Investment Securities

3 Months Ended

Sep. 30, 2013

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

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

September 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 (1)	$	9,845	$	396	$	—		$	10,241	$	10,241
U.S. government sponsored enterprise MBS	7,001		369		—			7,370		7,370
Private issue CMO (2)	986		—		(33		)	953		953
Total investment securities	$	17,832	$	765	$	(33	)	$	18,564	$	18,564

⁽¹⁾  Mortgage-Backed Securities (“MBS”).

⁽²⁾  Collateralized Mortgage Obligations (“CMO”).

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	1,036		1		(18		)	1,019		1,019
Total investment securities	$	18,652	$	876	$	(18	)	$	19,510	$	19,510

In the first quarters of fiscal 2014 and 2013, the Corporation received MBS principal payments of $820,000 and $762,000, respectively, and did not purchase or sell investment securities.

The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value.  As of September 30, 2013, the gross unrealized holding losses relate to two adjustable rate private issue CMOs, where one has been in an unrealized loss position for more than 12 months and the other has been in an unrealized loss position for less than 12 months.  This compares to June 30, 2013 when the gross unrealized holding losses relate to one adjustable rate private issue CMOs, which has been in an unrealized loss position for more than 12 months. The unrealized holding losses were primarily the result of perceived credit and liquidity concerns related to these CMOs.  Based on the nature of the investments, management concluded that such unrealized losses were not other than temporary as of September 30, 2013 and June 30, 2013.  The Corporation does not believe that there are any other-than-temporary impairments at September 30, 2013 and 2012; therefore, no impairment losses have been recorded for the quarters ended September 30, 2013 and 2012.  The Corporation intends and has the ability to hold these CMOs until maturity and will not likely be required to sell the CMOs before realizing a full recovery.

Contractual maturities of investment securities as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013				June 30, 2013
(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	17,832		18,564		18,652		19,510
Total investment securities	$	17,832	$	18,564	$	18,652	$	19,510