INVESTMENT SECURITIES

3 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Investment Securities Disclosure [Text Block]

9.     INVESTMENT SECURITIES

Investment securities available for sale at September 30, 2016 consisted of the following:

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Mortgage-backed securities	$	72,690	$	529	$	168	$	73,051
Municipal bonds		36,184		995		118		37,061
Small Business Administration		7,503		130		—		7,633
Collateralized Mortgage Obligations		27,276		96		58		27,314
Certificates of Deposit		2,971		99		—		3,070
Other equity securities		210		—		48		162
	$	146,834	$	1,849	$	392	$	148,291

Investment securities held to maturity at September 30, 2016 consisted of the following:

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Municipal Bonds	$	40,676	$	1,904	$	—	$	42,580

Investment securities available for sale at June 30, 2016 consisted of the following:

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Mortgage-backed securities	$	74,198	$	619	$	90	$	74,727
Municipal bonds		33,512		1,278		—		34,790
Small Business Administration		7,651		221		—		7,872
Collateralized Mortgage Obligations		31,650		182		—		31,832
Certificates of Deposit		2,971		93		—		3,064
Other equity securities		210		—		43		167
	$	150,192	$	2,393	$	133	$	152,452

Investment securities held to maturity at June 30, 2016 consisted of the following:

			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Market
	Cost		Gains		Losses		Value
Municipal Bonds	$	40,763	$	2,438	$	—	$	43,201

The mortgage-backed securities, callable bonds and municipal bonds have the following maturities at September 30, 2016:

	Available for Sale				Held to Maturity
			Estimated				Estimated
	Amortized		market		Amortized		market
	cost		value		cost		value
Due or callable in one year or less	$	—	$	—	$	63	$	64
Due or callable in 1 - 5 years		82,792		83,079		824		839
Due or callable in 5 - 10 years		44,184		45,210		4,861		5,024
Due or callable in greater than 10 years		19,648		19,840		34,928		36,653
Total debt securities	$	146,624	$	148,129	$	40,676	$	42,580

All other securities available for sale at September 30, 2016 are saleable within one year.

Gross proceeds on the sale of investment and mortgage-backed securities were $18.0 million and $8.6 million for the three months ended September 30, 2016 and 2015, respectively. Gross realized gains for the three months ended September 30, 2016 and 2015 were $110,000 and $78,000 respectively. Gross realized losses for the three months ended September 30, 2016 and 2015 were $31,000 and $72,000, respectively.

The table below indicates the length of time individual investment securities and mortgage-backed securities have been in a continuous loss position at September 30, 2016:

	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In thousands)
Municipal Bonds	$	9,182	$	118	$	—	$	—	$	9,182	$	118
Mortgage-backed securities		15,972		89		16,135		79		32,107		168
Collateralized Mortgage Obligations		10,663		58		—		—		10,663		58
Other equity securities		—		—		162		48		162		48
	$	35,817	$	265	$	16,297	$	127	$	52,114	$	392
Number of investments				25				7				32

Securities available for sale are reviewed for possible other-than-temporary impairment on a quarterly basis. During this review, management considers the severity and duration of the unrealized losses as well as its intent and ability to hold the securities until recovery, taking into account balance sheet management strategies and its market view and outlook. Management also assesses the nature of the unrealized losses taking into consideration factors such as changes in risk-free interest rates, general credit spread widening, market supply and demand, creditworthiness of the issuer or any credit enhancement providers, and the quality of the underlying collateral. Management does not intend to sell these securities in the foreseeable future, and does not believe that it is more likely than not that the Bank will be required to sell a security in an unrealized loss position prior to a recovery in its value. The decline in market value is due to changes in market interest rates. The fair values are expected to recover as the securities approach maturity dates.