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Investment Securities

3 Months Ended

Dec. 31, 2011

Note 5: Investment Securities

The amortized cost and estimated fair value of investment securities as of December 31, 2011 and June 30, 2011 were as follows:

December 31, 2011		Amortized Cost	Gross Unrealized Gains	Gross Unrealized (Losses)		Estimated Fair Value	Carrying Value
(In Thousands)
Available for sale
	U.S. government agency MBS (1)	$ 12,636	$ 447	$ -		$ 13,083	$ 13,083
	U.S. government sponsored enterprise MBS	9,355	424	-		9,779	9,779
	Private issue CMO (2)	1,314	-	(70	)	1,244	1,244
Total investment securities		$ 23,305	$ 871	$ (70	)	$ 24,106	$ 24,106

(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 the second quarter of fiscal 2012 and 2011, the Bank received MBS principal payments of $1.1 million and $1.2 million, respectively, and did not purchase or sell investment securities. For the first six months of fiscal 2012 and 2011, the Bank received MBS principal payments of $2.0 million and $3.7 million, respectively, and did not purchase or sell investment securities.

The Bank evaluates individual investment securities quarterly for other-than-temporary declines in market value. As of December 31, 2011 and June 30, 2011, the unrealized holding losses relate to two adjustable rate private issue CMO which have been in an unrealized loss position for more than 12 months. 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, 2011. The Bank does not believe that there are any other-than-temporary impairments at December 31, 2011 or June 30, 2011; therefore, no impairment losses have been recorded for the quarter ended December 31, 2011. The Bank 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 December 31, 2011 and June 30, 2011 were as follows:

	December 31, 2011				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		23,305		24,106		25,291		26,193
Total investment securities	$	23,305	$	24,106	$	25,291	$	26,193