Investment Securities

12 Months Ended

Jun. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The amortized cost and estimated fair value of investment securities as of June 30, 2013 and 2012 were as follows:

June 30, 2013	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value		Carrying Value
(In Thousands)
Available for sale
U.S. government agency MBS	$	10,361	$	455	$	—		$	10,816	$	10,816
U.S. government sponsored enterprise MBS	7,255		420		—			7,675		7,675
Private issue CMO (1)	1,036		1		(18		)	1,019		1,019
Total investment securities	$	18,652	$	876	$	(18	)	$	19,510	$	19,510

⁽¹⁾  Collateralized Mortgage Obligations (“CMO”).

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	$	11,854	$	460	$	—		$	12,314	$	12,314
U.S. government sponsored enterprise MBS	8,850		492		—			9,342		9,342
Private issue CMO	1,243		4		(5		)	1,242		1,242
Total investment securities	$	21,947	$	956	$	(5	)	$	22,898	$	22,898

In fiscal 2013 and 2012, the Corporation received MBS principal payments of $3.3 million and $3.3 million, respectively, and did not purchase or sell investment securities; while in fiscal 2011, the Corporation received MBS principal payments of $5.5 million, and a $3.3 million of investment securities was called by the issuer.

As of June 30, 2013 and 2012, the Corporation held investments with an unrealized loss position totaling $18,000 and $5,000, respectively, consisting of the following:

As of June 30, 2013	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	$	848	$	18	$	—	$	—	$	848	$	18
Total	$	848	$	18	$	—	$	—	$	848	$	18

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, 2013, the unrealized holding losses relate to one adjustable rate private issue CMO which has been in an unrealized loss position for less than 12 months. This compares to the unrealized holding losses of the another adjustable rate private issue CMO which was in an unrealized loss position for more than 12 months at June 30, 2012.  The unrealized holding losses were primarily the result of market interest rate movement, perceived credit and liquidity concerns on 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, 2013 and 2012.  The Corporation does not believe that there are any other-than-temporary impairments at June 30, 2013 and 2012; therefore, no impairment losses have been recorded for fiscal 2013, 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, 2013 and 2012 were as follows:

	June 30, 2013				June 30, 2012
(In Thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair 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	18,652		19,510		21,947		22,898
Total investment securities	$	18,652	$	19,510	$	21,947	$	22,898