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Mortgage Loan Servicing and Loans Originated for Sale (Tables) | 12 Months Ended
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Jun. 30, 2014
Transfers and Servicing [Abstract] |
Schedule of Mortgage Loans Serviced for Others | The following summarizes the unpaid principal balance of loans serviced for others by the Corporation at the dates indicated:
(In Thousands) | As of June 30,
2014 | 2013 | 2012
Loans serviced for Freddie Mac | $ | 4,574 |  | $ | 4,160 |  | $ | 4,727 |
Loans serviced for Fannie Mae | 38,470 |  | 34,023 |  | 24,063 |
Loans serviced for FHLB – San Francisco | 38,602 |  | 52,096 |  | 68,013 |
Loans serviced for other investors | 1,088 |  | 1,877 |  | 2,072 |
Total loans serviced for others | $ | 82,734 |  | $ | 92,156 |  | $ | 98,875 |
Schedule of Mortgage Servicing Assets | The following table summarizes the Corporation’s MSA for years ended June 30, 2014 and 2013:
| Year Ended June 30,
(Dollars In Thousands) | 2014 | 2013
MSA balance, beginning of fiscal year | $ | 534 |  | $ | 491 |
Additions | 80 |  | 104 |
Amortization | (60 | ) | (61 | )
MSA balance, end of fiscal year, before allowance | 554 |  | 534 |
Allowance | (259 | ) | (200 | )
MSA balance, end of fiscal year | $ | 295 |  | $ | 334 |
Fair value, beginning of fiscal year | $ | 395 |  | $ | 398 |
Fair value, end of fiscal year | $ | 357 |  | $ | 395 |
Allowance, beginning of fiscal year | $ | 200 |  | $ | 164 |
Impairment provision | 59 |  | 36 |
Allowance, end of fiscal year | $ | 259 |  | $ | 200 |
Key Assumptions: |  |
Weighted-average discount rate | 9.14 | % | 9.11 | %
Weighted-average prepayment speed | 38.24 | % | 24.90 | %
Schedule of Estimated Future Amortization of Mortgage Servicing Assets | The following table summarizes the estimated future amortization of MSA for the next five years and thereafter:
| Amount
Year Ending June 30, | (In Thousands)
2015 | $ | 98 |
2016 | 63 |
2017 | 22 |
2018 | 12 |
2019 | 7 |
Thereafter | 352 |
Total estimated amortization expense | $ | 554 |
Schedule of Mortgage Servicing Assets, Hypothetical Effect on Fair Value | The following table represents the hypothetical effect on the fair value of the Corporation’s MSA using an unfavorable shock analysis of certain key valuation assumptions as of June 30, 2014 and 2013. This analysis is presented for hypothetical purposes only. As the amounts indicate, changes in fair value based on changes in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear.
| Year Ended June 30,
(Dollars In Thousands) | 2014 | 2013
MSA net carrying value | $ | 295 |  | $ | 334 |
CPR assumption (weighted-average) | 38.24 | % | 24.90 | %
Impact on fair value with 10% adverse change in prepayment speed | $ | (16 | ) | $ | (18 | )
Impact on fair value with 20% adverse change in prepayment speed | $ | (31 | ) | $ | (33 | )
Discount rate assumption (weighted-average) | 9.14 | % | 9.11 | %
Impact on fair value with 10% adverse change in discount rate | $ | (12 | ) | $ | (12 | )
Impact on fair value with 20% adverse change in discount rate | $ | (24 | ) | $ | (24 | )
Schedule of Mortgage Servicing Assets Sold | Loans sold consisted of the following for the years indicated:
(In Thousands) | Year Ended June 30,
2014 | 2013 | 2012
Loans sold: |  |  |
Servicing – released | $ | 1,990,087 |  | $ | 3,506,027 |  | $ | 2,460,281 |
Servicing – retained | 9,189 |  | 16,331 |  | 13,121 |
Total loans sold | $ | 1,999,276 |  | $ | 3,522,358 |  | $ | 2,473,402 |
Schedule of Mortgage Servicing Assets Held For Sale | Loans held for sale, at fair value, at June 30, 2014 and 2013 consisted of the following:
(In Thousands) | June 30,
2014 | 2013
Fixed rate | $ | 155,034 |  | $ | 183,999 |
Adjustable rate | 3,849 |  | 4,051 |
Total loans held for sale, at fair value | $ | 158,883 |  | $ | 188,050 |

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