value	Losses	Value	Losses	Value	Losses
Private issue CMO	$ -	$ -	$ 1,367	$ 29	$ 1,367	$ 29
Total	$ -	$ -	$ 1,367	$ 29	$ 1,367	$ 29

As of June 30, 2012, the unrealized holding losses relate to one adjustable rate private issue CMO which has been in an unrealized loss position for more than 12 months.  This compares to the unrealized holding losses of two adjustable rate private issue CMO which have been in an unrealized loss position for more than 12 months at June 30, 2011.  The unrealized holding losses are primarily the result of perceived credit and liquidity concerns of privately issued CMO investment securities.  Based on the nature of the investments, management concluded that such unrealized losses were not other than temporary as of June 30, 2012 and 2011.  The Corporation intends and has the ability to hold the debt securities until maturity and will not likely be required to sell the debt securities before realizing a full recovery.

Contractual maturities of investment securities as of June 30, 2012 and 2011 were as follows:

(In Thousands)	June 30, 2012		June 30, 2011
		Estimated			Estimated
	Amortized	Fair		Amortized	Fair
	Cost	Value		Cost	Value
Available for sale
Due in one year or less	$           -	$           -		$           -	$           -
Due after one through five years	-	-		-	-
Due after five through ten years	-	-		-	-
Due after ten years	21,947	22,898		25,291	26,193
Total investment securities	$ 21,947	$ 22,898		$ 25,291	$ 26,193