INVESTMENT SECURITIES

12 Months Ended

Jun. 30, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENT SECURITIES

3. INVESTMENT SECURITIES

The amortized cost and fair values of investments are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in Thousands)
2016
AVAILABLE FOR SALE
Corporate debt securities	$	96,742	$	150	$	(40	)	$	96,852
Foreign debt securities 1		8,780		5		(2	)		8,783
Obligations of states and political subdivisions		2,034		7		—			2,041
Total	$	107,556	$	162	$	(42	)	$	107,676
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in Thousands)
2016
HELD TO MATURITY
U.S. government agency securities	$	625	$	5	$	—		$	630
Corporate debt securities		3,543		228		—			3,771
Obligations of states and political subdivisions		5,355		234		—			5,589
Total	$	9,523	$	467	$	—		$	9,990
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in Thousands)
2015
AVAILABLE FOR SALE
Corporate debt securities	$	60,968	$	63	$	(93	)	$	60,938
Foreign debt securities 1		5,298		—		(17	)		5,281
Obligations of states and political subdivisions		702		—		(5	)		697
Total	$	66,968	$	63	$	(115	)	$	66,916

¹ U.S. dollar-denominated investment-grade corporate bonds of large foreign corporate issuers.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(Dollars in Thousands)
2015
HELD TO MATURITY
U.S. government agency securities	$	27,395	$	5	$	(94	)	$	27,306
Corporate debt securities		3,868		371		—			4,239
Obligations of states and political subdivisions		5,355		79		—			5,434
Total	$	36,618	$	455	$	(94	)	$	36,979

In fiscal years 2016, 2015, and 2014, the Company recorded gross realized investment security gains of $31 thousand, $0, and $0, respectively, and there were no gross losses for any period. Proceeds from sales of investment securities during fiscal 2016, 2015, and 2014 were $6.4 million, $0, and $0, respectively.

The amortized cost and fair values of investment securities at June 30, 2016, by contractual maturity, are shown below. Expected maturities may differ from the contractual maturities because issuers may have the right to call securities prior to their final maturities.

	Due in one year or less			Due after one through two years			Due after two through three years			Due after three through five years			Due after five through ten years			Due after ten years			Total
	(Dollars in Thousands)
AVAILABLE FOR SALE
Amortized cost	$	91,141		$	14,090		$	—		$	2,325		$	—		$	—		$	107,556
Fair value		91,248			14,106			—			2,322			—			—			107,676
Weighted average yield		1.63	%		1.74	%		—	%		1.57	%		—	%		—	%		1.64	%
HELD TO MATURITY
Amortized cost	$	525		$	2,784		$	1,594		$	1,250		$	2,745		$	625		$	9,523
Fair value		528			2,899			1,718			1,296			2,919			630			9,990
Weighted average yield		6.20	%		4.84	%		4.87	%		2.76	%		3.34	%		2.50	%		4.06	%

At June 30, 2016, investment securities with amortized costs of $3.5 million, and fair values of $3.7 million, were pledged to secure borrowings with the Federal Home Loan Bank. At June 30, 2015, no investment securities were pledged to secure public deposits, repurchase agreements or borrowings with the Federal Home Loan Bank.