XML 56 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investment Securities
 9 Months Ended
Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

The amortized cost and estimated fair value of investment securities as of March 31, 2013 and June 30, 2012 were as follows:

March 31, 2013
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair
Value
 
Carrying
Value
(In Thousands)
 
 
 
 
 
Available for sale
 
 
 
 
 
U.S. government agency MBS (1)
$
10,870

$
517

$
—

$
11,387

$
11,387

U.S. government sponsored enterprise MBS
7,644

450

—

8,094

8,094

Private issue CMO (2)
1,104

—

(7
)
1,097

1,097

Total investment securities
$
19,618

$
967

$
(7
)
$
20,578

$
20,578


(1) 
Mortgage-Backed Securities (“MBS”).
(2) 
Collateralized Mortgage Obligations (“CMO”).

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
$
11,854

$
460

$
—

$
12,314

$
12,314

U.S. government sponsored enterprise MBS
8,850

492

—

9,342

9,342

Private issue CMO
1,243

4

(5
)
1,242

1,242

Total investment securities
$
21,947

$
956

$
(5
)
$
22,898

$
22,898



In the third quarter of fiscal 2013 and 2012, the Corporation received MBS principal payments of $662,000 and $688,000, respectively, and did not purchase or sell investment securities.  For the first nine months of fiscal 2013 and 2012, the Corporation received MBS principal payments of $2.3 million and $2.7 million, respectively, and did not purchase or sell investment securities.

The Corporation evaluates individual investment securities quarterly for other-than-temporary declines in market value.  As of March 31, 2013 and June 30, 2012, the gross unrealized holding losses relate to one adjustable rate private issue CMO which has been in an unrealized loss position for more than 12 months.  The unrealized holding losses were 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 March 31, 2013 and June 30, 2012.  The Corporation does not believe that there are any other-than-temporary impairments at March 31, 2013 and 2012; therefore, no impairment losses have been recorded for the quarters and nine months ended March 31, 2013 and 2012.  The Corporation intends and has the ability to hold these CMO investment securities until maturity and will not likely be required to sell the CMO investment securities before realizing a full recovery.

Contractual maturities of investment securities as of March 31, 2013 and June 30, 2012 were as follows:

 
March 31, 2013
 
June 30, 2012
 
Amortized
Cost
Estimated
Fair
Value
 
Amortized
Cost
Estimated
Fair
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
19,618

20,578

 
21,947

22,898

Total investment securities
$
19,618

$
20,578

 
$
21,947

$
22,898