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Mortgage Loan Servicing and Loans Originated for Sale (Tables)
 12 Months Ended
Jun. 30, 2013
Transfers and Servicing [Abstract]  
Schedule of Mortgage Loans Serviced for Others
The following summarizes the unpaid principal balance of loans serviced for others by the Corporation at the dates indicated:
 
(In Thousands)
As of June 30,
2013
2012
2011
Loans serviced for Freddie Mac
$
4,160

$
4,727

$
3,269

Loans serviced for Fannie Mae
34,023

24,063

16,791

Loans serviced for FHLB – San Francisco
52,096

68,013

87,022

Loans serviced for other investors
1,877

2,072

2,269

Total loans serviced for others
$
92,156

$
98,875

$
109,351
Schedule of Mortgage Servicing Assets
The following table summarizes the Corporation’s MSA for years ended June 30, 2013 and 2012.

 
Year Ended June 30,
(Dollars In Thousands)
2013
2012
 
 
 
MSA balance, beginning of fiscal year
$
491

$
430

Additions
104

106

Amortization
(61
)
(45
)
MSA balance, end of fiscal year, before allowance
534

491

Allowance
(200
)
(164
)
MSA balance, end of fiscal year
$
334

$
327

 
 
 
Fair value, beginning of fiscal year
$
398

$
589

Fair value, end of fiscal year
$
395

$
398

 
 
 
Allowance, beginning of fiscal year
$
164

$
76

Impairment provision
36

88

Allowance, end of fiscal year
$
200

$
164

 
 
 
Key Assumptions:
 
 
Weighted-average discount rate
9.11
%
9.10
%
Weighted-average prepayment speed
24.90
%
26.61
%
Schedule of Estimated Future Amortization of Mortgage Servicing Assets
The following table summarizes the estimated future amortization of MSA for the next five years and thereafter:
 
Amount
Year Ending June 30,
(In Thousands)
 
 
2014
$
130

2015
94

2016
67

2017
43

2018
23

Thereafter
177

Total estimated amortization expense
$
534
Schedule of Mortgage Servicing Assets, Hypothetical Effect on Fair Value
The following table represents the hypothetical effect on the fair value of the Corporation’s MSA using an unfavorable shock analysis of certain key valuation assumptions as of June 30, 2013 and 2012.  This analysis is presented for hypothetical purposes only.  As the amounts indicate, changes in fair value based on changes in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear.

 
Year Ended June 30,
(Dollars In Thousands)
2013
2012
MSA net carrying value
$
334

$
327

 
 
 
CPR assumption (weighted-average)
24.90
%
26.61
%
Impact on fair value with 10% adverse change in prepayment speed
$
(18
)
$
(18
)
Impact on fair value with 20% adverse change in prepayment speed
$
(33
)
$
(34
)
 
 
 
Discount rate assumption (weighted-average)
9.11
%
9.10
%
Impact on fair value with 10% adverse change in discount rate
$
(12
)
$
(11
)
Impact on fair value with 20% adverse change in discount rate
$
(24
)
$
(21
)
Schedule of Mortgage Servicing Assets Sold
Loans sold consisted of the following for the years indicated:
 
(In Thousands)
Year Ended June 30,
2013
2012
2011
Loans sold:
 
 
 
Servicing – released
$
3,506,027

$
2,460,281

$
2,115,845

Servicing – retained
16,331

13,121

1,999

Total loans sold
$
3,522,358

$
2,473,402

$
2,117,844
Schedule of Mortgage Servicing Assets Held For Sale
Loans held for sale, at fair value, at June 30, 2013 and 2012 consisted of the following:

 
(In Thousands)
June 30,
2013
2012
Fixed rate
$
183,999

$
228,070

Adjustable rate
4,051

3,569

Total loans held for sale, at fair value
$
188,050

$
231,639