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Investment Securities | 12 Months Ended
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Jun. 30, 2012
Investment Securities: |
Investment Securities |
2. | Investment Securities:
The amortized cost and estimated fair value of investment securities as of June 30, 2012 and 2011 were as follows:
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 (1) | $ 11,854 |  | $ 460 |  | $ - |  | $ 12,314 |  | $ 12,314
| U.S. government sponsored enterprise MBS | 8,850 |  | 492 |  | - |  | 9,342 |  | 9,342
| Private issue CMO (2) | 1,243 |  | 4 |  | (5 | ) | 1,242 |  | 1,242
Total investment securities | $ 21,947 |  | $ 956 |  | $ (5 | ) | $ 22,898 |  | $ 22,898
(1) | Mortgage-Backed Securities (“MBS”).
(2) | Collateralized Mortgage Obligations (“CMO”).
June 30, 2011 | Amortized Cost | Gross Unrealized Gains |  | Gross Unrealized (Losses) |  | Estimated Fair Value | Carrying Value
(In Thousands) |  |  |  |  |  |  |  |  |
Available for sale |  |  |  |  |  |  |  |  |
| U.S. government agency MBS | $ 13,935 |  | $ 474 |  | $ - |  | $ 14,409 |  | $ 14,409
| U.S. government sponsored enterprise MBS | 9,960 |  | 457 |  | - |  | 10,417 |  | 10,417
| Private issue CMO | 1,396 |  | - |  | (29 | ) | 1,367 |  | 1,367
Total investment securities | $ 25,291 |  | $ 931 |  | $ (29 | ) | $ 26,193 |  | $ 26,193
In fiscal 2012, the Bank received MBS principal payments of $3.3 million. In fiscal 2011, the Bank received MBS principal payments of $5.5 million, and a $3.3 million investment security was called by the issuer. In fiscal 2010, the Bank sold $65.5 million of investment securities for a net gain of $2.3 million, received MBS principal payments of $20.6 million, and a $2.0 million investment security was called by the issuer. As of June 30, 2012 and 2011, the Corporation held investments with an unrealized loss position totaling $5,000 and $29,000, respectively, consisting of the following:
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, 2011 | 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 | $ - | $ - |  | $ 1,367 | $ 29 |  | $ 1,367 | $ 29
Total | $ - | $ - |  | $ 1,367 | $ 29 |  | $ 1,367 | $ 29
As of June 30, 2012, the unrealized holding losses relate to one adjustable rate private issue CMO which has been in an unrealized loss position for more than 12 months. This compares to the unrealized holding losses of two adjustable rate private issue CMO which have been in an unrealized loss position for more than 12 months at June 30, 2011. The unrealized holding losses are primarily the result of perceived credit and liquidity concerns of 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, 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, 2012 and 2011 were as follows:
(In Thousands) | June 30, 2012 | June 30, 2011
|  | Estimated |  |  |  | Estimated
Amortized |  | Fair |  | Amortized |  | Fair
Cost |  | Value |  | Cost |  | 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 | 21,947 |  | 22,898 |  | 25,291 |  | 26,193
Total investment securities | $ 21,947 |  | $ 22,898 |  | $ 25,291 |  | $ 26,193

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