Note 7 - Securities Available-For-Sale (Securities Available-For-Sale [Member])

3 Months Ended

Sep. 30, 2014

Securities Available-For-Sale [Member]

Note 7 - Securities Available-For-Sale [Line Items]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 7 – SECURITIES AVAILABLE-FOR-SALE:

The amortized cost, fair value, and carrying value of securities were as follows:

	at September 30, 2014
(in thousands)	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	10,975	$	158	$	-		$	11,133
Securities of state and political subdivisions		409		15		-			424
U.S. Treasury notes		26,865		-		(48	)		26,817
Agency MBS		4,958		-		-			4,958
Mutual fund investment		1,215		1		-			1,216
Equity investments		422		320		-			742
Total securities available-for-sale	$	44,844	$	494	$	(48	)	$	45,290

	at June 30, 2014
(in thousands)	Amortized		Gross Unrealized					Fair
	Cost		Gains		Losses			Value
Corporate debt securities	$	16,030	$	280	$	-		$	16,310
Securities of state and political subdivisions		409		18		-			427
U.S. Treasury notes		7,930		43		-			7,973
Mutual fund investments		1,306		-		(45	)		1,261
Equity investment		422		371		-			793
Total securities available-for-sale	$	26,097	$	712	$	(45	)	$	26,764

The amortized cost and estimated fair value of available-for-sale securities at September 30, 2014, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Fair Value
	(in thousands)
Due in three months or less	$	-	$	-
Due after three months to one year		5,239		5,306
Due after one year to five years		33,010		33,068
Due after five years		4,958		4,958
No stated maturity		1,637		1,958
Total securities available-for-sale	$	44,844	$	45,290

For the quarters ended September 30, 2014 and 2013, the Company had no realized gains or losses on securities. The following table presents the fair value and associated gross unrealized loss on an available-for-sale securities with a gross unrealized loss at September 30, 2014 and June 30, 2014.

	Less than 12 Months					12 Months or More					Total
	Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value
	(in thousands)
At September 30, 2014
U.S Treasury Notes	$	(48	)	$	26,817	$	-		$	-	$	(48	)	$	26,817
Total	$	(48	)	$	26,817	$	-		$	-	$	(48	)	$	26,817
At June 30, 2014
Mutual fund investment	$	-		$	-	$	(45	)	$	1,261	$	(45	)	$	1,261
Total	$	-		$	-	$	(45	)	$	1,261	$	(45	)	$	1,261

The Company conducts a regular assessment of its investment portfolios to determine whether any securities are other-than-temporarily impaired. In estimating other-than-temporary impairment losses, management considers, among other factors, length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer, and the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery.  In September 2014, the Company recorded a pre-tax impairment charge of $91,000 related to the mutual fund investment which had a $45,000 unrealized loss at June 30, 2014. While the Company has the ability and intent to retain this investment, given that the fund lowered its dividend by 11% in May 2014 and had traded below its recorded cost for over  twelve months, the Company determined that an other than temporary impairment had occurred. The $48,000 unrealized losses at September 30, 2014 are related to fluctuations in interest rates during the period, and not credit quality. Because the Company has the intent to hold these securities and more likely than not will not need to sell them, the Company does not consider these investments to be other-than-temporarily impaired at September 30, 2014.

At September 30, 2014, securities with carrying values of $26.8 million were pledged to secure borrowings from the FHLB (see Note 11).  At June 30, 2014, securities with carrying values of $8.0 million were pledged to secure the borrowing from the FHLB.